What Should You Do if You Need Money Now?
Did you know that over half of Americans can’t cover a sudden $1,000 expense with their savings? Of these folks, 20% said they’d use a credit card to pay the emergency bill. One in 10 would have to borrow from family or friends, while 4% would need a loan.
So, should you use the same methods if you also need money now? If not, what else can you do to gain access to funds as soon as possible, preferably today?
We’ve rounded up the best options you can consider below, so keep reading.
Give Up Some of Your Gadgets
As of 2022, the average U.S. household owns 22 internet-connected devices. Smartphones, tablets, laptops, desktop computers, and gaming consoles are a few examples.
If you own multiple models of similar devices, say, two smartphones or two tablets, you may want to give up one of them. That can help you raise the funds you need to address your money problems immediately.
Many brick-and-mortar electronics stores buy used devices, so check if a few are nearby. They may be your best option if you need cash now because of a financial emergency. However, they may only buy your gadgets if you bring the original accessories and boxes.
If you can afford to wait a few days, your other option is to sell your gadgets online. You may be able to find online electronics buyers offering higher prices. The trade-off is that you have to wait for them to receive your items before they pay you.
Sell Your Time to Older Neighbors
Over a quarter of community-dwelling older adults in the United States live alone. That translates to 14.7 million older adults who often need extra help with daily living tasks.
If you know a few older folks in your neighborhood, ask them if they need anything done they’re willing to pay for. For example, they may need help with shopping, gardening, cleaning, or home maintenance. If so, offer them your skills and time in exchange for cash.
You may ask for payment as soon as you’ve finished your tasks.
Sit Children or Animal Companions
Are you great with kids or fur babies? If so, consider offering your sitting skills to neighbors with children or pets. Most parents pay daily, so they can pay you as soon as they get home.
Offer Your Knowledge in Private Tutoring
In 2021, private tutoring in the U.S. alone comprised a $24.9 billion market. Many parents, after all, regard this as a long-term investment for their kids. They believe tutoring supplements their kids’ education, helping prevent them from falling behind.
So, if you’re an expert in one or more subjects, why not offer a tutorial service to your neighbors’ kids? You can also expand to children worldwide if you offer it online. You can then choose to get paid in advance or after each session.
Find Cash in Trash
The U.S. scrap metal recycling market had an estimated worth of $8.8 billion in 2021. By the end of 2022, experts project it to grow to $9.2 billion. All those figures show just how lucrative this industry is.
So, consider recycling and selling scrap metals yourself. Your home may be a treasure trove of materials you can turn into cash on the spot.
For example, you may have loads of stuff containing aluminum, copper, and steel. These include cans, non-working appliances, defective electronics, cables, and wires. You can sell these to scrap metal recycling facilities that usually pay in cash.
A junk vehicle is another excellent source of scrap metals. If you have one just sitting at home, you can sell it as is to a junk car-buying company. Even the most degraded and corroded automobiles can still net a few hundred dollars.
See if Your Bank Offers Same-Day Loans
Getting a loan from traditional banks used to take weeks, even months. However, some now offer same-day loans to compete with alternative fintech lenders.
Banks still require good to excellent credit scores to approve same-day loans. So if you’re part of the 67% of U.S. consumers with such standing, ask your bank about their loan offers. They may give you a low-rate loan if you meet their other lending requirements.
If you have a bad credit score, your other option is to work with an alternative lender. Some have cash advance apps that you can use to apply for a fast-approval loan. For a closer look at these applications and tips on using them, you can see more here in this guide.
Get Money From Your Credit Card
If you can’t get a same-day loan or the one you qualify for is too small, you may be able to take out funds from a credit card. Known as a cash advance, this service lets you withdraw money from your unused credit card limit.
Suppose you have a credit card with a $2,000 limit, of which you’ve already used $1,000. In this case, you could withdraw some of the remaining $1,000, depending on your cash advance limit.
Some card issuers allow cash advances equivalent to half of the account limit. Others only permit between 20% and 25%.
If you decide to take out a credit card cash advance, know that the interest rate immediately applies to it. There may also be a service fee of 3% to 5% of the total money you withdraw. So for a $1,000 cash advance, the extra charge may be between $30 and $50.
Credit card cash advances can be expensive, but if you need money now, they’re one of your quickest options.
Consider These Options if You Need Money Now
As you’ve discovered in this guide, you have many options if you need money now. The quickest ways, however, may be to sell gadgets and recycle scrap metals. But if you still need more, then that’s the time to consider taking out a loan or a cash advance.
Just make sure to compare your loan and cash advance options. Doing so allows you to choose the offer with the lowest interest rate and charges.
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