Top Choices For Emergency Cash
Here are some possible solutions if you need cash desperately.
Option 1: Online Loans
If you need money in a hurry, there are few options easier than a cash advance loan. Depending on the state that you live in, you can borrow up to $1000 if you choose to go with a payday loan. If you want an installment loan and have the credit, you can get $10,000 or more.
Here is how it works. First, you need to go to an online loan quote form and submit your information. It takes just a few minutes to complete, the quote form is very short and needs only basic information.
After submitting the form, your information is sent to a lender or lenders in the loan network. If they approve you, they will provide you with a loan offer.
Now, you can review the offer and decide whether you like it or not. If you agree to the loan, you can sign the contract online and your emergency money will be deposited directly into your bank account as soon as the next day. It couldn’t be easier.
Option 2: eBay
If you have ever sold anything on eBay, you know that it can take a while to get your money if you do an auction style listing. It can easily take 10 or so days if you go that route but there is another option.
First, you need to find a product that you have and are willing to part with that is in high demand. Game systems, power tools, computers, etc.
Now, you need to determine a listing price that will sell fast. Research the product on eBay and see what the average selling price is. Your listing price should be 10 to 20 percent below this to get you a fast sale.
List your item as a “Buy It Now” not an auction at the above determined price. Specify that the buyer must pay for the item immediately via paypal.
Once the item sells, you will have money immediately in your paypal account. What you might not know is that paypal now has an instant deposit function. Currently for a quarter, you can have the money instantly transferred to your account.
There you go, boom. Quick money from eBay.
Option 3: Friends
This is a great way to come up with emergency cash but this option has a lot of pitfalls.
Money can easily end a friendship so if you decide to borrow money from a friend, you need to do so very carefully. Borrow only what you are sure that you can repay quickly. In addition, you need to make repayment of this loan your priority. This means avoiding other unneeded expenditures until the money is paid back. No going out to dinner, no buying a new purse or new clothes, etc. Even the smallest amount of frivolous spending can make your friend think that you do not care about paying them back.
Still, this option would give you an interest free loan that might help you catch up quicker than other options. Because of this, if you have good friends and are responsible, this is an option to consider.
Option 4: Pawn Shop Loans
As a fourth option you could pawn something. This would work if you have valuable property that you do not mind putting up but want to keep.
What happens with a pawn loan is that you give your property to a pawn broker who then in turn gives you a portion of its value as a loan. You repay the loan at the set time and get your property back.
The problem with pawn loans is that they still have high fees, even though they are secured. In addition, they value of the loan is limited because the broker only gives you a portion of the value of your property, less than a third of the value in many cases. This means that most loans are for $100, maybe $200. To get a high dollar loan, you would need to put up property of significant value.
If you need $100 or $200 as emergency cash, a pawn loan might do the trick. If you need more however, it might not be the best option.
Option 5: Scrap Metal
There is all kinds of metal just lying around. Metal that can make you hundreds of dollars each and every month. All you have to do is pick it up and bring it to a recycler.
Metal in demand is more than just aluminum cans. Think bigger than that. Recyclers need not only aluminum but also copper, stainless steel and much more. Just search for a metal recycler in your area to see what is in demand.