Instant Cash: 9 Ways to Deal with a Financial Emergency

Instant Cash: 9 Ways to Deal with a Financial Emergency

Ironically, the unpredictability of life is the only constant thing about it. Are you going through a rough financial patch? Financial troubles can be quite stressful and difficult to deal with.

However, there are ways to escape this cash crunch. Whether you’re late on your monthly rent or your car broke down, here are some effective ways to make instant cash.

  • Request to borrow from family & friends

Instead of keeping your financial struggles from your family and friends, ask them for help. Instead of thinking of it as a charity, treat it like a loan. It’s much cheaper and easier to borrow from family than taking a loan the conventional way.

  • Take your unused items to the pawnshop

Do you own some objects that you no longer use and that you could sell, such as musical instruments or power tools? Selling such items to a pawn shop can be a quick way to secure funds during a cash crunch. 

  • Apply for a fast loan

If your family and friends can’t lend you money, then taking out a fast loan is the next best option. You can easily apply for fast loans online and get approved instantly. Most lenders transfer the funds within the same day and, in some cases, within an hour. 

  • Ask your employer for an advance

Another way to gain quick access to funds is to pluck up the courage and ask your employer for an advance on your salary. There’s no guarantee that your employer will agree, but there’s no harm in asking.

  • Get a second job

When one pay check is not enough to pay the bills, it can be a good idea to take up an extra shift at work or to get a second job. Although it’s not always easy to commit to another job on the top of your other responsibilities, the extra cash can quickly improve your situation.

  • Organise a garage sale

If you look around your house, you will likely find many objects that you haven’t used in years and no longer need. Selling your unused clothes, furniture and other items can bring in the extra cash you need to pay unforeseen expenses. You can also sell these items online.

  • Recycle bottles and cans for cash

There are also some creative ways to generate quick cash – such as collecting cans, bottles and scrap metals and cashing them in. You can even ask your friends and neighbours if they have any beverage containers and scrap metals. Then, you can take these to a recycling centre and exchange them for instant cash. 

  • Take out a mortgage

If you need a larger sum to cover emergency expenses, then you could consider taking out a mortgage on your house. However, think carefully before choosing this alternative. Will you be able to repay the loan on time? Failure to repay this loan can result in losing your house.

  • Get a credit card

You can also use a credit card to pay for unforeseen expenses. These days, getting approved for a credit card is easy, with a simple online application and a fast approval process. However, it’s also important to make a repayment plan to avoid accumulating significant credit card debt. 

There are many ways to get out of a cash crunch. From cutting down on your expenses to getting a second job or taking out a cash loan, you can find many opportunities to gain access to the funds you need to cover unforeseen expenses.