6 Ways to Make Quick Cash to Cover Emergency Needs

However, not everyone has the luxury of putting money aside for emergency situations. 

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When you're on a tight budget, every cent counts. So what happens when an emergency strikes, but you don't have an emergency fund? Here are the 6 options you could use to get through your current situation. 

1. Sell Things You Don't Need 

Depending on the nature and scope of your emergency, there's a good chance you might be able to cover your expenses by selling a possession. We're talking about anything that's easy to sell and valuable enough to get the job done. 

The first thing that comes to mind is your car if you have one. Vehicles are easy to sell, especially if you're not trying to get the best possible price for your car. Another benefit to flipping a vehicle is the fact that you can downgrade. If you can cover your sudden expenses with ¼ of the value of your car, you can get another vehicle that is slightly cheaper. 

If you don't have a car, you should put together a list of things that you own, which could be sold quickly. Again, the idea isn't to go for the most valuable things, but rather ones that can be liquidated the quickest. This means electronics, musical instruments, jewelry, and similar. 

2. Get a Payday Loan

Payday loans are one of the more popular means of raising money fast. You can get a loan online, which means that your entire application process takes no more than a few minutes. Although they get plenty of bad press, payday loans can be a valuable tool if you use them right. These are short-term loans that come with a high-interest rate right out the gate. 

If you're using a payday loan to cover an immediate expense in the short term, you should be fine. It's when you try to use a payday loan as a regular loan that you could run into issues. The main benefit of this type of loan is the fact that you can get your application approved without having to submit a bunch of paperwork to a loan officer, then deal with a lengthy procedure that can take days if not weeks. 

3. Pawn Something 

Pawnshops are one of those businesses you usually only see on TV until you need one. Pawning instead of selling your possessions is a great way to get on top of a developing situation without losing your prized items. Different pawn shops have different rules when it comes to amounts they're willing to give you, and items they're willing to take from you. 

When deciding what items to pawn, go for value. Also, expect the pawnshop to give you a much lower price on your items than they're actually worth. In fact, be ready to haggle if it comes down to it. It's a good idea to check which pawn shops have a decent reputation in your area. Needless to say, you'll run into all kinds of characters in this line of business so keep your eyes open. 

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4. Find Additional Work 

Unless you need to produce money within 24 hours, one of the best options of sourcing additional cash is finding side jobs in your area. If you can get a second job, more power to you, but chances are that your emergency doesn't allow for weeks it takes to land a traditional job. As far as onetime jobs go, you're looking for anything that can be done within a day, that pays well. 

These can be both offline and online jobs. Depending on your range of skills, you can find anything from construction work to video editing work. The best thing to do is to sit down and figure out what you're good at. Once you recognize a skill you're good at, try looking for work where it can be useful. 

5. Organize a Garage Sale 

A garage sale is a great way of raising money while also getting rid of things you don't need. Everyone has those items that they haven't touched in years. We're talking about things and possessions you haven't thought about for a long time, but which are taking up space in the garage. 

Garage sales are great for two reasons — you'll find a buyer for anything, and you'll often see decent attendance in just about any neighborhood. Remember, someone's garbage is someone else's treasure. There are people out there who enjoy going through garage sales and buying little things. 

Just keep in mind that organizing a successful garage sale takes a bit of planning. Use social media to spread the word and let the neighbors know about your garage sale in advance. Who knows, you could even expand your reach to the whole city. It's not unheard of for people to travel across town for a garage sale. 

6. Borrow Money from a Friend 

If none of the above tips prove helpful, you can always ask your friends or your family for a loan. In fact, this is probably the most painless option you can choose given that the amount you need isn't too high. One thing to remember is that private loans from friends should be serviced as soon as possible. 

It's easy to relax and become complacent because your lender is someone you've known for a long time. That being said, unless you want to put a serious strain on your friendship, do yourself a favor and return the borrowed money as soon as you can, within a reasonable timeframe. 

Emergencies can be very tough. They can happen at any time, forcing you to react to a situation that isn't necessarily under your control. Despite all that, you need to be smart with how you deal with unforeseen expenses. Use solutions that are proportional to the problem. In other words, don't sell your car to cover a minor expense.

Kareem Winters

Update 01 January 2021