Sorry to disappoint you 80’s comedy fans, but I’m not talking about the Rodney Dangerfield flick from 1983, Easy Money.
I’m referring to you and your finances.
How can you get cash quick if you needed it badly?
Let’s say some unfortunate event happened and you needed a large sum of cash immediately (within a day or two).
You’ve got no time to actually get a job to earn or make extra money.
How could you get some easy money?
Here are a few ways, listed somewhat in order of risk to your finances. I definitely don’t recommend all of these ideas. But, hey, when times are tough and you need money fast, who am I to judge?
Made any purchases recently? Received any gifts? Gather up your receipts and take some stuff back for a refund. Even if you don’t have a receipt, some stores will take things back as long as you show your ID.
Sell Some Stuff
Use Ebay for small and unique items. Set no reserve, and a one day auction, and let it fly. Use your free local Craigslist for large or generic items. This helps avoid any shipping costs too. Local Facebook groups are really popular now too.
For clothes, especially nice ones, it might make more sense to use a consignment shop. Gather up all of your unused clothing and sell them for quick cash at a consignment shop.
Sell Some Gold and Other Metals
Don’t use one of those Cash4Gold places. Just go to a local jeweler and pawn shop to get the value. It may take a bit longer, but you will get a more reasonable price.
Here are several more ideas like the one’s above in a post titled, 15 Ways to Make $200 Quick.
Now for a few moves that require a bit of risk.
Raid Your Emergency Fund
This is what you’ve been saving it for. Go to the well. Don’t have one yet? Learn to build an emergency fund for next time you’re short on spending cash.
Cash Out a CD Early
If times are tough, consider cashing out any CDs you have, even those that haven’t matured. You’ll likely lose any money you’ve earned with the CD, that is unless you have a no penalty CD from Ally Bank. See a current list of the best CDs online.
A bank or local credit union sometimes have small personal loans they are willing to do. I used one of these back in my 20s to build my credit score. Having an income source, and a balance in your account will help to ensure you qualify.
Tap Your Home Equity
If you have equity built up in your home, take out a home equity line of credit (HELOC). These rates can be better than other places, and the principle is going right back into your home. But using these funds to afford excess consumer spending is simply moving in the wrong direction with your finances.
Credit Card Cash Advance
If you have a credit card, they will likely offer you a cash advance option. These can be costly because of the interest rate, but they are a quick method for getting cash in your bank account. Look for a card with a promotional interest rate if possible.
Borrow from Your 401K
Most employers allow this. While it completely goes against your original intentions for that money, taking a loan from your 401K is an effective way for getting a large sum of money fast. Just make sure you are aware of the rules (i.e. what happens if you’re fired?).
Loans from Friends and Family
I think this is one of the last places you should look for funds. With so many other places to find funds, what risk harming personal relationships.
And last, and certainly least, the payday loan. Don’t use this method for quick cash unless it is the last place you can find money on earth.
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Did I leave anything out? How would you get quick cash?