If you’re one of those who need money desperately to cover some emergency expenses, we’re here to help you make some extra cash today.
There are different ways of making free money online, even without leaving your home. Many people think it may be a challenge if you have a bad credit score, but this is not true. Of course, you may face some difficulties if you try to get a personal loan from a bank or a credit union with poor credit. However, there are still many bad credit loans or other options for people who want to get cash now.
You can both get money now through traditional financial institutions or lending companies or discover some alternative ways of getting money quickly. Sometimes the right solutions may be ready to hand. We are now acting like your personal finance writer to show you the 11 best options to consider when you need money fast.
What Are The Reasons for Getting Extra Money?
In most cases, people need cash now to cover some financial emergencies that unexpectedly arise on the way. It may happen with each of us, even if you have good credit and above-average monthly income. People usually consider getting more money to cover any emergency expense, such as:
- Medical bills;
- Utilities;
- Car repairs;
- Credit card debt;
- Any other daily expenses.
What Are My Options If I Need to Borrow Money Right Now?
Typically, when people need some additional fast cash, getting an emergency loan is the first thing that comes to mind. Emergency loans can be a good financial solution if you use them cautiously. Here are the most popular loan options you may consider when you need a few hundred dollars asap.
Payday Loans
Payday loans are short-term loans created to help people overcome their financial difficulties till their next paycheck. These cash advances are always on the top of the list of the easiest to get loans. Payday lenders have just a few eligibility requirements a borrower must meet to get a loan amount.
There are no restrictions on what you can spend a loan proceeds for, so you can cover any expense without limits. Online lenders also make only soft credit checks through a free online resource that doesn’t affect applicants’ credit scores. Payday loans are also one of the best ways to get money asap. A private lender usually transfers money to your bank account via direct deposit within a business day. That is why these loans are very popular with bad credit borrowers who need some fast cash for emergencies.
However, a loan till payday is commonly a high-interest debt. An annual percentage rate may reach 400%, depending on the payday lender and the state you apply in. Thus, you should be very careful if you decide to take out a payday loan.
The founder of Shapiro Negotiations Institute advises, "When considering payday loans for immediate cash needs, it's crucial to weigh the high-interest rates and potential financial implications carefully. Understanding these aspects is essential in navigating cross-cultural negotiation insights."
Installment Loans
An installment loan is a payday alternative loan that allows you to get up to $5,000 as soon as the next business day. The difference between these two is that you can repay the loan amount plus interest rates in equal monthly payments within 24 months. Online lenders that offer installment loans don’t check your credit report through main credit bureaus. Therefore, installment loans can meet your long-term needs without hurting your credit score.
These online loans are also very fast. You will get a cash deposit directly in your active bank account as soon as the next working day. Thus, if you’re in need of fast cash for a longer term, consider an installment cash advance to get funds online.
However, an installment cash advance is a quite expensive type of borrowing. An interest rate on an installment cash advance may be from 16% to 100% APR. Due to a longer loan term, an installment cash loan turns out more expensive than a payday loan.
Credit Card Cash Advance
Credit card cash advances are one of the fastest ways to access money. Of course, if you already have one. A credit card allows you to use the funds within the credit limit that your credit card issuer has set. It is available wherever you are, at any moment when you may need instant cash. This type of borrowing may also offer some credit card bonuses. However, if you don’t have a credit card yet, it will take some time to issue it and wait until it arrives.
Personal Loans
Personal loans are cash advances from traditional financial institutions that allow you to get a loan amount of up to $15,000. A personal loan offers a convenient repayment schedule and low interest rates, so many people consider them stressless. You can turn back the money in equal monthly installments within the loan lifetime, which is usually up to 60 months. Thus, a monthly payment on a personal loan is usually very affordable.
However, personal cash advances always come with a hard credit check. Traditional lenders, such as banks and credit unions, always check your personal details and credit history through major credit reporting bureaus. Traditional loans also require many documents to apply, so you will have to spend some time gathering them and waiting for a loan decision. Therefore, it is not the best option if you need some emergency money with bad credit.
Can I Get Quick Money Now If I’m Unemployed?
Some types of loans allow unemployed people to get the assistance they need, even without official employment. However, you still need to verify your income to show a lender you will be able to repay the money you borrow. It may be self-employment, disability payments, alimony, or any other steady source of income. Nevertheless, you should clarify all the details with your lender as the conditions they offer may vary.
Is It Possible to Get a Few Hundred Bucks With Bad Credit?
Yes, it is. However, everything depends on the emergency loan type and the direct lender you choose. Some direct lenders don’t perform hard credit checks and are focused mostly on customers’ incomes, while other lenders make loan decisions based on applicants’ credit scores. Thus, a short-term loan till your next paycheck allows you to borrow money with any credit history, while personal cash loans usually have minimum credit score requirements and may not suit borrowers with poor credit.
How Can I Get Money Right Now: Eligibility Requirements
Although the requirements may vary from lender to lender, here are some common eligibility criteria you must meet to get an urgent loan:
- Be at least 18 years old;
- Verify your income with bank statements;
- Have an active bank or savings account;
- Be a permanent resident of the US with government issued ID;
- Have a US phone number, permanent address, and email.
Some loans may have a minimum credit score or additional document requirements, so you should contact the lender before applying for an emergency loan.
What Else Can I Do If I Need Money Immediately?
If you don’t want to obtain a high interest rate debt, you can consider some alternative ways of making money. Using these tips, you won’t have to pay interest or origination fees. All you need is access to the Internet and a couple of hours of your spare time.
Find a Part-Time Job
There are a lot of interesting and even odd jobs that offer same-day paycheck payments. Try to search for “work today for pay today” on the Internet or consider a gig economy which is one of the most popular ways of making money fast. This
Ask Your Employers for a Paycheck Advance
Some employers may step in and accommodate you in case of unexpected expenses or emergencies. Therefore, there is nothing wrong with asking your employer for a payroll advance. Some companies also offer emergency loans at low costs for their employees. This option may also suit you if you don’t want to get an emergency cash advance due to a high interest rate.
Sell Some Unnecessary Items
Maybe you have some spare electronics or old gadgets you don’t use? It may even be a book, clothing, cosmetics, or other property that you don’t need anymore. If you have some unnecessary stuff, consider selling it by hosting a garage sale or placing the list on the Internet marketplace. Sometimes other people need exactly the thing that doesn’t mean much to you right now.
Pet Sitting
If you like pets, you can consider this option to make some extra cash. Many people are looking for a person to take care of their pets while they are on work or vacation. There are also a lot of services and groups on social networks for people who are in need of someone who can watch their house or children while they are away. You can create your own profile and find a job offer near your location.
Freelance
If you have some skills in writing, SMM, graphic design, proofreading, programming, or any other occupation, you can pick up some freelance gigs and use your attainments to make some extra cash. There are many sites, such as Upwork.com and Freelancer.com, that allow you to create a profile and respond to job offers with same-day funding.
Deliver Food
These pandemic years have led to the increased popularity of food delivery services, so you can use it to your advantage. Feel free to get some benefits and consider delivering food from restaurants using various services, such as UberEats. It allows you to earn money quickly and get a paycheck on the same day.
Share Your Home
This option is good for people who have an extra bed or a basement they don’t use. You can find a roommate or offer you accommodation for rent on different sites. People who love traveling always consider staying in someone’s apartment instead of overpaying for a hotel room. Thus, it can help you not only earn cash but also meet various interesting people from different parts of the world.
Several Steps to Financial Independence
Here are some tips that can help you prepare for the next financial difficulties and overcome them without any stress.
Make a Budget
Budgeting is a very important step on your way to financial stability. Many people have no idea how much they spend each month or how much funds they have coming in. You should control your money before it starts to control you. You may choose a budgeting formula you like, for example, 50/30/20, which is one of the most convenient ones. According to the formula, 50% of your incoming cash is for some essentials, such as paying rent, housing, food, utilities, etc. 30% is for some non-essential items or spending, such as clothes, vacation, or entertainment. The remaining 20% is the amount you should set aside for your future financial goals or for making a cash cushion.
Save Money
Of course, there are some expenses you can’t reduce. However, you can find some extra dollars around you to save if you look closer. Most finance advisors propose to stop eating outdoors to save some money on dining out. On average, Americans spend about $2,700 per year on eating in restaurants or takeaways. You may also cancel the subscriptions from resources and services you don’t use. Saving money on your gym membership is also a good option. You can consider free online training programs until your financial situation improves.
Consolidate Your Debt
Sometimes you don’t even notice how much you overpay in interest on a loan, especially if you have several. Compare current offers from a bank or credit union with the debts you have and combine them into one loan at lower rates and more flexible terms to reduce your monthly payment.
