You may be strapped for cash due to whatever reason. When you’re in such a pickle, you don’t have to panic. There are many ways you can get cash fast. We talked about the best below.
Tap into Retirement Funds
When you’re strapped for cash, one of the easiest things you can do is to take money out of your retirement funds. You won’t have to pay anyone back as a result. But make sure that you don’t withdraw too much from it, as your future self would be in danger.
In line with this point, you might have cash saved for a rainy day. If you’re currently in need, withdraw money from the sum you’ve been saving.
Peer-to-Peer Loans
Peer-to-peer loans are rather new. These consist of borrowing from finance companies through the internet. You will have to include documentation to let them know if you’ll be able to pay them back. But a major benefit is that the loans don’t have a high interest rates as their counterparts.
As everything is done through the internet, you’ll be saving time as well.
Borrow Against Your Property
Speaking of borrowing, do you own property? You probably purchased it through a mortgage. You can use the equity on the home to get a home equity loan. The beauty of this is that their interest rates are quite low.
There are many agents offering the service too. Be sure to look around, as you’d find someone with the most competitive rates. For example, Clover Mortgage home equity loans are some of the most competitive.
Have you been Turned down for a mortgage by the bank? A mortgage is something people think about getting when strapped for cash. But when going the home equity route, you have a higher chance of being approved as your equity in the property is used as collateral.
Look to Assets
If you have assets, it might be time to sell them. If you don’t want to take such a major step, why not lease or pawn what you own? You could get them back when you’re in a more stable position.
If you’re pawning jewelry, don’t just work with anyone. Some shops might try and scam you, offering a much lower price for your gold.
Do Some Ride-Sharing
If you own a car, it’s very easy to earn cash fast. You can work for several ride-sharing companies. The best of the bunch would be Uber, as its rates are much higher than others, especially during rush hour.
Once you’re done with ride sharing, you could use your vehicle to deliver food. You’d be getting tips when doing this, making quite a bit of money.
Get Help
Borrowing cash from loved ones could be a final resort. You won’t be able to borrow as much as from a bank or finance company. However, you wouldn’t be subjected to large interest rates.
At some point in everyone’s lives, they might find themselves in situations where cash might be an issue. If you’re strapped for money, there is a way out, so don’t despair.
