The question is, why must you spend the rest of your life in debt just because you’re broke? That is why this article has been written to guide you on how to get quick financial help when you are completely broke, To be blunt with you guys, when you don’t have any funds, all you have to do is to spend less so you could earn more.
Even if you’re dealing with an avalanche of unanticipated medical costs, you’ve recently lost your job, or your home has been ravaged by a storm or other natural disaster, one thing is certain: you need money fast. Unfortunately, the vast majority of us are caught entirely unprepared when a financial emergency occurs in our daily lives.
Your are not alone if you find yourself in this situation. According to FEMA, six out of ten American homes face a financial emergency at least once a year, and one-third of American families have no savings at all. According to a report from the US Federal Reserve, nearly 40% of Americans would struggle to pay for an unplanned emergency bill such as a $400 automobile repair.
What can you do if you really need cash fast to pay an unexpected expense? Here are seven clever strategies to swiftly collect funds without creating irreversible damage to your finances.
Table of Contents
How to Get Quick Financial Help
Below we have provided you with how to get quick financial help when you are completely broke.
1. Offer Your unused electronics/Gadgets for Sale
Anyone can sell their old phone or tablet on sites like Swappa and Gazelle, but the best way to obtain cash right now is to use an ecoATM kiosk. Sell your outdated MP3 players and laptops as well online or offline for money.
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2. Work As a Driver for a Ride-sharing Service Or a Delivery Company
These are jobs that you can do with your own car and gas in the evenings or on weekends. Companies like Uber and Lyft connect you with people who are willing to pay for a ride, and delivery services like OrderUp and Postmates pay you to deliver food.
3. Get a Daily Paid Task or Job.
Truth be told, we found out over 26 respectable side jobs that can help you make extra money quickly, from driving passengers or deliveries to freelancing from home.
Try Craigslist’s employment or gigs categories, which frequently feature posts for short-term jobs in food service, housekeeping, and general labor.
4. Look for Community Financing Support
Loans or short-term aid from local community organizations may be available to help with rent, utilities, or other unexpected expenses. NerdWallet has put together a database of payday loan options that are accessible in over two dozen states. Small loans at low interest rates may be made by local churches. Small loans may be available from community centers and charitable organizations in your region.
5. Request a Bill Forbearance
Some creditors, such as utilities and cable television companies, do not charge interest on late payments, so see if they will accept them. Use the money you save by not paying those bills to offset any unexpected expenses. If you can’t pay your consumer bills, such as auto loans or mortgages, talk to your lender first before turning to high-interest, hazardous loans.
6. Apply for a Payroll Advance
Request a cash advance on your pay from your employer, which normally comes with no costs and is repaid through payroll deduction. Some businesses also provide low-interest loans to employees in need. Earnin, an app that provides workers with advances that they repay in a flat sum on payday with no interest, is another option. It does, however, want a gift and access to your bank account and work time sheets.
7. Borrow money from Your 401(k) plan.
There are several restrictions on taking a loan from your 401(k) or individual retirement plan.
If you reimburse the money within 60 days, you can borrow from your IRA once a year. If your employer offers 401(k) loans, which not all do, you can normally borrow up to half of your account amount, up to $50,000, with a five-year repayment period.
If you don’t make payments for 90 days, though, the loan becomes taxable income. And if you quit or lose your work, you’ll usually have to pay back the 401(k) loan quickly.
8. Sale Out Any of Your Unused Gift Cards
Gift cards worth $15 to $1,000 can be exchanged for cash at Cardpool kiosks. You’ll get a little less money there; the corporation will pay up to 85% of the card’s value at its kiosks, but up to 92 percent if you sell through its website. You can also use an online gift card exchange, such as Gift Card Granny, but this will take a few days because you will need to send the card after dong that, you will have to be patience waiting for a check or direct deposit into your account.
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9. Give Out A Physical Product for Money (Pawnshop loans)
Pawnshop loans are not a good way to borrow money. They are, however, rapid, and if you are unable to repay the loan, the pawnshop will just keep the item you used as collateral.
That’s a lot better than having your credit wrecked and getting harassed by debt collectors. Instead of borrowing against an item, you can typically sell it straight to a pawnshop.
The best-performing items are jewelry, musical instruments, guns, and modern gadgets.
Spend your money more wisely. Get rewarded for your efforts.
Connect your cards to see which ones will earn the most money from your purchases – and which ones you should try out.
10. Take Out a Loan Against Your Life Insurance Policy
If you have a cash-value life insurance policy, also known as permanent life insurance, you can borrow against it and repay it over the course of your life. If you don’t pay back the money, the insurance company deducts it from your death benefit. However, a term life insurance policy, which is the most frequent type, cannot be used to secure a loan.
11. Take Out a Cash Advance on Your Credit Card
A cash advance is a lot less expensive option than a payday loan if you have a credit card and the account is in good standing. You’ll have to pay a fee, which is usually approximately 5% of the amount you borrow, plus interest, which may be as high as 30%.
12. Look for a Loan That Isn’t a Payday Loan
Payday alternative loans are tiny, short-term cash advances offered by some credit unions. PALs can’t be charged more than a 28 percent annual percentage rate by federally chartered credit unions.
That isn’t cheap, but it’s a lot better than payday loans, which have APRs in the triple digits.
13. Borrow Money from a Friend or Family Member
Some lenders can fund a personal loan in as little as one day, and if you have strong credit, you’ll have plenty of options.
If you have bad credit, you’ll need to find a lender who not only provides rapid cash but also accepts people with bad credit. Mainstream lenders have rates as high as 36 percent APR for individuals with weak credit.
Other lenders may offer quick cash without a credit check, but they will charge triple-digit interest rates. Don’t get taken in by it.
14. Make a Room Rental
Airbnb isn’t simply for folks who have vacation homes that they want to rent out when they aren’t using them.
Many of the advertisements on the site are for extra rooms — or even shared rooms — in the owner’s home, allowing you to stay put while earning money, especially if you live in a relatively desirable neighborhood.
Check your local laws to see if short-term rentals are permitted.
It is free to create a listing on the site, however there is a 3% service fee when a reservation is made. The corporation pays the host 24 hours after the guests have checked in.
15. Work As a Dog Caretaker on The Side
Sites like Care.com and Rover, which match pet owners with dog sitters and walkers, are on your side as well.
You have the option of hosting the dog or staying at the owner’s home (and, here’s a thought, renting out your place on Airbnb while you’re gone).
In most locations, rates range from $20 to $60 per night, though they can vary based on the location and the amount of work needed. (Are you, not a dog lover? Other money-making hobbies can be found here.)
That is how to get quick financial help when you are completely broke. If this article has been of help to you, why not share it with friends on social media through any of the sharing buttons below?