What to Do If You Need Money in the Short Term

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To get money fast, there is no time for investing in stocks, bonds, and similar assets, waiting for your funds to grow. You need a short-term cash infusion into your finances. Ideally, this means receiving the money today, tomorrow, or soon. You may have to collect funds from multiple sources if you want a large amount. The first step, however, is to know how much you need. 

 

Here is what to do if you need money quickly.

 

Do not rely on any money source you cannot get in three days or less

 

Don’t bother with money that takes more than a few days to obtain, especially in an emergency. The longer you don’t have what you need, the more likely you cannot afford a necessity.

 

Obtain a short-term loan from a payday lender

 

Short-term loans from a payday lender or similar party are easy to apply for and qualify for, and the fees are straightforward. There is no guessing how much interest you will pay. Set up a payment plan, and you’re set. In 24 hours or less, you can be approved for payday loans and have the funds deposited into your account.

 

Pay the fee for a credit card cash advance

 

A credit card cash advance is smart so long as your account is in good standing. Cash advances are cheaper than some high-interest loans, and the fee is minimal if you can pay them back before your bill is due.

 

Organize your budget for utility bills each month

 

You can divert your utilities money to where you need it most. Call your utility companies. See if they accept delayed payments. Pay auto loans, mortgages or rent, and other necessities as required, but any bills you can spare, do so.

 

Get a loan from family or friends

 

A family member or friend with readily available money may lend you some. While loved ones can be an excellent resource to avoid high-interest charges, the relationship is always at risk of damage if you don’t clarify repayment details first.

 

Your home could turn into extra income with AirBnB

 

If the money you need is permanent and part of your monthly income, you can AirBnB your home or a portion of it on a schedule you see fit. This will enable you to earn a regular income. This requires some effort to clean, tidy, and ensure a certain service standard, but it boosts your income.

 

Sell your old electronics, devices, and computers

 

There are many electronics buyers out there. Used phones and tablets. Used laptops and computers. Musical instruments. Flat-screen TVs. Video game consoles and old video games. All of these things can be sold quickly for cash.

 

Quickly liquidate major assets

 

Look at what assets you have of major value. Sell them quickly. They include jewelry, your car, any high-quality clothing you’ve hung on to, furniture, and trendy decor. Liquidate what you can quickly and be willing to accept less than what your item is worth if you want to close sales fast.

 

Get a short-term loan by pawning what you can

 

A pawnshop is not an ideal place to secure a loan, but it’s fast. There is a risk that if you don’t repay, you could lose the item you’ve used as collateral. It doesn’t impact your credit and won’t put you on debt collection lists.

 

Get a loan through peer-to-peer lending services

 

Some peer-to-peer lenders move quickly and can facilitate a loan in hours. There are many P2P lenders. Some loans are easier to obtain than others. However, this may be a way to go, as banks and traditional short-term lenders will not move as quickly with an application.

 

Find cash jobs in your area you can do this week

 

A way to make money for a bit of work is to look for local cash jobs, such as pet sitting, dog walking, babysitting, handyman work, delivering groceries, mowing lawns, or being a rideshare driver. Some employers may also offer cash work at local factories or in construction for general labourers.

 

Find short-term jobs through friends

 

Friends may be able to point you in the direction of a short-term work opportunity, such as a short-term contract or help you can offer in exchange for a quick paycheque.

 

Get a payroll advance from your employer

 

Certain employers may allow you to take a cash advance on your pay, which costs you no fees and is repaid with a future payroll deduction. Ask your employer if they offer this service.

 

Make withdrawals from your savings accounts as needed

 

Most don’t like this idea; however, you can withdraw from your savings accounts in an emergency. You lose that portion of your savings, but it doesn’t cost fees or interest.