3 Ways to Get Money When You Need It Fast

Do You Urgently Need Money?

Sometimes you need extra money and you need it fast. A surprise expense or financial emergency can catch anyone off guard if they are not prepared. Having an emergency fund is one of the best ways to deal with these types of situations. Unfortunately, not everyone is able to save up for an emergency fund.

According to the Federal Reserve, only 61% of Americans would be able to pay an emergency expense of $400 with cash or cash equivalents. However, even if you do not have spare cash saved away to handle an emergency or unexpected expense, you are not necessarily out of luck.

Here are three ways to get money fast when you need it the most.

Ways to Earn Extra Money When You Desperately Need it

A common and fast way to earn extra income is to sell things on a marketplace like Craigslist or Facebook. Think about your possessions - is there anything that you don’t need anymore and could sell to make some additional money? Things like old clothes, furniture, or toys that take up valuable space in your home are good items to consider selling.

In addition to selling personal possessions, many people consider trying to earn extra income on the side. Earning extra income through a side job or second job may not produce money as fast as selling your things, but it can be more stable and predictable.

Both stability and predictability of extra income are important factors to consider if you often find yourself running short on cash.

Ideas to earn extra income on the side include:

  • Dog walking
  • Pet sitting
  • Housekeeping
  • Yard/lawn care for neighbors
  • Online tutoring

Each of these suggestions can be done in your spare time, making them good choices if you’re looking at earning extra money.

Ways to Borrow Money When You Need It ASAP

Borrow from Family or Friends

Asking for financial help from anyone can be hard. It can be especially hard asking your family or friends for financial support. But sometimes despite the negative emotions of asking for help, it can be necessary to handle a financial emergency or unexpected expense.

Borrowing from your family or close friends may be the best way to borrow if you have to find extra money in a short amount of time. For starters, it may likely be the cheapest way to borrow money. It may also be the easiest since there is no need for an application or credit check.

If you approach your family or friends for financial support, be prepared to explain to them the situation and how you plan to use their support. Also, try to commit to a repayment plan that you can both agree on.

By being prepared to ask for a loan from family or friends, explaining the situation, and committing to a repayment plan, your family or friends will be more comfortable with lending their support.

Borrow from a Financial Institution

If selling some of your extra possessions, getting an extra job, or asking family or friends for money do not work for your situation, you may want to consider borrowing from a financial institution.

This can be done, among other ways, through a personal loan from a bank or credit union, through peer-to-peer lending platforms, or, for those with bad credit, through a payday loan.

Payday loans should be considered with caution and as a last resort. They are often designed to serve individuals with low credit scores and carry an average interest rate of 400%. This type of loan may wind up doing more harm than good.

Another alternative relatively low cost option to consider is a paycheck advance from your employer.

How to Borrow Money Right This Second if You Have Bad Credit

If you have bad credit, you should also consider LendUp as a potential source of funds when you face unexpected expenses or a financial emergency.

LendUp offers quick cash advance loans for those who need money fast. Good credit is not required to apply for a LendUp loan. And since there are no hard credit checks in LendUp’s application process, applying for a loan from LendUp won’t affect your FICO credit score.

With LendUp, you can apply online 24/7 and receive, in most cases, an instant decision on your application. If approved, you can receive money as quickly as the next business day. You can even apply directly from your phone through LendUp’s mobile-friendly website.

And the best part? LendUp’s cash advances have no hidden fees or policies that can lead to debt traps. Through the LendUp Ladder, LendUp customers have the potential to apply for larger loans at lower interest rates over time (where available) as you continue to make on-time loan payments and take LendUp’s free financial education courses.

LendUp may be a better alternative to payday loans and LendUp dedicated to convenience, transparency, and helping you on your path to better financial health.

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