If you find yourself in a fix, don’t fret because this article looks at 15 ways to get instant cash for emergencies.
Emergencies can happen to anyone, anytime and anywhere. Unfortunately, most emergencies come with a financial burden,
Moreover, emergencies can be overwhelming, especially when you don’t have access to cash.
When such occurrences happen, it’s essential to have a backup plan to get instant cash to help you sail through the situation.
15 Ways to Get Instant Cash for Emergencies
Here are some of the best ways to get instant cash for emergencies:
1. Get Instant Cash from Your Paycheck
If you have a job, the fastest way to get cash is to ask your employer for an advance on your paycheck.
Many companies immediately allow you to get some of your earned pay for unforeseen emergencies.
You will have to repay the amount on your next paycheck, but this can be a quick solution if you need money fast.
2. Sell Unwanted Gift Cards
You can sell unused gift cards for instant cash if you have unused gift cards.
Websites like GiftCash, CardCash, and Raise allow you to sell your gift cards for up to 92% of their value.
The process only takes a few days, and the proceeds are deposited directly into your
PayPal account or sent via check. This can be an easy way to get $50 to $500 or more in emergency cash.
3. Have a Garage Sale
A garage or yard sale is a tried-and-true way to generate fast cash. Gather up valuable items you no longer need, like furniture, decorations, tools, toys, books, and clothing.
Price each item competitively and advertise your sale on local community Facebook groups and websites like Craigslist and NextDoor.
You can expect to make $200 to $2000 or more during your sale, depending on what you’re selling.
4. Sell Items Online
If you prefer to avoid the hassle of a yard sale, sell your used items on websites like eBay, Facebook Marketplace, or Craigslist.
Take photos of each item, provide details, and set competitive prices. Promote your listings on social media to spread the word.
Meet buyers in a public place or have them pay for shipping. Payment is typically made through PayPal, Check, or wire transfer.
You can get cash deposited into your account within a couple of days.
5. Donate Blood or Plasma
Donating blood plasma is a fast and easy way to make money during emergencies.
Plasma collection centers allow you to donate twice weekly and pay around $20 to $50 per donation.
Bring a valid ID, proof of address, and your Social Security card, and you can have cash in hand within a couple of hours.
Also, check with donation centers in your area to determine their rates and qualifications.
6. Freelance for Fast Cash
Do you have a skill or talent you can freelance for quick money? Websites such as Fiverr, Upwork, and Freelancer allow you to offer freelance services like content writing, graphic design, online tutoring, virtual assistance, and more.
Promote your listings across social media groups and local community pages to find clients fast.
Most freelance work pays via PayPal or other digital payments within a few days.
You can make $100 to $1000 or more within a week, depending on the type of work.
7. Take Out a Personal Loan
If you need a lot of money fast and have good credit, you can apply for a personal installment loan with a short-term lender like Avant, LendingClub, or Prosper.
Loans range from $1,000 to $35,000, deposited into your account within a few days.
Repay the loan over 6 months to 5 years with fixed monthly payments. Interest rates will be higher than other options, so only borrow what you need.
8. Use a Credit Card
If you have available credit on a credit card, you can use that for emergency cash. ATMs often allow credit card withdrawals for a cash advance fee of around 5% of the transaction.
The interest charges for cash advances are usually higher than regular purchases but can still be cheaper than other short-term loan options if paid off quickly.
Cash advance limits will depend on your available credit and credit card issuer, but you can provide $100 to $1000 or more in emergency money.
9. Take a 401(k) Loan
If you have a 401(k) or other employer-sponsored retirement plan, you may be allowed to borrow money from it for emergencies.
Loan amounts are limited to 50% of your vested account balance up to $50,000. The loan must be repaid within 5 years with interest that you pay yourself.
Although not ideal, borrowing from your 401(k) can be a viable option to get up to $50,000 in emergency cash you can’t get through other means.
You must meet eligibility requirements and pay administration fees of around $75 to $125.
10. Sell Stock Shares
If you own stock shares in a publicly traded company, you can generate quick cash by selling some of your shares.
The money from an online brokerage account sale is usually available within 3 business days.
Shares that have appreciated a lot in value will get you the most money. While the stock market can be volatile, selling shares is a fast way to get $500 to $50,000 or more in emergency cash, depending on how many shares you sell.
Consider speaking to a financial advisor before selling for the maximum benefit.
11. Title Loan
As a last resort, you can get a title loan that uses your vehicle as collateral to borrow up to 50% of the vehicle’s value.
Loan repayment terms are usually 2 to 4 weeks and have 300% or more APRs. Only use a title loan if you have no other options and are sure you can pay it back on time.
Defaulting on the loan means the lender can repossess your vehicle. Get emergency cash of $100 to $50,000, depending on your vehicle’s make, model, year, and mileage.
12. Use Your Emergency Fund
If you have already built up an emergency fund with 3 to 6 months of expenses, now is the time to use it.
Make withdrawals from your savings as needed to pay for emergency costs. An emergency fund can provide $500 up to $10,000 or more in instant cash for a crisis depending on how much you have saved.
Work on building your fund back up again as soon as you can in case another emergency arises.
13. Do Odd Jobs on TaskRabbit
TaskRabbit is an online marketplace where you can sign up to do local odd jobs and tasks for people in your neighborhood.
Jobs include delivery work, moving help, cleaning, handyman work, and more. Set your schedule and rates, then promote your listing to find work fast.
Most tasks pay between $15 to $25 an hour. Get paid within a day of completing jobs via direct deposit.
Work a full day on TaskRabbit to make $100 to $200 or more in emergency cash.
14. Online Surveys
Complete paid online surveys in your spare time to generate some quick money.
Sites like Survey Junkie, Swagbucks, and MyPoints allow you to earn cash for sharing your opinions on products and services.
Most surveys pay between $1 to $5 and take 5 to 15 minutes to finish. The money you earn is deposited directly into your PayPal account within a few days.
Depending on how many surveys you complete, you can make $25 to $200 or more in emergency money within a week.
15. Ask Friends or Family for Help
One of the best ways to get instant cash for emergencies is to ask friends and family.
Don’t hesitate to ask close friends or family members for emergency financial assistance. Set up a repayment plan to pay them back as you can.
Let them know specifically what you need the money for and how much you require so they can determine if they are in a position to help you.
Swallow your pride—everyone needs help at times. Most friends and family will understand and be willing to lend money in an emergency or crisis if you have always been reliable and responsible.
Conclusion
Emergencies can be stressful, especially when you cannot access instant cash.
However, there are several ways to get instant cash to help you sail through the situation.
Choosing a method that works for you is essential, and reading the terms and conditions carefully to avoid getting into a debt cycle.