Getting quick cash before your paycheck is often challenging, so people are stressed when they need to borrow money fast. However, there are many options for taking extra funds, even if your payday is far away. Keep reading to explore the best ways to get cash now.
Table of Contents
- I Need Cash Now - 13 Ways to Get Extra Money Immediately
- Emergency Loans to Avoid
- How Can You Get Fast Cash Today?
I Need Cash Now - 13 Ways to Get Extra Money Immediately
“I need money right now. How can I get fast cash before my payday?” - it is a common question among Americans. If you need cash to cover your utility or medical bills, finance family vacations, or repair your car or home, you are in the right place! We have prepared a list of a few ways to get fast cash.
#1. Use Personal Loans
A personal loan is a great way to borrow money instantly from a bank, a credit union, or even an online lender. It is a safe and affordable option for getting the necessary loan amounts directly into your bank account, as traditional financial institutions provide a transparent application process without hidden fees and high interest rates.
Although traditional personal loans allow you to get cash now, they are only available to people with good or excellent credit scores. If traditional credit checks and strict requirements are not a problem, you can rely on personal loan options from traditional lenders.
#2. Apply for Payday Alternative Loans
A payday alternative loan (PAL) is a small-dollar loan that you can borrow from federally chartered credit unions. These short-term cash advance loans are cheaper than regular payday options as credit unions can’t charge more than 28% APR and $20 application fees.
PALs also have more flexible repayment terms of up to six months. However, the main requirement is to be a credit union member to borrow money online instantly from this financial institution.
#3. Try Pawn-Shop Loans
A pawn-shop loan allows you to receive fast cash in exchange for collateral. A pawn shop will keep your item until you pay back the loan and will seize it if you fail to return the money. You can secure your loan with jewelry, electronics, musical instruments, and other high-value items. Although the general conditions for pawn-shop loans are similar regardless of the location, the loan terms may vary depending on the state.
#4. Request a Payroll Advance
Another way to get quick cash is to ask your employer for a payroll advance, which allows you to access your salary earlier. Explain your financial situation to your boss and discuss what amount they can give you before your paycheck. This cash advance does not cost you any fees and is repaid via payroll deduction.
#5. Borrow Against Life Insurance
Do you remember that your life insurance policy has a cash value? You can use it to cover your unexpected expenses and then pay the funds back to your insurance company. Borrowing against life insurance is available even for people with bad credit. If you don’t return the money, the company will deduct the money from the policy payment when you die.
#6. Cut Your Insurance Premiums
Cutting your insurance premiums is an excellent way to earn quick cash. You can reduce the amount you cover or take advantage of various discounts. It may even be necessary to choose another insurance company, as you may find the same coverage for a significantly lower price.
#7. Borrow from Your Retirement Account
One of the most popular ways to obtain fast cash is to take a loan from your 401(k) or individual retirement account (IRA). The money in your retirement account belongs to you, and you can use it however you want. You can borrow it with no credit check and with a bad or poor credit history. Therefore, it is an excellent option for covering your unforeseen costs without overpaying.
#8. Postpone Your Utility Bills
Another option for paying for your immediate needs is to pay your bills late and use these funds to cover your emergency expenses. Many utility companies accept delayed payments and don’t charge interest rates, enabling you to send them money after your next paycheck.
#9. Sell Unwanted Items
Earning money from eliminating your old clothes, electronics, furniture, and other items does not require a good credit history. You can make extra cash by selling your belongings online or in a garage sale. Furthermore, you will help other people to purchase the necessary items at lower prices than in a shop. You can sell your unwanted items on eBay or any other online platform, where they can reach a wide audience and find their new owners.
#10. Consider a Credit Card Cash Advance
A credit card cash advance comes with flexible repayment terms and allows you to withdraw cash despite a bad credit score and other factors. Although you need to pay interest rates for credit card cash advances, they are still cheaper than emergency payday loans. The most important thing when using a credit card is to pay back your debt on time to avoid expensive late fees.
# 11. Cashback Apps
Using cashback apps is one of the easiest ways to get extra cash. It does not require any effort, as you just do your daily actions, buy the necessary items, and get your money back. These applications allow you to save money with various discounts and coupons and use it to pay for your emergencies.
#12. Borrow a Community Loan
If you need money now to pay for utilities, medical bills, or home improvements, you can try to borrow cash from one of the community lending programs. Different community centers offer loans to help people with their emergency needs. A community loan has a lower interest rate than a payday option or may even work like a grant.
#13. Borrow Money from Your Friends or Family
One of the simplest ways to obtain financial help is to ask your family members or friends for money. Borrowing from the people you know allows you to avoid interest rates and charges for late payments.
While borrowing from close people has its benefits, it can be problematic. Not everybody can lend you the necessary sum, and you always risk ruining relationships with your friends and relatives.
Emergency Loans to Avoid
When unexpected expenses occur and people need money fast, they often apply for high-interest loans. Although these loans allow you to get quick cash, even with a bad credit score, they are too expensive and may result in getting into a cycle of debt. Use the following loan options only as a last resort and try to find alternatives.
A payday loan is a short-term loan deposited typically in one lump sum into the borrower’s checking account. As a rule, individuals receive the funds the next business day after approval. A person needs to return the money by their next paycheck. Payday lenders don’t perform a hard credit check through major credit bureaus (Equifax, Experian, and TransUnion) and approve even people with bad credit scores.
However, be prepared that payday loans are one of the most expensive short-term loans. In addition to the principal, borrowers need to pay high interest rates, which can reach 400% APR (annual percentage rate). If you apply for a no denial payday loan, remember to compare offers from multiple lenders to choose the best option.
Bad Credit Loans
A bad credit loan is a loan created for individuals with low or no credit scores who can’t get approval from traditional financial institutions. It may be a good option for obtaining money from a direct lender to pay your bills, rent, car or home repair, or finance a vacation. However, they usually come with unaffordable interest rates and may result in falling into a cycle of debt.
Auto Title Loans
A car title loan is a high-risk, short-term loan where your vehicle serves as collateral. You typically need to pay off the loan within 30 days with interest rates. Otherwise, a lender can seize your auto. Due to the high risks involved, financial experts recommend avoiding title loans.
How Can You Get Fast Cash Today?
Depending on your credit and needs, you can choose from many ways to get fast cash today. Multiple lenders offer high-risk emergency loans, such as car title loans and payday loans. They are available for any credit and allow you to get money within one business day. However, we recommend using safer options. Borrowing money from your relatives, withdrawing credit card cash advances, and taking funds from your retirement account are only a few solutions you can use if you need money now.