Are you in an emergency that requires money but you’re broke? Not an ideal situation to be in! Click here for ways to raise money fast.
Surveys show that a mere 28 percent of Americans are in a state of good financial health. The majority are just scraping by and are one unexpected bill away from a financial emergency.
Are you experiencing a financial emergency right now? Have you been frantically trying to figure out how you can get yourself out of it?
There are lots of different strategies you can use to get back on your feet and get out of a difficult financial situation. Listed below are nine ideas for how you can raise money fast.
1. Borrow from Friends or Family
This might seem like an obvious solution, but a lot of people are hesitant to admit that they’re in trouble.
It never hurts to ask friends or family members for help, though. You might be surprised at what they say. Sometimes, the people who seem the least inclined to loan you money are the ones who will come through for you.
If you do borrow from friends or family, be sure to set up a repayment plan that is fair to them and easy for you to stick to. Otherwise, upcoming events and gatherings are going to feel pretty awkward.
2. Pick Up a Side Hustle
There are lots of ways to take on part-time work these days. With so many companies like Lyft, Uber, and Task Rabbit out there, you can earn extra money on your own terms without having another boss breathing down your neck.
Look into one (or more) of these options to do during your spare time. You’d be surprised at how quickly the money can add up from a couple of hours of Uber driving or food delivery in the evenings.
3. Sell Future Labor
If you need money right away and don’t have a lot of time to work for it now, you could look into selling your future labor. For example, you could offer to exchange a certain number of hours of babysitting or yard care work in exchange for advance payment.
This could be a better option than borrowing money outright from friends or family members. They may be more inclined to agree if they feel like they’re getting something out of the deal.
4. Sell Your Belongings
If you have valuable items lying around the house, now might be a good time for you to look into selling or pawning them.
It’s not a great feeling to have to sell items that have value to you. Sometimes, though, it’s your only choice.
Look around your house and take inventory of what you have that you can sell.
Don’t just look for obvious big-ticket items. Remember, you can also get a lot of money from clothing, shoes, and books.
5. Donate Plasma
Donating plasma is similar to donating blood. However, the companies that collect the plasma cycle your blood through a special device to remove the plasma, then return the remaining parts of your blood to your body.
Most people earn between $15 and $40 every time they donate plasma (and you can donate two times per week in most cases). It usually doesn’t take very long, and you can kick back and relax during the donation process.
6. Cash in Some Investments
If you have stocks or bonds, you might want to consider cashing in on them. Cashing in investments can help you get your hands on some money in a hurry.
Keep in mind, though, that you may have to pay taxes on the money you receive, so it’s important not to spend it all. Talk to your broker to see which of your investments they recommend cashing in.
7. Apply for a Home Equity Loan
For people who own their homes, home equity loans are good options for getting them through tight financial situations. With a home equity loan, you borrow money against the equity you have in your house.
Home equity loans tend to have relatively low interest rates, so they might be a better fit than other types of loans. The interest you pay on these loans is tax-deductible, too, and you often get to enjoy longer-than-average loan terms.
8. Borrow from Your 401(k)
If you have a 401(k) provided by your employer, a 401(k) loan might be worth considering. This kind of loan involves borrowing against the money you’ve saved in your 401(k).
There are limits to how much you can borrow, and you will have to pay the money back by a certain time in order to avoid tax penalties. However, this can still be a viable option, especially if you have a decent amount of money saved up in your account.
9. Take Out a Cash Advance
A lot of people have heard of a cash advance, but they don’t really know what it is or how it works.
In simple terms, a cash advance allows you to borrow money against your credit limit. If your credit card allows for cash advances, you can go to an ATM and take out a certain amount of cash using your credit card.
Cash advances will give you access to some quick cash. Remember, though, that they do have higher-than-average interest rates.
If you decide to take this approach, make sure you have a plan to pay back the money as soon as you can. Otherwise, you’ll end up with some steep payments as the interest increases.
Time to Raise Money Fast
It never feels good to be short on cash. The good news is that there are lots of steps you can take to try and raise money fast. Even if you don’t want to take out a loan, there are plenty of alternatives that are great options to use.
Do you need more help managing your money? Do you want to avoid finding yourself in a financial bind again?
If so, be sure to check out some of our other finance-related articles. We’ll teach you the best way to manage the income from your business and make your money work for you.