Sometimes we find ourselves in need of extra money. Whether it’s for an emergency for ourselves or a friend or family member, or simply just because we need some extra cash! There are a variety of ways to make money in a pinch.
Ideally putting away savings in small amounts gradually over a period of time is the best way to prepare yourself for a situation like this. Otherwise, the options we are left with tend to be high risk or involve expensive fees and interest.
Take a look at some of these ideas next time you need money fast and weigh out what risks you’re willing to take vs. what kind of fees you can afford.
Personal Line of Credit
Taking out a personal line of credit means establishing an agreement between you and the bank that you will pay off your balance within a certain window of time, and keep the balance below a certain amount.
These lines of credit can vary in interest and are attractive because of the flexibility. You can pay the small minimum due each month or pay the entire thing if you so desire. Personal lines of credit are the ideal form of accessing cash fast.
Getting a position as a food delivery cyclist is the next hottest thing to do. Normally you gain a certain amount per delivery, and if you pass your quota, your per delivery earning increases.
There are a variety of companies to choose from and can be treated as your own business. You can also count on cash tips which are instant money in your pocket. All you need is a bike and a helmet and away you go!
Going to a place that offers payday loans is instant and easy. You simply show your paystubs and they grant you a payday advance. The risk, however, is that the fee can be quite large depending on the amount.
You are paying significantly high fees for the convenience of getting your paycheck on the spot. Use this option as one of your last resorts.
Sell Your Belongings
Taking a look through your house and assessing anything that you can see yourself being able to live without with high value is one way a lot of people turn nothing into something quick.
Perhaps your old laptop that you never use is worth selling for a couple hundred. Or a camera you never took up the knack for.
Sometimes old toys you saved from childhood you’d be surprised to find have become collectibles and can be thousands! You never know what kind of treasure you are sitting on. Take a look around and see what you can come up with.