6 Ways to Get Quick Cash

It can happen to the best of us—the sudden cash crunch. Maybe the essential item you need to run your business, or your landlord decided to raise the rent without warning. Maybe an opportunity came along that you just can’t pass up, but you’ve got to pay right now. 

Having backup savings account for events like this is the ideal solution, but it’s not always possible. If you need cash in a hurry, here are six unconventional ways to raise funds without compromising your long-term financial goals. 

Sell Excess Items

How many times have you cleaned out your closet and discovered something you didn’t even remember you had? If this discovery turns out to be something you wish you hadn’t purchased, there is some good news—many of these items buried in your house may be worth some serious money.

Platforms like Swappa provide an opportunity for people to sell electronics and other items in a hurry, and phones or tablets a generation or two past their prime can still fetch decent money. Also, make sure to check for any specialty collectible items. That comic book or toy your mother didn’t throw out might have a devoted fan base ready to pay a hefty price.

Get a Side Hustle

Even if you have a full-time job, there are many opportunities for short-term temporary work that can help to cover a cash shortfall. 

Many can be found online and done remotely, like freelance writing and editing gigs that pay weekly. Contract services for driving and delivery are almost always hiring and often allow you to set your own schedule. This is an opportunity not just to earn money but also to explore possibilities. You never know; you might find a side hustle that you want to make permanent. 

Get a Payday Loan

If you know when your next check is coming but need cash immediately, a payday loan can help bridge the gap. This is a short-term loan with a company that requires a post-dated check. This check will be cashed at the date specified with the assumption you’ll have the money in your account at the time and, if it’s not, you’ll be liable for a bounced check fee and associated penalties.

Payday loans can be a way to solve a short-term cash crunch and be sure to read all contracts carefully. Click here for more information.

Apply for a Forbearance

If your cash crunch is due to an existing loan that’s awaiting payment, you may be able to apply directly to the loan company for relief. A forbearance is an agreement to temporarily reduce payment rates or delay payment on an existing loan with the understanding that the balance will be paid back at a later date. While this doesn’t reduce your owed amount, it does keep you from defaulting on your loan or mortgage. This should be negotiated directly with the company holding the loan, and you should be prepared with all associated financial documents. 

Change Your Cell Plan

Have you been paying big money for a premium cell phone plan? Many top companies rely on you signing a contract and just renewing it out of habit, even if you don’t need the entire service. It may be possible to save a lot of money by switching to a short-term contract with a different service.

Competitive low-cost plans can be found for only half the rate of the big carriers. This takes some planning to see the savings but can save a significant amount over time, especially if your plan carries several people.

Rent Your Spare Room

Whether you’re talking about a home or a business space, a spare room can be a source of income. If you have a room primarily used for storage, clear it out by selling some of those items, and then you have an empty space that’s prime real estate. A spare room can easily become a bedroom for a subletting tenant or an office for someone looking for a space to operate a business. Think creatively—it’s easy to turn space into money and relieve your financial challenges. 

Need Cash Now? No Need to Panic

These six solutions can alleviate a cash flow problem in a hurry. Whether you need to make an unexpected payment or avoid falling behind on a loan, the tools are waiting for you. Financial stability is only a decision away.

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