We’ve all been there – something happens, and you need money in a pinch. Perhaps the air conditioning stopped working in the middle of a heat wave, or your car broke down, or you really want to buy concert tickets but don’t have enough saved up. At times like these, you start dreaming about winning the lottery and frantically wondering how on earth you can get cash fast. If you need (or simply just want) cash fast, what can you do? Here are six ways to get money in as soon as one day!
1) Same-Day Personal Loans
Many personal loan lenders offer same-day loans which offer funds instantly (or within a few short hours) after application and approval. The benefit of same-day loans is that they can typically provide you with several thousand dollars’ worth of funds, which is handy if you have a large and unexpected financial need. Other personal loans with lower interest rates may be available if you can afford to wait longer than just one day. If you’re interested in a same-day loan or other personal loan, compare lenders to find a lower interest rate and a repayment plan that works for you.
2) Ask Friends and Family
If you’re in dire need of cash, you can ask friends and family for a small loan. Many times, loved ones are willing and able to help out if you’re in a tough spot. However, keep in mind that their finances may be limited as well, and even if they have ample cash, they have no obligation to give you any money. You should also be clear about any repayment that might occur (is this a loan, or a gift? Will they expect you to pay interest or an extra amount, and when? Will they ask you to help out with chores or errands as repayment? Clarify these terms before receiving any money, to avoid awkward situations and hurt feelings). Also remember that money can put a strain on relationships, and it’s sometimes best to avoid asking people for money if it will hurt your relationship with them.
3) Visit a Pawn Shop
Like a same-day loan, pawn shops can also lend people money on the same day. However, pawn shops retire something as collateral – this can be anything, but it’s typically something of value, such as jewelry, electronics, or other rare items. Pawn shop loans typically have a low interest rate, and once the loan and interest are paid off, customers will get their items back. If the customer is unwilling or unable to repay the loan in the specified time frame, the pawn shop will keep their collateral and be able to sell it for a profit. Another benefit of pawn shop loans is that they don’t check the customer’s credit score or have any impact on the score if the customer defaults. Some pawn shops allow customers to simply sell their items if they’d rather avoid a loan entirely. While pawn loans have low interest rates and no credit impact, customers do have to be able to offer something of value as collateral, and may not be able to get as much cash as they’d like.
4) Sell Unwanted Possessions
Instead of visiting a pawn shop, you can also decide to simply sell your items for cash. Facebook Marketplace, Craigslist, and many other apps and websites exist that allows you to sell directly to people in your neighborhood. Of course, if you’re looking to make money in the next 24 hours, you have to hope that the right buyer sees your products, and you may need to price your items low enough that people feel they have to “act now” and buy it. But selling your unwanted possessions can be a great way to earn extra cash (and de-clutter your house as well!). Sometimes you can even get items for free on these websites and then “flip them” – sell them for cash!
5) Find Odd Jobs
Search online for odd-jobs that offer payment the same day, such as babysitting gigs, cleaning, freelancing, gardening and yard work, or other errands. If you find yourself frequently in need of cash, having a list of previous jobs can be handy to find repeat employment. Of course, this only works if you have spare time in which you can perform whatever task is needed. If you already work full time or have other responsibilities, you may struggle to find a paying job that fits into your schedule.
6) Sell Plasma
Blood and plasma donation centers are available across the United States, making them easily accessible for many who want to sell plasma. There are some requirements to be able to sell plasma – for example, you have to weigh at least 110 pounds, have to be at least 18 years old, and must be able to pass medical screenings and tests. You should also consult your doctor to ask if you’re healthy enough to sell plasma. But for those who qualify, plasma donation centers will typically pay $25 to $100 on the day of the donation.
7) Home Equity Loan or Line of Credit
While Home Equity Loans or Home Equity Lines of Credit (HELOCs) typically take longer than one day to fund, many people prefer them over personal loans due to their lower rates and longer repayment terms. Plus, home equity loans usually allow you to borrow a greater amount of funds. A home equity loan will give you one sum, but a HELOC will give you a line of credit that you can use and repay as needed. In order to take advantage of a home equity loan or HELOC, you need to have built up enough equity in your property, and your house will need to be used as collateral. They can be a great source of funds for home improvements, debt consolidation, large purchases, and more! You can compare top home equity lenders using RateZip.
8) Shared Equity Agreement
Another longer-term option that appeals to many people is a Shared Equity Agreement. Like a home equity loan, a Shared Equity Agreement lets you tap into your house's equity. However, the benefit of a Shared Equity Agreement is that there is no monthly payment, no interest, and it can be easier to qualify for (especially for those with poor credit or in a unique situation). With a shared equity agreement, an investment company offers you funds in exchange for a portion of the appreciation of your house's value. If your house goes up in value, the investment company will get a cut. If your house goes down in value, the investment company shares the depreciation with you. If a shared equity agreement sounds right for you, check out some of the top Shared Equity Investment companies here!
It's never fun to be in a tight financial spot, but if you need fast cash now, the above list can be used to help you get the funds you need. You can also use RateZip.com to compare personal loan lenders and find an offer that works for you!