Last updated in July 2020
What should you do if you need emergency cash immediately? Ideally, you have an emergency fund that covers situations like these. However, what can you do if you do not have such a fund or it is already dried up from previous emergencies?
Luckily, there are ways to get your hands on emergency cash immediately. High-interest payday loans are one solution but should be your last resort. This post shows you what you should do instead.
Table of Contents
How to make emergency cash immediately
1. Sell your stuff
Selling your belongings is one of the easiest ways to make emergency cash immediately. Have a look around your house and identify things that you no longer need. Good items to sell include electronics such as old video game consoles or jewelry.
The quickest way to sell your stuff would be to bring it to a pawn shop. However, that is not necessarily the best idea. You should try places like gumtree or craigslist, and Facebook Marketplace first. If you can wait slightly longer for your money (around seven days), you can also try selling on eBay.
2. Sell other people’s stuff
If you have nothing to sell yourself, you can always sell other people’s stuff. For example, you can ask friends and family to help them declutter. Most people keep around more stuff than they need, having extra boxes taking up space everywhere.
Your family or friends may even be grateful to you for helping them freeing up space. In exchange, you can ask for keeping a percentage of the profits.
3. Sell your skills
Another option to get emergency cash immediately is to sell your skills. Websites like TaskRabbit allow you to get paid on the same day you do the work. Even if you do not have any special skills, you can offer carrying boxes or cleaning services.
4. Make emergency cash immediately: Ask for help
Family and friends are often more inclined to help than you may think. Certainly, asking for help does not hurt. If you do not want to ask for money directly, you can ask for other things that would help you out. Examples include a free meal, a place to sleep, transportation, etc.
5. Ask your employer for an advance on your payslip
If you are in employment, asking your employer for an advance is much better than taking out a payday loan. Firstly, you are not paying any interest on the loan, and secondly, you can pay your employer back through your work.
While not all employers will give you an advance, it is always worth asking.
6. Get refunds for things you already bought
If you bought anything within the past 30 days and still have the receipt, you can bring it back to the shop and ask for a refund. Depending on what you bought, it may cover your emergency and you can simply re-buy it once you are financially better positioned.
7. Contact charities/churches
Charities and churches may not be able to give you quick cash but, depending on your situation, they can advise you where to get help. Charities may even know where you can apply for financial help and how to maximise your chances of success.
Churches may be able to point you in the right direction if you are in need of a free meal. Generally, people who believe in God (whichever faith) are very generous and supportive but, of course, you should not take advantage of that.
8. Make emergency cash immediately: Get a credit card
Depending on your credit score, you may be able to apply for a credit card. Some lenders offer same-day approval and some even let you spend the money immediately after approval. Though this depends on the lender, so you will need to do some research first.
If you can pay off your credit within the same month, the money will be interest free. Should you take a little longer to recover from your emergency, a credit may not be worth it unless it has a longer interest-free period. Some credit cards remain interest free for a year.
9. Start matched betting
Matched betting is a way to make tax-free money from sports betting. It is not gambling and you can start with as little as £10. Sports bets usually settle within the same day and you can have the money in your bank account within two to three days.
I do not generally matched betting if you are in urgent need of money though. This is because people in this situation are more vulnerable to lose control and start gambling. If you do want to start matched betting, be aware that you have to be careful, especially if you need emergency cash immediately.
How to make emergency cash immediately summary
If you need emergency cash immediately, the first thing you need to do is stay calm and assess your options. These include:
- Selling your stuff
- Selling other people’s stuff
- Selling your skills
- Asking for help
- Asking your employer for an advance on your payslip
- Getting refunds for things you already bought
- Contacting charities
- Getting a credit card
- Starting matched betting
Please feel free to shoot me a message if you need further help.
If you like this post, please help Monethalia grow by sharing it with your friends.