57% of U.S. adults are currently unable to afford a $1,000 emergency expense.1 Below, we’ll share a few options that may help you get cash when you need money quickly. There are quick cash loans, side gigs, cutting out extra expenses, and more. No matter which option you choose for fast cash, remember that it’s crucial to do plenty of research.
Credit Unions With Decent Interest Rates
In December 2022, the National Credit Union Administration listed 4,759 credit unions in the U.S.2
Credit unions are not-for-profit financial institutions that provide services that a commercial bank may usually offer. There are state and federally chartered credit unions. If you’re able to join a credit union, they may be able to help even if you have bad credit right now.
They operate in a similar fashion to banks, so you’ll likely find loans, credit cards, and other financial products. Whether or not they can offer you quick cash when you need money today will depend on the specific credit union and your financial history. If you want to get money now from a credit union, you’ll first need to find one that will allow you to be a member.
If you’re a member of a credit union, you may already be aware of the advantages they offer, particularly in offering low-interest rate loans when you need money now.
They will require a loan application process like a bank, regardless of the amount of money you need. However, credit unions pay less attention to your credit score and tend to focus more on your money needs. They look at things like your annual income and credit history when considering approval. Which means you may get approved regardless of a low credit score.
Some Things to Consider With a Credit Union to Cover Unexpected Expenses
A credit union will likely have an application and approval process that might make it unlikely to get cash immediately if you need cash now. In addition, not everyone can become a member of a credit union. Credit unions base membership on different criteria, like where you live, the church you attend, whether you’re part of a labor union, or other factors.
Credit Card Cash Advance for Poor Credit
If you have a credit card, turning credit into cash can be as easy as going to an ATM and taking money out. Most credit card companies offer cash advances. This can be accessed just about anywhere you can withdraw money out of a bank account. Many banks will also allow you to transfer cash from your credit card account into your checking account online when you need money quickly.
Some Disadvantages of Credit Card Cash Advances
Be aware that the interest rates on credit card cash advance options tend to be higher than the interest rates on regular credit card purchases. They also typically have limits on the amount of money you can withdraw. It is also very important that you don’t take a cash advance that will overdraw your maximum amount of credit; that action could result in additional fees on top of the ones already associated with the advance.
But if you need money quickly in your bank account, have decent credit, and can pay it back quickly, this could be a good option.
Home Equity Loans and HELOC Lenders
If you are a homeowner and need money quickly, you might consider selling your home for money. But before you hang a “For Sale” sign, you might want to explore a couple of other options. Home equity loan options and home equity lines of credit (HELOC) may be better options for when you need money now.
Because it’s secured by the property, you can sometimes get one with a lower interest rate than many other loans. The funds are dispersed in a lump sum of money, with a repayment schedule attached. When approved, these loans usually take only two to four days to deposit. But for someone who needs money desperately, this may be too long.
Payday Loan for Borrowing Money Online Instantly
Payday loans—also known as cash advance loans—are short-term loans that offer money to help bad credit borrowers with short-term financial problems. They’re designed to help borrowers stretch their money to the next paycheck when in need. Payday options can get you money fast, especially with an online lender, but they come with several risks.
How Do These Options Work?
A payday loan involves writing a check to a lender for the amount of money you want to borrow—plus fees and interest. The lender then advances you the money immediately—via cash or electronic transfer—so that you can spend money now. Like most fast loans, you will need to provide direct deposit information for payday loans.
The lender holds the check and then cashes the check on or after the borrower’s payday. Payday lenders also operate online and usually only need a valid ID, checking account, and proof of income to apply.
Some Downsides
While they might be an easy way to get money right away, they can also get you into more trouble than they’re worth. If you can, try to find a safer way to fulfill your money needs.
Despite the simple access to these bad credit loans for money, there are a couple of steadfast characteristics that consumers need to understand:
They Have Higher Interest Rates Than Other Personal Loans
Since they don’t require the borrower to put up any collateral (like a home, car, or other items of monetary value) to secure it, payday options tend to carry high interest rates. For virtually everyone who uses them, they will be expensive and will only offer a very short repayment period. This makes them difficult for the borrower, while the lenders will make money easily and frequently.
Payday Lenders Can Have Complex Terms and Conditions
Like any other loan, payday loans are issued with a specific loan term or the amount of time the lender gives the borrower to pay the loan back. Those terms can also be adjusted to allow the borrower to pay back the loan in installments over a fixed period of time. If the borrower cannot adhere to the lending terms and isn’t able to repay the loan on time, the lender will roll over the loan into a new agreement, which will add more fees and interest that will increase the amount of money the lender will earn.
Options to Make Fast Cash Without Getting a Loan
If you want to avoid repayment schedules, loan terms, and interest, then getting a loan of any kind may not be the best option for you. Lots of people have an understandable hesitation about creating more debt in order to get out of debt.
While earning the money you need is going to take more work than borrowing it, there are a few things you can do to get cash fast.
Sell, Sell, Sell Your Stuff for Money!
Your need for fast cash may be just the motivation you need to finally get that garage sale organized! There could be tons of treasures and money hidden in the stuff you just don’t want anymore, which makes selling your old, unwanted stuff one of the most profitable things you can do—after all, taking your unwanted things and selling them on your lawn requires no overhead cost or credit check! This is a great way to earn a little bit of money.
If you have old phones, tablets, gaming consoles, or laptops, you can sell them online on sites like eBay, Swappa, or Facebook Marketplace. To get same-day cash for electronics or other items like jewelry, you might want to consider pawning them at a local pawn shop. But there are risks associated with this option.
Pawnshops
Instead of selling your things outright, pawn shops will lend you the cash value of your item and will just keep the item as collateral. If you don’t repay the loan or its fees, the shop will keep your item and sell it to recover the money. So if it’s an item you don’t want to lose, be very careful. If you don’t mind losing it, on the other hand, this could be a good way to get money.
Hustle Hard With a Side Gig
Employment from a part-time job is how most people quickly fill their pockets with the extra cash that they need without disclosing their credit. Places like warehouses, grocery stores, and restaurants often hire within the same week or even the same day. Some offer flexible hours and evening shifts that can complement your full-time job.
If you have a reliable car, rideshare apps like Uber and Lyft are always looking for drivers to partner with and might be a good cash option. Many people who take that route also sign up with food delivery companies to maximize their time on the road. It might be hard work, but jobs like these may allow you to get money when you need it.
There are also tons of opportunities for skilled professionals to work from home and take their skills to the open market as a freelancer, working with private clients on various projects. For example, a chef may offer private in-home catering or a journalist may work as a copywriting consultant.
If you can find a way to use your skills to get extra cash, it’s always advised.
Websites like Upwork, Fiverr, and TaskRabbit are full of jobs, mostly online gigs that require dozens of special skills and certifications and allow freelancers to connect with clients to build long-term and lucrative relationships. The opportunity to make money on apps like these is widespread.
There are also odd jobs where people need help moving furniture, walking their dog, dog sitter, or help with running errands or tasks around the house.
You can also look into money-making apps and surveys. Money-making apps are mobile applications that allow users to earn money by performing certain tasks, such as shopping, taking photos, or completing surveys. With surveys, companies pay for consumer opinions to guide their product development or marketing strategies. Through survey platforms, you can participate in these surveys and get paid for your responses.
Ask, and You May Receive Money
Crowdfunding—the act of raising money through small donations from a large audience of supporters—has become increasingly popular in recent years. They were once used to start small businesses and raise funds for charitable causes. Now, sites like GoFundMe and Plumfund give people the opportunity to help each other out without a personal loan. You can send money to cover bills, rent, unexpected medical expenses, or emergency car or home repairs.
Additionally, organizations in local communities offer assistance to people who need money for an emergency, rent, groceries, and utility payments.
Cut Expenses
Sometimes the money you need may be available from your existing budget. Cutting some unnecessary expenses can help you get the money you need:
| Strategy | Description |
| Budgeting and Tracking | The first step in cutting expenses is knowing where your money is going. Use apps like Mint or YNAB to track and categorize your spending. |
| Eliminate Unnecessary Subscriptions | Cancel unused memberships and subscriptions. It’s easy to forget about a streaming service or a magazine subscription you no longer use. |
| Refinance Loans | Consider refinancing your mortgage, student loans, or other debts to get a lower interest rate. |
| Shop Around for Insurance | Prices can vary widely between providers. Every year or two, get quotes to ensure you’re getting the best rate for car, home, and health insurance. |
| Automate Savings | Treat your savings as a non-negotiable expense. Set up automatic transfers to your savings account every month. |
FAQs When Deciding To Borrow Money Instantly
Here are some FAQs focusing on loans and online loan options, as most people have questions about these over other money sources:
A cash advance is typically a short-term loan often associated with credit cards, allowing you to access funds quickly. In contrast, a personal loan can be taken out for longer periods with potentially more flexible repayment terms. Both can help with unexpected expenses, but their fees and interest rates may vary.
Yes, while payday loans often have short repayment periods, many online lenders provide personal loans with more flexible repayment terms. Always read the loan agreement to understand repayment obligations.
While many legitimate lenders allow you to borrow money online instantly, it’s essential to ensure the platform is secure and reputable. Look for HTTPS in the website URL, reviews, and check for any accreditation before borrowing.
Before you borrow money, especially when aiming to borrow money online instantly, evaluate the urgency of your need, understand the associated fees and interest rates, check for flexible repayment terms, and ensure the lending platform’s security and credibility.
Yes, while payday loans often have short repayment periods, many online lenders provide personal loans with more flexible repayment terms. Always read the loan agreement to understand repayment obligations.
I Need To Borrow Money Instantly: Thoughts from CreditNinja
Sometimes, life presents unexpected challenges that bring unexpected hardships. As you find a path through your short-term financial problems, CreditNinja wants you to remember that access to some quick loans comes complete with lasting consequences depending on where you get them. Especially if you already have bad credit.
But, if you make yourself fully aware of those consequences and plan, you can guarantee that your temporary need for cash won’t hinder you from building your future or credit. Check out more information on personal finance CreditNinja’s free online resources. You can also inquire for a personal loan option through us if you need quick cash and have bad credit.
References:
- 57% of Americans can’t afford a $1,000 emergency expense | Fortune Recommends
- Largest U.S. Credit Unions by Asset Size in 2023 | MX
- 7 Smart Ways to Raise Cash Fast | Investopedia
- Need money? Find cash in these unexpected places | CNBC
