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What to Do When You Are in Desperate Need of Money

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Every person has been there. You try your best to live from paycheck to paycheck when you suddenly run out of funds, and there is still one week before the next payday. Or you receive a salary on Friday, and this sum evaporates by Monday while you get an urgent medical bill. Sometimes unforeseen events happen in life, and you can’t predict them. What are the best solutions if you run low on money? Keep on reading to find out.

How Do Americans Deal With Money Issues?

It’s no surprise that many consumers experience financial disruptions and seek ways to solve them. 

According to recent surveys, more than 28 percent of American consumers have no money in their savings account, so they are not prepared for any emergency at all. 

The reality is harsh as many of them live paycheck to paycheck. Those who live in a low-income household with no savings have difficulty dealing with any unforeseen expense and often find themselves in desperate need of money.

FinHealth Network states that 57 percent of US citizens depend on frequent lending solutions because they don’t have financial stability. 

Consumers choose to take out personal loans, small short-term loans, or even payday loans as they are the easiest ways to get funded. If you can’t set aside a portion of your monthly income toward savings, you won’t be able to cover unpredicted costs and bills. If a car suddenly breaks down or gets an immediate medical bill, you will need to seek alternative solutions.

Top Tips to Get Cash Fast

Empty pockets
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Are you searching for legitimate and legal solutions to obtain money fast when you run out of cash? You don’t need to rob a bank to get the necessary funds. Below is a list of the most common solutions for consumers who seek suitable options to generate some cash and boost their cash flow.

#1 Sell Old Items

Everyone has an old mobile phone, TV, or any other device you will not use anymore. If you’ve invested in a new modern device, you can still sell your old one and get some cash. There are many online platforms where you can place your ad and find customers. You can also try a site called ecoATM and sell your old mobile phone, tablet, or an MP3 player there.

#2 Get a Small Loan

12 million Americans use payday loans regularly. As you can already see from statistics, many people rely on this option. When you run low on personal funds, you may request a small loan from $100 to $1,000 for various needs. Remember that this is a short-term solution, and you should compare the offers of several creditors to accept the most affordable loan. 

“The majority of lenders will rely on the borrower’s credit rating when they make their lending decision. If you repay credit card balances and take care of your overdue bills, you will be able to boost your score and hence increase your odds of getting approved for lower rates,” 

mentions Jamie Young, a personal finance coach, and writer.

#3 Pawn Things

Another useful alternative is to pawn unused stuff and things. Look through your basement and closets. You will definitely find some items such as your baby clothes, video games, bicycles, or other toys you no longer need. You can pawn anything from your grandma’s jewelry to an old book collection. Just take a good photo of the item and pawn it on the web.

#4 Use Thrift Shop

Thrift Shop
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Do you have some pieces of furniture from your grandparents? Are there some high-quality designer clothes in your wardrobe you don’t wear any longer? You can sell them as well at your local thrift or consignment shop. This is a great way to get some urgent cash for your needs while helping other people who can’t afford to purchase new items.

#5 Get a Cash Advance

This may not be the smartest decision as it is quite expensive. But if you have a credit card and you urgently need some funds, you can take out money against your credit limit. Make sure you understand the conditions and the repayment schedule in full. The interest rates may be higher than with other lending options, so you might end up looking for an alternative.

#6 Make a Garage Sale

This is a great idea for people who have plenty of unused old things. Don’t rush to throw away everything you don’t need. What seems like old-fashioned rubbish for you might be a treasure for someone else. Make a garage sale and put low prices so that you collect cash while getting rid of old things.

#7 Use Your Plasma

Make certain you know the difference between blood donation and selling your plasma. The first option is usually free of charge, so you won’t get paid if you decide to donate your blood. However, selling your plasma in one of the donation centers will bring you an extra $25-$50. Pay attention that this procedure can be done as often as once or twice a week at maximum.

#8 Borrow from Your Family

If you have nothing to pawn or sell, you can still rely on your family relations or ask a friend to help you out. Of course, you may feel embarrassed having to beg for money and answer numerous questions about your financial problems. Bear in mind that this option is suitable only when nothing else works and when you are confident that you will have enough means to repay the debt on time. Otherwise, you might risk destroying your relationships.

#9 Become a Lyft/Uber Driver

Uber app
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Do you have a few free hours? You can make it your side gig during the evening hours or at the weekend. This is a great option for car owners who need some quick funds. It can also become your side gig in the long run and bring your extra profit whenever you want to earn additional money. Even five hours of such work can bring you about $100. The great thing about it is Uber runs 24/7 so if it works into your schedule you can Uber early morning or Uber late at night.

#10 Sell Unused Gift Cards

Go to CardCash, Raise, or Cardpool websites and sell the gift cards you haven’t used so far. By placing a lower price on them, you will get some cash to cover your expenditures fast and with no hassle.

Remember that the solutions mentioned above work only for the short term. The best solution to obtain financial stability is to become more financially literate by learning about these three options – how to budget, manage your personal finances, and eliminate any existing debt. If you improve your knowledge in finance-related topics, lower your dependency on debt, and start saving, you will become financially independent.

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