Where to Get Quick Cash (Without Sinking Your Finances)

by David Ning · 0 comments

how to get cash
You only have to look at the exterior of your local payday loan storefront to see that these lending establishments are set up to cater to the desperate. With bright neon “Cash Now!” lights enticing borrowers, and a quick 20 minutes of paperwork leading to cash in a borrower’s pocket, it’s very easy to see a quick loan as a saving grace when you’re out of money.

However, quick loans like these are extremely dangerous. Often, the high level of interest due on your loan within two weeks leads to a need for another loan, and another, etc. Before you know it, you feel like you owe your soul to the money store.

There are other ways to get cash quickly without giving up your financial future. Here are some ideas for generating some extra money without having to step on the hamster wheel of payday loans.

quick cash1. Sell something.

This may feel blasphemous, but it’s better to lose one of your prized possessions in order to keep a roof over your head than see it repossessed. If you need a large sum, consider selling your car. Really. It is possible to live car-free, and freeing up the amount of money you would otherwise spend on your car payment, gas, maintenance and other car necessaries, may be able to protect you from this sort of financial crunch in the future.

If your car is off the table, consider selling electronics, jewelry, furniture, antiques, books, DVDs and video games and even clothing. Depending on how much you need, you may find that much “cash” lying around the house without you realizing it.

2. Hit up family or friends.

This is a difficult situation to find yourself in. Many relationships and friendships have been ruined by money. However, if you know that a friend or family member has the money and would want to help, then asking for a hand is not out of line. DO NOT ask for money from someone who cannot afford to give it — that’s a recipe for relationship and financial disaster.

If your benefactor insists on gifting the money to you, know that they can give you up to $15,000 in a year without either of you owing anything to the IRS.

If you make it clear that you only want a loan from your friend or family member, they can loan you the money at a low interest rate so that you are still making the loan worth their while without sinking your own finances. (The rate must not be below the IRS’s Applicable Federal Rate, however.)

3. Earn more.

This is possibly the slowest of the three quick-cash schemes, but it is a possible way to help yourself out of a temporary hole. Your first stop could be your own boss’s office. Depending on your relationship with your supervisor and the type of work you do, you may be able to request an advance on your salary.

If that is not feasible, look into doing some extra work, either as overtime at your regular place of employment, or as odd jobs to earn more. Offering to babysit, walk dogs, housesit, or do minor handyman repairs around the neighborhood will not only get you well liked by your neighbors, but you will also likely be paid in cash.

The problem with cash-flow issues is that they are rarely one-time phenomena. This is why payday lenders are able to keep their borrowers in the endless loop of borrow-payback-borrow. However, using any of these methods for plugging a money leak could lead to making better decisions overall.

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