Having an unexpected, emergency need for money can be a scary and overwhelming experience. Even if you’re a responsible and hardworking person, there are times when you may not have as much cash as you need. If you need money fast, take a deep breath and read on. There are many ways to get cash fast, and some of the options below could be a good fit for your personal situation. 

1. Sell household items

Most of us have non-essential items in our houses that we either no longer use or don’t use enough. Electronics, furniture, collectibles, and other similar items can offer a good opportunity to declutter and also generate cash. While holding a garage sale can be effective, it may ultimately be easier to sell items online. Craigslist and Facebook Marketplace are popular places to list and sell household items. If you specifically have electronics that you would like to sell, sites like Swappa provide a regulated marketplace for selling things like phones, tablets, laptops, and video games. Depending on your geographical location, ecoATM offers physical kiosks where you can sell your phone and get money quick.

2. Sell unneeded gift cards

It happens to all of us – you’re given a gift card and then it ends up forgotten about in a drawer somewhere and left unused. Or maybe you have gift cards for goods or services that you aren’t interested in. The good news is that you can sell these gift cards and receive cash in return. Gift card resellers like GiftCash and CardCash may be willing to buy your unused gift cards – if so, you can receive cash within several days.

3. Pawn items

If you have items that you don’t want to sell, you can still use them to get cash fast. A pawnshop loan allows you to get money at the time you drop off the item. Then, when you have more money in the future, you can reclaim the item. However, it’s important to remember that if you are unable to repay the loan the pawnshop will keep the item. Things like musical instruments, electronics and jewelry are the most likely to be accepted by a pawnshop. Additionally, you may be able to fully sell items to a pawn shop if they are things that you are willing to part with permanently

4. Pick up short-term or “gig” work

Many short-term jobs offer quick pay for as little as a single day of work. Labor jobs, food service, and housekeeping work are often listed in places like the “Gigs” section on Craigslist. These types of jobs frequently offer payment in cash delivered as soon as the work is finished.

Another short-term option is pet care – sites like Wag will pay you to walk and care for people’s dogs. After being approved, you can see a list of available opportunities in your area and get to work. These types of sites generally do not have minimum or maximum requirements about when you work and how often. This allows you to potentially fit in extra work around any existing work hours and responsibilities that you may already. 

If you have a car, delivery and rideshare jobs can provide flexible hours and fast income. And if you have childcare experience, sites like Care.com can connect you with people who need a babysitter.

5. Rent out an extra room

If you have surplus space available in your house, you can put it to use by renting it out. While many people associate services like Airbnb with vacation locations and full-size houses, it’s possible to rent out a single room on these types of sites. And if you live in a fairly populated and/or desirable location, it can be a quick way to get cash. 

6. Apply for a personal loan

If you’re in need of emergency money, a personal loan can give you access to cash as soon as the day that you apply. While you will need good credit in order to get a favorable interest rate, a personal loan can be paid back slowly in installments over time. Once you have applied, the lender will work with you to find a payment plan that fits your budget. Sun Loan offers same day funding, affordable monthly payments, and the option to apply online or in-person. Depending on your personal status and the state that you live in, you may be able to receive a loan of up to $7,500.

7. Consider a cash advance on a credit card

Some credit card companies offer cash advances to their customers. If your credit card account does not have any late payments attached to it and is considered to be “in good standing”, your credit card company may be able to provide you with cash quickly. Cash advances require you to pay a borrowing fee up-front – usually around 5% of the total amount of money you are borrowing. You will also need to pay approximately 30% interest over the course of the loan. 

Quick cash methods to avoid

While there are many good ways to get cash fast, there are also some that you should avoid. Getting emergency money from the wrong source can end up creating problems down the road. Here are some quick cash options that you are probably better off not using.

• Car title loans: Depending on the state you live in, auto title loans may or may not be allowed. A car title loan uses your car title to secure a short-term cash loan. This type of loan usually has a very high rate of interest, meaning you pay far more money back than the loan was originally for. And if you fail to repay the loan, the lender may have the right to seize your car.
• Payday loans: Payday loans are a type of loan that allows you to get a short-term loan in a lump sum, and then pay that money back quickly – usually within two weeks. Payday loans don’t have credit score requirements. However, they usually have very high fees – for instance, if you were to borrow $100, your fee may be up to $30.
• Payday installment loans: A type of payday loan, payday installment loans can be paid back over a longer period of time. But their very high rates of interest can leave borrowers paying back three or four times more than the original loan amount was for.

Sun Loan is here to help

Needing emergency money can be a stressful experience, but we’re here to help you have financial peace of mind. Drawing on our 30 years of experience, the Sun Loan team will take the time to fully understand your financial situation and deliver a personalized payment plan that fits your needs. Personal loans from Sun Loan provide you with an opportunity to receive cash quickly while also establishing your credit by making consistent payments. Our friendly and knowledgeable staff is ready to assist you at your convenience. Apply for a loan online today or stop in at one of our local branches.