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Need Money Quick ?

What should you do when you need money quick? The answer depends on several things.

First of all, what is your definition of quick? If you need money within a week you have more options than if you need money today. Also, how much money do you need, and what is your employment situation? And do you own a house or car? All these factors will determine how easily and how quickly you’ll be able to get cash.

If you need a few hundred dollars within a week, why not see if you have something you can sell on Craigslist, or in your local classified ads? Electronics, tools, and vehicles are usually fairly easy to sell. Do you have enough small stuff you could get rid of that you could hold a yard sale this weekend? Depending on the time of year and what you have for sale, yard sales can be lucrative, particularly if you go in with neighbors and pool all your things to make it more inviting.

Supposing selling some of your assets isn’t an option, can you take out a cash advance with your credit card? Keep in mind that on cards that allow this, the cash advance limit is generally far lower than the card’s credit limit. Interest rates are high, too, so if you are able to do this, you should pay back the loan as soon as you possibly can to avoid accruing high interest charges.

If you own a car, you may be able to get a quick title loan from a title lender. Use this option with caution, however. While in most cases you get to keep driving your car during the loan period, if you default, the lender can repossess your car, and then you’d have a bigger problem.

Sometimes people are able to borrow money from their church, particularly if it is for something like an emergency medical expense for a child. Not all churches are able to do this, but if you are a member of a church, you may be able to borrow money, and it is possible that church members could put you in touch with a person who is able to help.

Borrowing from friends or family should be a last resort. While it may seem like a good idea, the lending and borrowing of money has ruined many a friendship or family relationship. If you do this, be sure that both of you agrees to the terms of repayment. It’s a good idea to write down exactly how you plan to pay back the loan and give a copy to the other party.

People who are steadily employed or who otherwise have a stable form of income (through a court settlement, disability benefits, etc.) may be able to get a payday loan, which in many cases gets you cash the same day. You need to be over 18, have a checking account, and have proof of steady income. You borrow the money, and on your next payday, the cash is automatically withdrawn from your bank account. While payday loans can be extended, the fees add up really quickly, so you should avoid extending these loans if at all possible.