Having access to cash quickly can be helpful, especially when faced with unexpected expenses or financial emergencies. According to Bankrate’s Financial Regret Survey, two in five Americans regret not saving enough for emergencies.
Fortunately, there are many reliable ways to get cash quickly without resorting to risky options that can jeopardize your financial future. From leveraging existing resources to exploring innovative financial tools to taking advantage of the gig economy, we cover 17 legitimate ways to get rich fast.
How to get cash quickly
The goal of getting money fast should be focused on strategies that will help you fill the financial gap without spending a lot of time or involving a lot of risk. These 17 top strategies will do just that.
1. sell something
If you have something collecting dust around your house, you can turn it into cash.
Whether it’s old electronics, collectibles, furniture, or home furnishings, you can list your items on multiple online marketplaces, including Craigslist and Facebook Marketplace. Alternatively, you can hold an old-fashioned garage sale.
2. Pawn something
Don’t want to let go of something that has emotional and monetary value?
A pawn shop loan (a type of instant loan) may be an option. The pawnshop will hold your item as collateral. Items that people typically pawn include jewelry, watches, electronics, musical instruments, and more.
The loan amount is less than the value of the item. If you fail to repay the loan or finance charge on time, the shop will store the item. This transaction allows you to borrow money immediately, but if you don’t pay it back on time, you lose ownership of the item.
Pawning items is far from a perfect solution, but it may be helpful in a pinch.
3. Sell your unused gift cards
Do you have a gift card for a store you never go to?
You can turn that gift into cash with the help of an online gift card reseller like CardCash. Enter your gift card details on the site and you’ll receive a card quote. You may not receive the full amount on your card and it may take several days to receive your funds.
4. Access your payslip faster
Receiving your paycheck a few days early may solve short-term liquidity problems. Many apps offer an early payday feature. For example, EarnIn is an app that gives you early access to your paycheck at a cost of $2.99 per early check.
Some banks, such as Axos Bank and Capital One, integrate initial direct deposit into your account.
5. Try freelance work
Freelancing is a type of side job or side hustle that allows you to work at your own pace and in a field that interests you. Freelance work can include everything from writing blog posts to graphic design projects.
If you’re new to freelancing, you can connect with companies and clients through several freelancing websites such as Fiverr and Upwork. Building a portfolio can help you land a higher paying job.
6. Pet sitter and dog walk
For pet lovers, we think this option is a fun way to make some quick cash. Take advantage of apps like Rover that connect you with pet owners who need your help.
Rover allows you to keep an eye on your pet at their owner’s home or in your own home. We also accept dog walking jobs. Either way, you set the price and Rover takes a small percentage of the revenue. The average hourly wage for a pet sitter in the United States is $12.41, while the average hourly wage for a dog walker is $14.85.
7. Babysitter
If you don’t like pets, you can choose a babysitter instead. Care.com makes it easy to connect with families looking for a babysitter. According to data from Care.com, babysitters typically earn between $16.75 and $23.75 per hour. Average prices vary depending on location and number of children babysitting.
8. Ask family and friends for loans
If you are having trouble coming up with the necessary funds, it may be time to turn to family and friends. Before you do so, make sure you have a solid written plan for repaying your loan within a reasonable period of time. Otherwise, you risk deteriorating the relationship.
9. Become a food delivery driver
Food delivery services like DoorDash, Uber Eats, and Instacart have become big business in recent years. All you need to start making money quickly is a car and a phone to receive deliveries with our mobile app. According to ZipRecruiter, the average hourly wage for a food delivery driver is $18.
10. Rent out extra space
If you have a spare bedroom, you can use services like Airbnb to quickly turn that space into cash. In popular locations, this can be a particularly lucrative opportunity.
For short-term stays of 27 nights or less, Airbnb will send payment approximately 24 hours after the guest checks in. The time it takes to receive your payment depends on the processing time of your chosen payment method. Also note that if you are a new host, your payment may be delayed.
11. Consolidate your debts
If you have good credit and several outstanding loans with high interest rates, you may benefit from debt consolidation. This strategy won’t make you a profit, but it will reduce the amount of interest you pay and provide you with additional cash flow each month.
Laura Adams, MBA and author of Money-Smart Solopreneur says, “If you have a large debt balance and would like a structured repayment period, debt consolidation is a good option.” “For example, if you have a 23% credit card balance, repaying a 9% fixed-rate personal loan over three years could save you a lot of interest on a set repayment schedule.”
Adams points out that adding a personal loan to your credit history can help you build credit if you pay on time.
“Consolidating can also lower your credit utilization ratio and potentially work in your favor when paying off credit card debt,” she says. “So loan consolidation generally helps your credit and won’t hurt it in the long run.”
12. Flip items
You can also find free items on sites like Craigslist and turn them into cash. If you’re handy, look for things that have intrinsic value but need a little work.
For example, you might find a free bookshelf that needs a new coat of paint. Take your time to make your free items more attractive and sell them for profit.
13. Find paid research studies
You can find paid studies such as medical studies and student surveys in most places. Colleges and universities offer these studies, so you can search for universities near you to find paid opportunities. You can also search for medical research options in your area through ClinicalTrials.gov.
Median compensation for healthy volunteers participating in US Phase I clinical trials is $3,070 per study, with a range of $150 to $13,000. The amount you can earn varies widely depending on the type of research (medical or non-medical), the time required, the complexity of the research, and the risks involved.
If you’re looking for a way to make money quickly, you should look into studying abroad for just a few days. The Food and Drug Administration (FDA) provides guidance to clinical researchers and recommends that participants in short-term studies receive a single payment at the end of the study. Researchers can pay via direct deposit into a bank account, check, debit card, or gift card to Amazon or other retailers.
14. Convert coins to cash
Consider taking a jar of coins to a bank to have them deposit it. You won’t get rich, but you might have enough money to cover some minor problems.
Before you go to the bank, call ahead to find out if your financial institution charges a fee for depositing coins. It’s usually free for account holders, but some banks may charge a fee.
Another way to exchange coins for cash is through Coinstar kiosks, which can be found at many supermarkets and retail stores. Please note that you will need to pay a service fee and a transaction fee (which may vary by location) to trade in your coins for instant cash.
15. Borrow using a life insurance policy
One way to get cash quickly is to borrow against permanent life insurance policies that have a cash value component, such as whole life insurance or universal life insurance.
It’s relatively easy to borrow and get cash quickly with life insurance. You specify the amount you need, apply through your insurance company, and if approved, that amount is deducted from your policy’s cash value. Especially since you’re essentially borrowing from yourself, so there’s no credit check or long approval process.
Life insurance loans do not have a fixed repayment schedule. You can pay in installments, all at once, or not at all. Life insurance companies charge interest on the loan amount. If you don’t repay your loan, interest will compound over time.
“Whenever borrowing from a life insurance policy, you should be careful not to borrow more than the cash value of the policy, as this could result in the policy lapse, resulting in loss of the life insurance amount and tax issues. ” Jeffrey Wood is a CPA, CFP® and partner at Elysium Financial in South Jordan, Utah. “If you die before the loan is repaid, the death benefit your beneficiary receives will be reduced by the amount you borrowed, as the death benefit is first applied to repaying the loan before being paid.”
16. Request to hold an invoice
Power, telephone, and cable companies often offer forbearance options to customers facing financial hardship, but terms can vary widely from provider to provider.
Contact your service provider directly and be upfront about your situation. A forbearance plan typically allows you to reduce or suspend your payments for a specified period of time. Please note that this is not a cancellation of Deb. In some cases, interest and late fees may still accrue. But delaying payments can free up cash you need in the short term.
17. Open a bank account with a bonus
Many banks offer cash bonuses for new customers. You must open an eligible account and deposit money for a certain period determined by the bank.
You receive your bonus weeks or months after you qualify. Some banks do not offer cash bonuses to existing customers, while others require existing customers to open new accounts and follow rules to earn additional cash.
Avoid dangerous sources of quick money
Not all options for quick cash are a good idea. It’s best to avoid strategies with high interest rates and fees that keep you stuck in a cycle of debt. Such predatory terms can lead to long-term financial hardship, making it difficult to repay the original loan amount.
payday loan
Payday loans are unsecured personal loans that must be repaid by your next paycheck. Unfortunately, high interest rates and short terms can lead to a vicious cycle of increasing debt.
“Payday loans often come with very high fees and annual percentage rates (APRs) in excess of 400%,” says Chad Gammon CFP® MBA, owner of Custom Fit Financial LLC. “If you are unable to repay your loan on time, you may be forced to make early repayments, which may incur additional charges and create a vicious cycle of debt. They often have to take out large loans, making it difficult to escape from the debt trap.”
title loan
A car title loan uses your car title as collateral for a short-term, high-interest loan. This risky practice puts your car at risk of accessing loans that often come with fees.
credit card cash
According to Bankrate’s annual Emergency Savings Report, nearly one in five consumers (21%) pay for emergency expenses with a credit card and pay them off over time. Credit cards are useful in emergencies, but cash advances should be your last resort. They often come with high fees and interest, and interest starts accruing immediately with no grace period.
next step
Learning how to get money quickly may be a good short-term solution, but it won’t solve the larger problem of not having enough savings to cover unexpected expenses. yeah.
A better option is to learn how to build an emergency savings fund. If you’re new to saving money, it can seem difficult at first to know where to start. That’s why we’ve identified seven easy steps to prepare your emergency fund. Find out everything you need to know about building an emergency fund that provides financial security and peace of mind.
