Are you wondering how you can raise quick money for your bills? Financial emergencies are common, and they can be caused by unexpected medical bills, job losses, a natural disaster, or an emergency repair to your car. However, the problem is that many people are often caught unprepared in times of need for cash. The good news is that there are different options that you can consider to raise some money to cover immediate and pressing issues. Here are seven ways to raise quick cash to pay off emergency expenses.
1. Liquidate Some of Your Assets
If you have some jewelry or other valuable assets, you can sell them to get fast cash. You may have other unwanted items tucked away in your drawers, and these can offer you great relief if you liquidate them. There are so many people out there who are ready to buy collectibles that you may no longer use, like books, CDS, video games, phones, DVDs, tablets, and other electronics. You can use different sites to offer these items to different people.
2. Get a Payday Loan
You can consider a fast loan when you hit difficult times. There are different types of emergency loans that you can get from various lenders. However, you must learn more about these loans before you get one. A payday loan can give you relief if you want quick money since the application and approval processes are fast. Within a few minutes of applying for the loan, money is deposited into your account. The one thing you need to be aware of when taking out a payday loan is that interest rates might be higher. And, naturally, as with any loan, you are obliged to pay it back. Failing to do so may incur additional charges. On the other hand, you may also consider installment loans. It’s considered a credit account, like a credit card or any other type of financing. Your payment history is how installment loans affect your credit score.
3. Try Odd Jobs
If you are out of work, or you have free time, you can try odd jobs. When you need to pay off emergency expenses, you must swallow your pride and take anything that comes your way. For instance, you can offer dog-walking or babysitting services to raise the money that you want. These services offer average hourly wages of about $15 up to $30, and these rates are not bad for someone who desperately needs cash.
4. Borrow From Friends and Relatives
You can borrow money from friends and relatives if you want to pay off emergency debt. This is one of the easiest ways of getting money since the credit terms are mutual, and credit history is not considered. However, you should repay the money as per your agreement. Otherwise, you can ruin your relationship.
5. Get Cash From Your Retirement Account
If you have a retirement account, you can also consider withdrawing some funds from it to cover your medical expenses. However, withdrawing money from your retirement account before its maturation can attract penalties. There are certain exceptions, though, where the penalties are waived, and, especially when you face medical emergencies, the penalty fee can be reduced. If you have an IRA, it could also be a source of money, although your options may be limited.
6. Use Your Credit Card Cash Advance
The other option that you can try to get quick money is to use your credit card cash advance. This alternative comes with a fee of about 5% of the total sum that you borrow plus interest. While this option is cheaper than payday loans, you still have to repay on time to avoid high interest.
7. Get Home Equity Line of Credit (HELOC)
A HELOC involves a line of credit that is usually secured by the equity you possess, for example, your home. Your property acts as collateral to secure the loan that you get. This kind of credit comes with lower interest rates since it is secured by your home. If you already have a revolving line of credit, this is the easiest way of getting quick money. However, you should know that you may lose your home if you fail to pay back your credit. You must understand the terms first before getting credit.
We often encounter financial challenges that require quick cash in life, and these are common since a broad range of unexpected factors can cause them. For instance, when you lose your job or are involved in an accident, you may need money to cover unexpected medical bills. In such a scenario, there are different measures that you should take to raise the cash that you need to cover the pressing issues at hand. However, you should choose an option that will not worsen your already dire situation.