Need Money Now? 27 Ways to Make Cash Right Now

Need Money Now? 27 Ways to Make Cash Right Now

FAQs

Here are some commonly asked questions when you need money now:

What is the best way to cover my emergency expenses?

The best way to do this is by having an emergency fund. Most financial experts like Dave Ramsey recommend you have at least 3-6 months of expenses in an emergency fund.

Are short-term loans a good idea?

These type of loans can seem like a good idea on the surface, but really should be avoided. They can have high interest rates, late payment fees and origination fees that make these options not attractive.

Should I take out a home equity loan? While it can be tempting to tap into the equity of your home, it can be risky as well. Home equity rates adjust, so even though you may get a low interest rate now, it could go higher over time.

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28. Money-making strategy: Get a small microloan

You can get a small business loan (very small) on Fundera, or Prosper if you’re looking for a very small personal loan. Depending on your credit and your financial and employment situations, you can secure up to a few thousand dollars like this.

There are loads of platforms that offer these small microloans. You have to pay them back but it can help if you’re in a bind.

9. Money-making strategy: Answer questions on JustAnswer

People looking for expertise online. JustAnswer (and several sites like it) allow doctors, lawyers, engineers and others with enhanced knowledge to earn a small income merely answering questions from people who would otherwise have to pay a hefty sum for those answers.

This platform is a great resource for people. It’s also lucrative (for the time spent) if you’re looking to earn a bit of cash in a hurry. Don’t expect to get rich answering questions, but you can generate a few bucks here or there if you’re in a bind. 

36. Sell scrap metal

Always see what others are willing to pay you for something you’d throw away or toss in the recycling bin. For example, you can get up to $0.85 per pound for aluminum, so be sure to save those beer cans.

3. Earn money with your car (driving or renting out)

Believe it or not, having a car is one of the best (and fastest) ways to make money today. The first, and most obvious, way is by driving for Uber or Lyft. If you meet the requirements to become a driver, you can actually earn some decent money.

The nice thing about driving for Uber or Lyft is that you can do it when you want to or when you have time.

I’ve been taking a lot of Uber and Lyft rides lately, so I’ve been asking the drivers what they think about it. In doing this informal research, I found that most drivers love it. They love it because they can make their own hours and it gives them some quick extra cash.

If you don’t have time to drive around, there’s Getaround. Getaround helps you earn money by renting your car out to other people. Getaround is perfect when you need money and have a car that you aren’t using.

The app is great since it comes with an insurance policy. So in case anything happens to your car, you don’t need to worry about coverage or getting paid.

You can also get some instant cash by signing up.

Fast Money Options to AVOID

When you need money FAST, it can be tempting to borrow money questionable lenders or earn cash in illegal ways. But more often than not, this leads people into an even worse situation than where they started.

Here are a few methods you should definitely AVOID for fast money:

  • Illegal Activities: With so many legitimate ways to earn fast money, why resort to crime!? The penalties and risk are not worth the money, no matter how easy it seems.
  • Payday lenders: Payday loans are short term, unsecured loans that are easy to qualify for and give you quick cash. But the downside is the interest on these loans can be upwards of 400% APR! No matter how bad your need is for fast money, avoid borrowing at high interest rates or you may be caught in an uncontrollable debt cycle.
  • Credit card cash advance: Some credit cards offer cash advances, allowing you to take out money at an ATM with your credit card. But these also have exorbitant fees and high interest costs.

All in all, borrowing money is not a sustainable way to generate quick cash. Instead, focus on earning money using the skills and resources you already have available to 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.

2) Take on Odd Jobs

If you don't have any high-value items to unload, you can try selling your services instead—especially if you are out of work and have time on your hands. You might babysit and/or pet-sit for friends or start up a neighborhood dog-walking service. According to ZipRecruiter, the nationwide average hourly wage for a babysitter is $17 an hour, while pet sitting pays an average of $14 per hour. Dog walkers can typically earn about $15 an hour, according to PayScale.

If you're not up for dealing with dogs or kids, you might offer to mow the grass and wash cars for people in your neighborhood, or drive a neighbor's elderly aunt to her doctors' appointments. Or, if you enjoy driving, you might sign up to be a Lyft or Uber driver. According to Gridwise, rideshare drivers' earnings in 2021 depend on where they live, but range from $14.65 per hour in San Antonio, Texas, to $19.44 in California's Bay Area.

You could also grocery shop for busy friends or older adults, or offer to repair and paint your sister’s dilapidated fence. Depending on how many jobs you take on and how much you charge for each task, you could scrape together a few hundred bucks within a single weekend. If you don’t have enough people who need work done, try signing up for jobs through websites such as TaskRabbit, Thumbtack, or skills-based work in Upwork, Freelancer, or Fiverr.

An emergency fund can provide a financial cushion to help when unexpected costs, like medical bills, or loss of a job, occur. Try to set aside money when you can to start one.

Bonus: Look for Odd Jobs on Craigslist

Need money today? Don’t forget to check your local Craigslist “gig” section for odd jobs. You can snag jobs that range from cleaning, help with moving, lawn care, and so much more. 

The cool thing about Craigslist gigs is that they are typically small jobs that you can easily do in a few hours or a day and earn some extra cash.

All of these types of jobs should be paid upon completion and some will pay very well.

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. 

4. Start Delivering Food

If you have a car, you should start considering food and grocery delivery services. You’ve probably heard of Uber and Lyft already, but maybe driving passengers around isn’t your thing.

The cool thing is that delivering food and groceries is a service that’s continuing to grow, and you can earn some quick money without having to drive people around.

Another growing one is doing grocery shopping for people via Instacart!

While it usually takes longer than an hour to get cleared for delivering or diving with Uber or these other services, once you’re cleared, you can start at an hour or less each day.

Even if you don’t have a car, you can potentially deliver food and groceries using a bike or scooter depending on your city.

To get started, you can sign up with one of these major services:

Avoid These Sources of Immediate Cash If You Need Money Now

Sometimes what seems like the simplest or easiest solution comes with the most risk. Before using crowdfunding or opening up a new credit card, make sure you carefully weigh those against the benefits.

Payday lenders

Using a payday lender seems like the most effective way to get cash when you need it. The process is simple, locations are easy to find and accessible, and you’ll walk out with money in hand.

However, the interest rates can be 400% APR or more, and the repayment term is short, making it difficult to pay back the money you borrowed without having to take out another loan.[1]

It’s easy to find yourself perpetually indebted to the loan company. If you truly have no other option besides a payday loan, do whatever you can to pay back the initial loan by the due date to avoid getting trapped in the payday loan cycle.

Borrowing against your retirement

While you can borrow against your 401(k) for a tax-free loan, it’s generally not a good idea. This comes with a large opportunity cost.

When you take out money from your retirement account, you lose any compounding interest and your contributions decrease, along with any possible company matches. If you do borrow against your 401(k), make sure you fully understand the repayment options and consequences.

Taking out a second mortgage

Taking out a second mortgage or home equity loan or line of credit isn’t the worst option for getting money now, but it is something to consider carefully.

By borrowing against your house, you’re using the equity in your home as collateral, impacting your home’s resale value. Second mortgages can be expensive thanks to things like appraisals and fees, and if you don’t pay your loan, you risk losing your home to foreclosure.

Although interest rates are generally lower than credit cards, make sure to carefully weigh if this is the best option for getting quick cash. Proceed with caution if you go this route.

Opening up new credit card accounts

Like payday loans, opening up a new credit card gets you access to funds instantly. It’s a simple process that you can usually complete online, and you’ll immediately know your credit limit.

It can be a practical option, especially if you have a plan to repay the money, but it can also be a dangerous one if you rack up a huge balance. You don’t want to end up in a more precarious financial situation than when you started.

Make sure you read all the fine print, especially if your new card comes with a 0% introductory APR. If you don’t repay the balance before the offer expires, you may be charged extra back interest. If the card comes with a cash-back bonus, find out if it applies as a statement credit or a deposit into your bank account.

Borrowing from family and friends

Asking friends or family for money can be a humbling experience. It’s difficult to admit being in a financially vulnerable position, and it’s even harder to ask for help. If you have generous friends or family members, they might be willing to provide you with an interest-free short-term loan.

If that happens, both parties need to understand the repayment terms and other conditions. You need to make sure you’re fulfilling your obligations to them and not engaging in frivolous spending. Be sure that borrowing money from them won’t negatively impact your relationship. If you have any doubts, don’t ask.

Related: 4 Reasons Why Lending Money to Friends and Family is a Bad Idea

Crowdfunding

GoFundMe or other crowdfunding platforms may seem like a good idea for getting money when you need it, and it prevents the embarrassment from asking friends and family directly. However, it comes with many of the same risks.

You may open yourself up to criticism, comments, and insults about your financial situation and you as a person. If you have a strong community and support system and are aware of the possible backlash, then crowdfunding may be an okay option.s

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