9 Smart Ways to Get Quick Cash In an Emergency

9 Smart Ways to Get Quick Cash In an Emergency

The psychology of making money. 

Regardless if you need to earn some fast cash or we’re just talking about making money in the grand scheme of things, there’s an important psychology that needs to be mentioned before getting into the strategies. If you study Freud’s model of the mind, you’ll discover the Psychic Apparatus. It’s the three-part construct in your mind that controls all of your behavior.

Those three are the id, the super-ego and the ego. The id lives deep within the subconscious from birth. It’s the source of our sudden and most instinctive urges. When you find yourself doing what you know you shouldn’t, blame your id. 

The super-ego is formed later in life to balance the id. It forms and breaks off from the id through our upbringing, parental guidance and our sense of community and beliefs. People who are careful with their money can thank their super-ego.

The ego is the driver making the decisions. It decides between the devil (the id) and the angel (the super-ego) on either shoulder (yes, all those cartoons you’ve ever seen are partly true). We have voices in our mind, and it’s up to the ego to decide which one to fulfill. Its goal is to satisfy the id in some way while also attending to the super-ego.

Get-rich-quick schemes and fad weight-loss diets are naturally popular because they satisfy the id while also attending to the super-ego. The ego’s job is complete when it sees something like this. The appeal of “fast” stems from the innate desire for instant gratification, so beware of what seems too good to be true (they often are) when you’re looking to make money quickly. Be wary. Listen to the conversation deep within the confines of your mind and do your best to tame the proverbial beasts.

What are the best ways to make money right away? While a search online when you’re in need of some fast cash will produce millions of results, not all will be legitimate. It’s up to you to filter through the so-called noise. These 32 strategies will help put you in the black, even if it’s in a very small way. Once you are, resume planning and focusing on the bigger picture. 

Related: How to Make a Fortune With $100

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2. Certificates of Deposit (CDs)

Certificates of deposit (CDs) are savings vehicles that offer you a fixed interest rate if you leave your money in them until a date of maturity. If you have CDs that have matured, you can obviously take the money out for any of your cash needs.

But if you have a CD that’s not quite mature yet, you can also withdraw your cash. Yes, you’ll probably pay a penalty, normally a few months of interest, but this may be substantially less than you would owe in interest for a loan of a comparable amount.

What exactly are fast cash loans?

Cash loans are fixed-interest rate installment loans for a pre-defined tenure. The tenure can range anywhere from a few months to a few years. These loans are ideal when you have an emergency or need to pay for unexpected expenses.

The whole amount of the cash advance loan is paid out in one single payment. Then, the borrower pays back the loan via regular installments. They are for short-term financial needs and good for people with bad credit.

Cash loan payments are an excellent alternative to bank loans. The Loans offered by us, in general, have maximum loan amounts of 00. This makes it easy to repay.

What are the benefits of quick cash loans?

Cash loans are ideal for instances in which the borrower needs a longer period of time to repay the loan. Rather than repaying the loan in one single amount, as is the case with payday loans, you may pay it off over time, the lender may pay back the loan in predetermined installments over a certain period of time.

Cash loans are often larger than some other short-term loans. So, if the lender needs a larger sum of money, this form of a payday loan is a good option.

3) Track Down Your Loose Change

At first glance, this advice may seem a little absurd—but it's not a joke. According to a 2016 news report from Bloomberg, Americans throw away approximately $61.8 million of coins in the trash each year. That's a lot of money stuffed in couch cushions, piggy banks, and old paint cans across the nation.

Hunt around the house to collect all those hidden coins. Once you dig up every last cent, haul the trove to your local bank or credit union. Some banks will count change for free for their customers, although others may require you to count and roll your change on your own.

Either way, once you convert those coins to cash, you could have another hundred bucks to put toward your emergency expense.

How Do Repayments Work?

Your repayments will be collected from your bank account on a scheduled pay date that you select – with most customers choosing a date at the end of each month. If your loan only lasts for one month (see payday loans online), then you will likely pay the entire loan and interest in full on your next payday from work. If your loan lasts for 3,6,12 months or longer, you will typically pay back in equal monthly instalments (see installment loans). The lender will automatically collect repayments from your account and send you a reminder by email and SMS on the days leading up to collection, so you are fully aware and there are no surprises.

7. Brokerage Margin Loan

If you have a margin account at an online brokerage, you can borrow money with the investments in the account as collateral. The brokerage will charge you interest, but there’s no set repayment schedule.

Keep in mind that if the value of the securities you’re using as collateral declines below a certain threshold, the brokerage may issue a margin call that requires you to deposit additional funds or sell some of your investments.

This can get risky as depending on your margin agreement, your brokerage may have no responsibility to give you that choice. It may simply sell some of your securities without notifying you to bring your account back into good standing, meaning you could end up selling investments at a loss.

Better Preparation for Future Emergencies

Unpredicted costs and emergencies can put a serious dent in almost anyone’s budget. If you’ve found yourself in this type of predicament, don’t worry – you’re not alone. Around 60% of American households deal with at least one cash emergency per year. According to FEMA, one-third of Americans don’t have any savings to fall back on, either. That’s a large group of people looking for answers on how to get quick cash and similar questions.

Knowing that you are not alone may be helpful for your morale but won’t actually solve the problem. So, if you are panicking about the current situation, hopefully, our tips from this article can help you out. Still, to avoid getting yourself into the same position again, here are some things that you should consider doing.

Consolidate Your Existing Debt

To reduce the chances of cash emergencies ever happening again, you should consider paying off your debts as soon as possible. Consolidating all your loans under one roof is very much advisable, as it will undoubtedly lower your loan payments. There is no easy way to make money, but getting out of your debt faster and saving all those greens typically spent on paying back interest is a great start.

Reach Out To Your Financial Advisor

If you’re struggling with finances, reaching out to a financial advisor might be a good idea. It is also a good solution if you managed to put some money on the side and are now looking to grow it further. Whether you’ll benefit from hiring a financial advisor usually depends on the amount of money you would like them to invest for you. Mostly, it’s about your investment goals – and yes, it is one of the safest ways to make money, but in the long run.

Invest in Your Future

With so many automated investing advisors and investment apps available online these days, there is almost no excuse for not investing in your future. Even beginners can effortlessly sail in the world of investing and turn those $2 into something you can rely on for future emergencies. 

Balance Transfer Options

For those that have good credit, researching your balance transfer options is also advisable. Even the simple act of getting a refinancing loan at half of your current interest rate can help out immensely, leaving several hundreds or even thousands of dollars you would have spent on interest in your pockets instead.

It would take you much longer to earn that money online. Once you’re confident you can repay the loan within a specific time frame, look for balance transfer cards with a 0% introductory interest rate. It will allow you to repay your debt without worrying about interest rates during the grace period.

Budget Wisely

Balance transfers and investments aside, the best way to avoid getting into a similar situation again is to budget wisely and not spend more than you have. Take your time to re-evaluate your spending habits, outstanding bills, and expenses. Try to find the extra funds you could put away for rainy days. 

Try some of the get money fast recommendations we’ve covered here. Also, try having a designated spot for saving pennies your couch would otherwise eat, and pay off your student or other outstanding debts as soon as possible to save on interest. There are many ways to find extra funds you can put towards your savings account. 

Earnin: Good for small cash advances

Why an Earnin loan stands out: If you only need a small amount of money, Earnin might be a good fit since it lets you advance small amounts from an upcoming paycheck (starting at $100 a pay period for new members and increasing up to $500). According to Earnin, you could get your money nearly instantly if you’re a past customer and meet certain eligibility requirements. (But keep in mind that depending your bank, you could have to wait longer to access your cash.) And the company says it can take 48 to 72 hours to verify your account during initial setup. If you don’t have its “Lightning Speed” feature, Earnin says it usually takes one to two business days for your money to be funded.

  • Not all types of jobs qualify — You’ll have to meet some basic requirements to use the app: At least half of your paycheck must be sent as direct deposit to a checking account, you have to be on a regular pay cycle, and you need to have a fixed work location or electronic time-keeping system.
  • Optional tips — Earnin doesn’t charge interest or fees — instead it asks customers to tip what they think is fair to support the service.
  • Balance shield alerts — If you’re worried about overdrafting your bank account, Earnin also offers a feature that notifies you when your balance falls below a level you specify.

Read our full review of Earnin to learn more.

3. Take out a cash advance on your credit card

Now, if you need emergency money and it doesn’t matter if it’s cash or not, then you can put the balance on your credit card. But this only applies if you already have a credit card with a low outstanding balance. Generally, you want to keep your credit card balances below thirty percent, but when an emergency strikes, you might not have any better options available.

If you don’t already have a credit card, however, then a poor credit score is going to limit your options for getting one. You might only be able to apply for a secured credit card, but that will require a cash deposit to set your credit limit, putting you right back where you started. Besides, it can take that card awhile to arrive, and by then it might be too late.

For emergency expenses that require cash, taking out a cash advance on your credit card might be your best bet. That doesn’t mean it doesn’t carry significant risks to your financial health, it just might be the least-bad option you have.

Credit card cash advances work a lot like using your debit card to get cash from an ATM. The main difference is that cash you get on a debit card is money you already have in your bank account, whereas a credit card cash advance is money that you’re borrowing. When you get an advance on your credit card, the amount you withdraw is then added your outstanding balance, just like when you use your card to make a purchase.

The biggest downside to credit card cash advances is that they are more expensive than regular credit card purchases. They come with an upfront fee just for making the transaction that averages $10 or 5 percent of the amount withdrawn, whichever is higher. The APRs for cash advances are also much higher than the APRs for regular transactions, and the lack of a 30-day grace period means that interest starts accruing immediately.

Lastly, there limits on credit card cash advances that, depending on the card, might be lower than the amount you need. These might be limits on the amount that you can withdraw per day or per transaction; your card also likely has an overall limit for cash advances. Even if a credit card cash advance is the best of your bad options, they’re still putting your finances at risk.

When I desperately need a loan, but I have bad Credit

Here are 6 key ways to get emergency cash loans fast from the right lenders who won’t take a huge chunk out of your next paycheck. These range from small, fast payday loans to cash loans online and everything in between. After reading this guide you’ll be able to tell which personal loan or installment loan will suit your needs, even if your credit is less than stellar, you don’t have a bank account or you recently lost a job. But don’t worry about the details yet.

Keep in mind you aren’t alone and who actually has a great credit score nowadays? Cash loans with bad credit are all over the place waiting for you to take advantage in your time of need. Let’s look at the 6 best ways to get an emergency loan when you need funds now with short term loans direct lenders who are more than happy to assist you.

7) Borrow Money From Friends or Family

We saved this one for last because it really should be a last resort. While borrowing money from friends and relatives may be a quick fix, it can lead to some adverse consequences. When a loved one lends you some cash, it can put a strain on your relationship—especially if you don't pay the person back quickly.

According to an article in Psychology Today, unpaid loans can lead to lingering bad feelings between the lender and borrower. If you plan on borrowing money, it's probably best to draw up a contract stating when you will begin to pay back the lender and if you will also pay interest on the money borrowed.

What credit score do I need to get an emergency loan

If you’re looking for a quick cash loans with a credit score of 550, you likely have tried to get a loan in the past and may have been turned town for credit reasons. Unfortunately, you may have considered yourself having bad credit. Some of the alternatives listed above provide financing for scores at 550 and below. It often depends on the lender and their requirements.

A FICO credit score under 580 is considered to be poor credit. According to MyFICO.com over 60 percent of consumers with poor credit scores become delinquent on an account. To lenders, that percentage is seen through your credit score and become an indicator of whether you’ll repay your loan.

Most personal lenders won’t even consider an applicant with a credit score under 600. But other types of personal loans or lenders might still be an option, even with a 550 credit score. One options is fill out our short form to find a lender Cash may show up as soon as the next business day.

Marcus by Goldman Sachs: Good for people with strong credit

Why a Marcus personal loan stands out: Marcus says it usually takes between one and four business days for you to receive approved funds after verification of your bank account. But you’ll likely need fairly strong credit to qualify, and Marcus says only people with “excellent credit” may qualify for its lowest rates.

If you only need a little bit of money, Marcus might not be right for you since its loan amounts range from $3,500 to $40,000.

  • No-fee promise — Marcus says it won’t charge you any common fees such as late fees, origination fees or a prepayment penalty. That can be attractive if you don’t want to feel like you’re being nickel and dimed to take out a loan. Just keep in mind that if you miss a payment, you’ll accrue more interest — and the information may appear on your credit reports.
  • On-time payment rewards — If you’ve made 12 consecutive monthly payments on time and in full, Marcus will let you defer one payment (and extend your loan term by one month).
  • Autopay discount — Marcus offers a small rate discount on its personal loans if you enroll in automatic monthly payments.

Check out our full review of Marcus personal loans to learn more.

Check your Approval Odds for a loan Get Started

Why Should I Enquire for Fast Cash with Pheabs?

Pheabs offers a simple, fast and effective way to borrow money. Our online form is connected to multiple lenders so you can maximise your chance of approval and get the best rates possible. We are passionate about helping people get the right product for them – with the bonus of no fees for applying or impact to your credit rating. With lenders operating across numerous US states, we are in a prime position to help you get the quick cash that you need and in the most responsible and thoughtful way.

32. Money-making strategy: Pawn your valuables

If you’re running on fumes, financially speaking, but you have some money coming your way soon, consider pawning something of value to borrow fast cash. Of course, to get those items back you’ll need to pay back the loan with interest. If you don’t pay it back in time, that you’ll lose the item. If it’s really something that has a lot of intrinsic value to you, don’t do it. But if it’s something that doesn’t, you can certainly consider it depending on your situation.

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