Ways to Find Fast Cash

Due to the worldwide pandemic, as a nation, we are experiencing a significant economic downturn. Experts claim this is the worst since the Great Depression. The unemployment rate is skyrocketing. More than ever, people need fast cash. Many are turning to an instant loan or easy cash loan. But is that the best fit for your needs? If you need instant cash, there are plenty of alternatives are available, and you should explore them. 

Ideally, building an emergency fund is the best solution to this problem. Under normal circumstances, having $500 sitting aside can get you out of a pinch. But we are not under normal circumstances. COVID-19 brought unprecedented consequences. Our prosperous economy was down in the gutter within weeks

Over the last decade, I have been through my share of penny-pinching. Many of the suggestions in this article are the things I did to earn free up some money.

Before you try to get approved for an instant loan, here are a few things you should consider.

Reduce monthly spending

I used to be obsessed with reducing my monthly bills. For me, saving an extra $25/month was a victory worth celebrating. While reducing monthly bills is usually associated with a long term financial plan, there is a short-term side to it. For instance, cutting the cable bill can free up around $60/month. That’s extra cash for next month.

But when you are seeking instant cash, looking through your monthly bills might not be your priority. You are focusing all your energy on finding money. Reducing your monthly spending is the very first step to give you access to some money… next month.

Change your cell phone plan

Having the latest and greatest cell phone might be cool. But it comes with a high price tag. Avoid those at all cost, it will save you money in the long run.

When it comes to cell phone plans, the four leading providers offer similar plans. Consider looking into alternate cell phone providers. There are several out there. The pre-paid phones, and many others. For instance, FreedomPop offers voice and data service for free.

Keep in mind that these smaller providers do not offer deals and rebates. You would have to bring your phone. Additionally, before you cancel the service with your current provider, check for the outstanding balance. If you are paying installments on your phone, chances are they will ask for the full amount once you get out. That would defeat the purpose of cutting back on bills.

Cable and Internet

In the age of streaming, Americans are cutting cable at a fast rate. At the same time, cable companies are jacking up internet prices and offering massive discounts for TV and internet bundle.

However, it is worth going through your bill to ensure you are maximizing all the benefits your provider offers. Oftentimes, you have to call customer service and ask about their specials. It might require you to agree to a two-year contract, but it is worth the time.

Consolidate your debt

If you are having trouble paying several credit cards, you might benefit from debt consolidation. Avoid using debt consolidation platforms; you are better off getting a personal loan. Some lenders can fund in one day. Refinancing a massive debt with a lower interest rate can save you a substantial amount of money.

Conversely, if you have good credit, you can do a balance transfer of a high-interest credit card onto a new card. The catch is, it must be paid before the 0% introductory rate expires. Otherwise, the interest is accumulated and dumped into the account.

Insurance Premiums

One thing about car insurance is that premiums for the same driver and the same coverage can drastically vary depending on the company. Thus, it is important to compare car insurance quotes. Additionally, different companies offer discounts for just about anything.

The same goes for homeowners’ insurance. You can get discounts for having an alarm system, staying claim-free and being a non-smoker. Also, insurers offer discounts if you bundle auto and home insurance.

It is best to get quotes from a few companies to see who offers a better premium for your needs. In the past would switch insurance just about every year to save me a little extra cash.

Additional unnecessary expenses

With the rise of memberships, we all have some kind of recurring expenses. At one point, I had a shaving membership. On the most modest package, the company sent two bottles of shaving cream and eight blades a month. I couldn’t possibly use all of that even when shaving every single day.

Nowadays, there is a membership for everything—shaving, dinner boxes, wine, clothing, books, cosmetics, etc. If you are in a crunch for money, canceling those can free up some cash. In my experience, purchasing on the need basis is more economical than any membership option.

Another membership that tends to go unused is the gym. I know, I know, I am guilty of that one. Depending on the membership you selected, you are not able to cancel it without a hefty fee. However, many gyms are now offering month to month plans. If you are not a regular, consider canceling it until you come into some money.

Increase you income

One way to come into more cash without an instant loan is to increase your income. It will involve some hustling on your part, but it is a way to bring you some quick money.

Rent a room or parts of your house

With sites like Airbnb, just about anyone can put their houses for rent — or parts of it. People look for places to stay everywhere, not only for vacations. Renting rooms can bring some cash, especially if you live in a desirable area.

Creating a listing is usually free. There is a service fee percentage when a reservation is made. On average, one room rental can easily bring anywhere between $700 to $900 depending on location. Plus, the funds are released to the host 24 hours after guests check-in.

Dog sitting

Again, technology gives you an advantage here. Sites like Care.com and Rover match pet owners with dog sitters. You can host a dog at your place, or you can stay at the owner’s house. Rates vary from $20 to $60 a night in most areas. But it could go much higher depending on location and the work involved.

Become a driver

Yet again, technology on your side. This is a job you can do in the evenings or on weekends. Companies like Uber and Lyft allow you to work whenever you want or can. They will match you with people within a certain radius willing to pay for a ride.

If you are not up to drive people, you can drive food around. Companies like GrubHub pay you to deliver takeout and other items. Additionally, local food delivery companies also hire on an available basis.

Get your hands on fast cash today

Sell your old electronics

Recent studies indicate that a great number of the population has at least one old electronic collecting dust at home. If it is something that you don’t have to have, you can sell them on a number of sites.

However, most sites will take a week or so before you see the money. For instant cash, your best bet would be an ecoATM kiosk, or selling to a friend.

Sell unused gift cards

According to the Mercator Advisory Group, up to $3 billion of gift cards go unused. The unspent money goes back to the retailer or the bank, who are happy to have it back.

Cardpool has thousands of kiosk locations where you can trade your unused gift card for cash. You will get slightly less than what the card is worth. At the kiosk the fee is eight percent.

Other sites offer to purchase your gift card. However, it usually takes a few days before you get your money.

Pawn something

Though it is a way to get fast cash, pawn loans are not great. They are quick, and if you can’t pay them, they will keep your item as collateral. It is better than trying to get payday loans, and other toxic high-rate loans.

Also, you can simply sell your items to the pawnshop. Musical instruments, guns, electronics, and jewelry are usually your best bet.

Day work

You can start by checking Craigslist on the jobs or gigs sections. It often offers short-term work in housekeeping, delivering packages, and general labor. Additionally, due to the crisis, many companies are currently hiring for immediate start.

Be aware of scammers. If they are asking you to pay for something to make money, more than likely it is a scam.

Ask for help

If you are in a desperate situation, one fast way out is to ask for help. If your needs are legitimate, there are scores of places that will help you with money or goods — especially in local communities.

Seek community assistance

Local community organizations may offer immediate, short-term, assistance to help with rent, utilities, and other emergencies. Also, food banks can provide a limited amount of food free of charge.

Additionally, local churches are eager about benevolent works. They are willing to pay for some utility bills. At the time, even provide small loans at low rates. Some local organizations might even offer an instant loan at a low rate.

Forbearance

When I worked for an auto-collection company, they were very eager to provide assistance to people in need. Skipping one or two months of payment could be granted by one phone call. Some companies will even grant an instant loan for a car repair.

The same is true with other auto-finance companies and mortgages. In this time of need, organizations are compelled to assist folks affected by the economic downturn.

Before you turn to an easy cash loan, you should explore your options with lenders and credit card companies. Also, utilities companies don’t charge interest on late payments, and they offer a grace period.

Borrow from yourself

Request a payroll advance

If you have an employer, you can try to ask for an advance. Usually, employers do not charge a fee or interest. Additionally, some even offer a repayment plan.

You might also consider cash advance apps like Earnin and Dave that offers workers advances at no interest. Most of those sites will require access to your bank account or a investment account. It is an easy cash loan that allows you get advances without fees and high-interesting rate.

Take a loan from your retirement account

If you have a 401(k) or an individual retirement account (IRA), you can take a loan against it under certain conditions. An IRA only allows borrowing once a year, if you paid back within 60 days.

If the employer allows 401(k) loans, you can borrow up 50 percent of your vested account. It allows you five years to repay it. At the same time, if you do not make payments for 90 days, it is no longer an instant loan, but considered taxable income. Additionally, if you quit your job, you must repay the 401(k) loan shortly after.

Borrow against life insurance

In this case, you must have a cash value insurance policy, also known as universal life insurance, to take an instant loan against it. You have the rest of your life to repay it. If you don’t, the insurance company subtracts the money from the policy payout when you die. Keep in mind that you are not able to borrow against a term life insurance.

Loans

After you exhausted all your avenues and were unable to find some money, it is time to consider easy cash loans.

Personal loan

Most lenders can fund a personal loan in one day. If your credit is good, you have a wide array of choices. Otherwise, you must find a lender that can deliver fast cash and accepts poor credit.

Some mainstream lenders offer an instant loan without a credit check. Always check the APR they are offering before signing any papers. You might be looking at 20 – 30 percent. Anything higher than that, might not be worth. If your credit is not good, perhaps a personal loan might not be your answer.

Payday alternative loans

Credit unions offer small, short-term cash advances, which is known as payday alternative loan (PALs). A chartered credit union cannot charge more than 28 percent APR. While that is not ideal, it is much better than the traditional three digits APR payday loan.

Credit Card Cash Advance

If you have a credit card, and it is in good standing, you can use the cash advance option. Typically, it is less expansive than any payday loan. You will be charged a fee for using the service, plus the traditional interest charged.

Conclusion

With the world pandemic, many of us are suffering one way or another. Having an emergency fund for such time as this would be ideal. But under current circumstances, only a large emergency fund would be able to handle this unprecedented condition. But before you turn to an instant loan or an easy cash loan for fast cash, you have many options available.

Personally, working through your monthly bills is one of the best solutions when you are in a pinch. My next option to some instant case is by getting rid of unused valuables. Avoid, at all costs, borrowing. Easy cash loans should be your very last resort.