Life often throws unexpected expenses in our way — a forgotten bill, a car repair or some other need for fast emergency cash. It can be stressful when these situations arise, and getting money fast can be crucial. You may be wondering if it’s possible to get the money you need in time — luckily there are a few reliable ways to generate quick cash.
Let’s explore some of the options you may have to make money fast. Whether you need $50 or $500 — there are options available to help you get back on track.
How to make money in one hour
Sell clothing or jewelry.
If you have gently used clothing or jewelry you don’t want anymore, consider selling it instead of letting it take up space in your drawers. This can be a simple, straightforward way to earn some extra cash (and declutter your home). There’s likely someone out there looking for the exact thing you no longer use.
How to do it. Gather up your unwanted items and take them to a local consignment shop or secondhand store. Many of these stores offer instant cash for items they accept. There are also some online options like Poshmark or Facebook Marketplace that can be good alternatives if you don’t mind waiting a little longer for payment.
Sell something of value.
Clothes and jewelry aren’t the only things you can sell to make extra money quickly. Things like unused electronics, power tools, sporting equipment, collectibles, instruments and even unused gift cards can all be sold as a quick way to earn money.
How to do it. Take your items to a local pawn shop or list the items on an online marketplace like Craigslist or Ebay. You should receive cash offers fairly quickly.
Empty your coin jar.
If you have a jar, drawer or piggy bank where you toss spare change, you could be sitting on more money than you think. It’s a small habit, but over time these coins can add up. If you’re in need of fast cash, consider emptying your coin jar.
How to do it. Many grocery stores have coin-counting machines. Find the one nearest you and bring your coins to convert them to cash. Be aware that these machines may charge a fee. Some supermarkets and banks offer free coin-counting services, so check before paying the fee.
Other ways to make money quickly.
While there aren’t endless ways to make money in one hour, there are other side hustles available that can help you earn extra income quickly in your spare time. Here are some examples:
- Drive for a rideshare app like Uber or Lyft.
- Do food delivery through DoorDash or Uber Eats.
- Offer pet-sitting or dog-walking services on Rover.
- Babysit for parents in your area.
- Make money online by testing websites.
- Take online surveys.
- Offer online tutoring services.
- Find odd jobs on apps like Taskrabbit.
- Become a virtual assistant.
- Find freelance work on Fiverr or Upwork.
What borrowing options are available if I need money fast?
If you don’t want to sell items, and earning extra money with a side gig isn’t an option, or if you need more cash than you can realistically generate quickly, borrowing offers an alternative in emergency situations. Keep in mind that borrowing money comes with risk. Carefully evaluate your personal finances before taking on any debt, and consider the long-term impacts.
Friends and family
When you’re in need of quick money, asking friends and family members who are in a position to help may be a good option. Your support network will often be more understanding, and offer more flexible repayment plans, than a financial institution. However, it’s important to approach this situation mindfully. Explain your need, how much you want to borrow, and outline your plan to repay them clearly. This can help avoid putting stress on your relationship.
Credit card cash advance
Another fast way to access cash is to take a cash advance from your credit card. Some credit cards will allow you to borrow up to a certain amount of your credit limit as cash. Be sure to carefully read the terms and conditions before doing this. In most cases, a cash advance will carry higher interest rates than simply charging something to your card plus, additional fees and charges may apply.
Payday loan alternatives
While payday loans can offer fast cash, they also come with significant risks. They often have high interest rates and need to be repaid in full on the borrowers next payday. The high cost of borrowing and short repayment period can make them difficult to repay and may lead to a cycle of debt.
However, there are payday loan alternatives that may be better suited for emergency borrowing. Online lenders offering these products often have quick loan options and in some cases may be able to get you the money you need on the same day.
Installment loan. An installment loan is a financing option that provides borrowers with an upfront lump sum of cash that can be repaid overtime. While they may come with high interest rates, they often have more flexible repayment terms, allowing borrowers to spread out the repayment.
Line of credit. A line of credit is a flexible, revolving borrowing option. With a line of credit you’ll get access to a set credit limit you can draw from. As the funds are repaid, they become available to borrow again. A line of credit may also have high interest rates but you’ll often only pay interest or fees on the amount you borrow which can be paid back over time — giving you more control.
The Bottom Line
Finding ways to make money fast can be stressful. However, there are several practical ways to earn money that can help you when the need arises. Whether it’s selling unused items at a consignment shop or on social media, emptying your coin jar, or finding a side gig, there are more ways than you may think. Just be sure to take precautions against online scams and potentially dangerous situations when looking for a side gig. Additionally, in situations where these aren’t an option there are financing solutions available to help.
Ultimately, the best way to earn fast cash depends on your situation. Start by evaluating what resources you have available and how much you need. By taking action with a clear plan in mind, you can regain control and move forward with confidence.
DISCLAIMER: This content is for informational purposes only, and should not be considered financial, investment or legal advice.
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