What Exactly Are Your Options if You Need Money Now?

Are you being crushed under the financial weight of your bills? Are you worried about making your rent this month? 

You’re not alone. 

The average person is over 90,000 dollars in debt. The good news is that you have options to pull yourself out of your situation. 

If you need money now, you can sell your things, or if you don’t have anything substantial to sell, you can get a side job.

Lenders are often pretty accommodating if you’re transparent about your situation. If all else fails, you can reach out to your family and ask for help. 

These are only a few things you can do when you need cash now. Check out this handy financial guide to learn more. 

Sell Your Stuff

When you need cash in a hurry, it’s time to go through your things. Separate the stuff you need from the stuff you can do without and put them up for sale. 

There are tons of buyers on Craigslist who would be more than willing to take your collectables off your hands. There are also apps like Letgo. 

Keep in mind that selling your belongings isn’t a permanent solution. There’s only so much that you can get rid of before you’ll be standing room only. 

Take Out a Loan 

If you’re already drowning in debt, taking out a loan isn’t the wisest idea, but if it means paying your rent, you may have no choice. Personal loans typically come with reasonable monthly payment options and low-interest rates. 

The problem is that these loans can be a bit difficult to secure if you have a low credit score. 

If getting a personal loan to pull yourself out of debt is out of the question, consider consolidating your student loans or credit cards. This will take your smaller loans and combine them into one big one. When it’s all said and done, the original debt will be wiped clean, and now you only have to worry about one bill instead of five. 

If you have bad credit and a vehicle you can afford to put up as collateral, click here to learn about title loans. 

Pick up a Side Job 

You don’t have to pick up another job entirely. Earning a bit of extra cash through a side job is a great method to settle your financial problems, however. 

Spend a few hours after you get off work at your main gig to do a little DoorDash or drive for Uber. Signing up is super simple, and you should get approval to drive within a day or so. 

Ask a Family Member

Asking a family member for money can be a bit tricky. If you don’t ever pay them back, you could ruin your relationship with that person forever. 

There’s a certain etiquette that you need to abide by when asking for help with your money problems. First of all, don’t ask for more cash than you need. 

You should also be prepared to make a good case for why you need the money and come up with a repayment plan. 

There’s the matter of choosing the right family member as well. It needs to be someone you have a good relationship with and who is in a good financial situation. 

Talk to Your Lenders

Your lenders want their money, so the last thing they want is for your accounts to go into foreclosure. Chances are, they’ll be willing to work with you in order to avoid such a scenario. 

Call your lenders to negotiate lower payments or change your payment date. They might be able to postpone your bill until you’re in a better financial situation. 

Borrow From the Future You

If your job offers a 401(k) that you’ve been paying into, that might be the answer to your problems. You can potentially borrow what you need from your retirement account. 

Be warned that it can be a bit complicated to borrow. You can only take from your IRA once a year, and you have to return the money within 60 days. 

On the off chance your employer offers 401k loans, you might be able to borrow half of your account balance. If you go this route, you’ll have about 5 years to put it back. 

Cancel Unneeded Subscriptions

Canceling might not be an immediate solution when you need money now, but it can help. If you have a family member or friend with the same streaming services that you use, see if you can bum off their accounts for a bit. 

Go on a jog in the morning before work instead of going to the gym. Cancel your meal subscription box in favor of taking advantage of the sales at the grocery store. 

You can use the money that you save by canceling these subscriptions to pay your bills. 

Look Into Assistance Programs 

If things have gone downhill, you may have no choice but to look into government assistance programs. They can provide you with basic needs such as food and shelter. 

Talk to your local Department of Health and Human Services to learn what your options are.  

What to Do When You Need Money Now 

As you can see, there are plenty of options available when you need money now. While some of these methods might not provide immediate financial relief, they can help you save money, which means you’ll have more cash to throw at your bills. 

If all else fails, you can reach out to your family or look into government assistance programs. Either way, help is only a phone call away. 

For other money tips that will help you stay afloat, visit the Finance section of our blog.