How to Get Emergency Money

It is normal for any person to find themselves in financial difficulties. However, a very large percentage of people do not have saved funds. As such, they find things tough when an emergency crops up.  According to statistics, over 50% of Americans do not have emergency money. But there is good news. Many avenues are available by which you can access funds if you are in a fix. If you are looking for ways to find cash fast, then you have come to the right place.

Best Ways To Get Emergency Money

Highlighted below are ways in which you can get out of your financial quagmire fast.  More good news is that most of them are cheap and easy to access.

Therefore without much ado, let’s get right into it.

1. Emergency Loans

There are three main ways  of getting emergency loans which include:

  • Personal loans
  • Credit card cash advance
  • Payday loan

Personal loans

The good thing with personal loans is that you can use them as you find fit which includes catering for emergencies. There are some online loan issuers that process your request on the same day.  The same day approval means that it is possible to request for a loan if you have an emergency. However, it is important to check the requirement of each lender. Some lenders might charge a higher fee than others.

The speed at which the lender’s process your request also differs.  Some of them will offer same day services, while for others, it might take a day or two.  Therefore, if you have a pressing need it is advisable to use the services of a lender who offers same-day loans.

Another factor to consider when applying for a personal loan in case of an emergency is the interest.  As with the fees, different lenders charge different interest.  Another issue with personal loans is that most lenders extend loans to people with a good or a fair credit score.

In addition to the fast turnaround time, most lenders give you ample time to repay your loan.  Since the payments are spread out, you do not have the stress of paying a lump sum. It is also possible to get short-term personal loans even if you have bad credit.  However, these types of loans attract a very high-interest rate – some interest rates run to triple digits!

Credit Card Cash Advance

The second option that you have of accessing emergency money is through credit cash advances.  It is possible for your credit card company to offer you a cash advance.  It is important to realize that these advances also attract an interest rate.  The rate of interest is dependent on the amount of cash and also differs from company to company.

You should also realize that you start paying the interest immediately you receive the cash.  Credit cash advances do not have a grace period.

You will also pay an upfront fee which is a percentage of the cash you are receiving.

Payday Loans

The third option when it comes to Personal Loans to solve an emergency is payday loans. You should be warned though that payday loans are not the best option because they have extremely high-interest rates and short payment turnaround time. You can be charged an interest rate of as high as 40%. It is therefore advisable to avoid payday loans as much as possible.

2. 0% APR Credit Cards

The second option of getting an emergency loan or funding is through credit cards which charge a 0% annual percentage rate (APR).  If you have an excellent credit score this is a viable option.  Some card issuers give you up to 20 months to repay the cash interest-free.

It is important to note that it can take up to two weeks to receive the cash. Since you need the money for an emergency, you should contact the issuer to see if they can give you the card details such as the card number so that you can use the cash before the physical card arrives in the mail.

Another great option is asking the company to expedite the delivery. Note though that expedited delivery might cost you more.

In order to avoid paying high-interest rates on the card, make sure you pay off your balance before the promotional period expires.

3. Talk to Your Employer For Emergency Money

Another way in which you can get cash to deal with an emergency is by requesting your employer for an advance. Most companies have a program where employees can speak to the Human Resource personnel and ask them for some cash if they are in a tight fix. It is however worth noting that you will have to pay back the cash. The repayment terms might vary. You may pay back the cash as a lump sum or in installments.

4. Borrow from Your Employer-Sponsored 401(k) Plan

Another great way by which you can get money for an emergency is by borrowing from your 401(k) plan. It is important to note though that you can only borrow from the 401 (k) plans which your employer sponsors. The amount of cash you can borrow is determined by the government. You must also repay the cash within five years.

However, you are exempt from this rule if you use the cash to buy your primary home. The interest rate you will pay depends on the plan.

Other Ways by Which You Can Get Money for an Emergency

There are some other ways in which you can get cash for emergencies without necessarily involving your employer or other financial institutions. More good news is that most of these ways do not require any type of specialized skills- just a go-getter attitude.

Let us jump right into it.

1. Get Some Jobs Which Pay Immediately

There are many people out there who are extremely busy and would appreciate if they would get someone to help them with some tasks. To begin with, you can be a dog walker or pet walker. Luckily for you, there are apps that make it easy to find people who need this service. You can use apps like Transcribe, Wag, and Rake Leaves among other similar apps.

The list of such apps is long and all you have to do is find a person or people in your locality who need pet walking services. It is important to realize that different people will pay different prices as the industry is not regulated. Involving yourself inside hustle jobs can help you learn a skill or two which will be helpful in the future.

2. Sell Extra Stuff

It is possible that your garage is full of stuff that you no longer use. The same case applies to your closet. Maybe you have shoes or clothes which you rarely wear. If that is the case, it is quite possible to turn the extra clothes, shoes, and other stuff that you do not use in cash.

You might be wondering though how to go about this- it is quite easy to do so. The first way is by using the true and tested way of a garage sale.

Another great way is by selling the stuff online. Thanks to technology, it is now extremely easy to sell stuff on the internet.

All You Need is a phone with a decent camera that can take clear photos. You need to take clear photos of the items you are selling and also indicate the price of the items. There are very many online market places where you can sell these items.

Some of these market places include:

  • Craiglist,
  • eBay,
  • Facebook,
  • LetGo

Among a host of other similar platforms

You can sell clothes through such platforms such as Thread Up. It is also possible to get tax deductions on your clothes when you give them out at a thrift shop.

The greatest advantage of this method is that you get the cash immediately you sell off the item. It also helps you create more space in your house or apartment by getting rid of things that you no longer need. One downside though of this method is that it might take a while for you to make a sale.

3. Crowdfunding For Emergency Money

Another way through which you can raise funds for an emergency is through crowdfunding. Crowd-funding simply means asking people to contribute money for you so that you can attend to a certain financial issue. You might need to pay a medical bill, pay your rent, or you might have some other type of emergency that you need to handle.

You can crowd-fund through sites such as Plum-fund or GoFundMe among other similar platforms.

One of the greatest advantages of crowdfunding platforms is their low transaction fees and they are also easy to navigate. Some also offer these services for free.

You must however be prepared to invest your time in raising cash through crowdfunding. You have to convince people that you really need the cash and give them a good reason as to why they should help you.

To increase your chances of getting the funds, you need to share your story widely across social media platforms. Also, ask your friend and relatives to tell their friends. In simple terms, the more people who get to know about your campaign, the easier and faster it will be for you to raise the funds.

However, if you need cash very fast, then you should combine this method with other methods.

4. Buying and Reselling Of Items

Another great way by which you can raise extra cash is by buying and reselling items. In fact, you can turn this method into a very profitable side business or a main business when you get the hang of things.

One of the best places to scout for cheap but valuable items that you can buy and resell is the thrift store. Once you buy these items, you can then post them in the sites discussed above like Craiglist where you can sell them for a profit. You can also sell these items to your friends and relatives.

However, it is important to ensure that you buy quality items otherwise you will be out of business pretty soon!

One of the challenges that you might encounter with this method of raising emergency cash is pricing. The best way to know the price of an item is to check how many similar items are being sold for on these sites.

Once you compare similar products on a number of sites, you will get a pretty good idea of how much to sell the product. It is important to price the item in such a way that you cover your overhead costs like transport or storage if there are any. Otherwise, you will be operating at a loss.

5. Freelancing

Another great way of raising quick cash is through freelancing. As earlier stated, you can offer freelancing services by walking pets or babysitting and performing other similar tasks that do not require any specialized training.

Another type of freelancing is where you can write stuff for website owners and sell the content to them. Do you have Photoshop or graphic design skills? Great, you can use them too to make posters or flyers for individuals or companies and get paid for offering these services.

6. Use Airbnb

If you have extra room in your house or you have an extra house that is just lying idle somewhere and you have not heard of Airbnb you are missing out big time in making some extra cash which you can as well use for emergencies. The service enables a person to rent out their homes, or an extra room in their house to people.

In order to become an Airbnb host, you will need to undergo some verification process which is extremely simple. You will need to provide the following information:

  • A verified email address
  • Your social media accounts
  • Providing a government-issued photo ID. It can either be your National Identity Card, Passport, or driver’s license.
  • You also need to provide pictures of the space that you are renting out.

The amount of cash that you can make depends on the available space, the time you are willing to rent out space, and the location of the house. In order to make the guest feel comfortable, you need to provide basic living amenities like toiletries, assist the guest in any inquiries aimed at making them feel more comfortable.

It is important to give the guest the best treatment because, at the end of their stay, they will leave a review about their experience at your place.

If you get may negative reviews, nobody will want you to host them and you will lose business!

7. Tutoring and Translating

Another great way of raising emergency cash is through tutoring and translating. If you are bilingual, it is possible to earn cash through translation which you can use to cater to an emergency. Additionally, if you are a professional teacher or tutor, you can get extra cash by offering tutoring services to people who either need to learn English or any other subject.

Another great thing is that you are not limited by your geographical location as you can offer the tutoring services online through sites such as or Skooli.

You can also tutor school kids especially at this time when most kids are out of school due to the Coronavirus pandemic. You will only need to be careful and follow all the health guidelines outlined by the CDC and the World Health Organization.

8. Become a Ride-Sharing Service Operator

If you have a pretty decent car and good enough driving skills, then you can register with a ride-sharing company such as Uber or Lyft.

When you sign up with these companies, you get good cash as sign up bonuses which can come in handy in helping you cater for the emergency. Another good thing also with this method is that you can operate the business either full time or part-time. You can also hire a driver to drive the car if you have other engagements.

By becoming a ride-sharing operator, you will have a steady stream of income which will help you cater to any financial emergencies that might occur later on.

Factors to Consider When Choosing a Method To Get Emergency Money

Since you are now knowledgeable on some of the methods of getting emergency cash, it is important to highlight the factors to consider especially if the source of emergency funding is a loan.

Below is what you should check out for when getting your emergency funding as a loan.

The Speed of Funding

Well, emergency funding is to cater to an emergency. As such, the time it takes to get the loan is of utmost importance. While there are a number of online lenders who process loans within a day, most do so within 2 to 7 seven days. It is therefore paramount to find out how long it will take for your loan application to be processed.

The Fee of the Loan

No loan is free! Although the emergency might cloud your judgment, it is crucial to pay close attention to the fee that you will be charged. Most lenders who do not check your credit score charge exorbitant loan fees and interests. It is best to get a personal loan as opposed to payday loans which are easier to access but have very high-interest rates and short repayment duration.

The Ease of Accessing the Loan

The speed at which you get the emergency cash differs from method to method. Getting the same day loan is one of the fastest ways of getting emergency funding. If you are lucky, you might also have very in-demand products that you can sell and make cash equally as fast. The method you choose to get the cash depends on the nature of the emergency and the amount that you require to raise.

FAQ – Frequently Asked Question

Are there cheaper ways of getting emergency money?

Some methods of getting emergency cash are more expensive than others. One of the most expensive methods and with very unfriendly conditions of getting emergency money is payday loans. The interest is quite high and the repayment time is very little. One of the best ways of getting emergency cash is by selling stuff or doing some side hustles. However, if the amount you need is significant, you can settle for a personal loan.

What are some of the uses of emergency money?

The use of emergency money varies. You might need the cash to clear a hospital bill, pay for your rent or mortgage. The nature of your emergency really determines the method you can use to get the cash. Some emergencies require little cash while others require a much larger amount.

Is it possible to get an emergency loan for my business?

A business is a very important entity especially if you depend on the same for your sustenance. Therefore, it is quite in order to seek emergency funding for your business. At times, the business environment is not conducive and you might find that you are struggling to stay afloat. If that is the case, you might seek emergency funding to help keep you in business.

Are there legal obligations I have to fulfill to get the cash?

It all depends on the method that you are using to get emergency cash. With some methods, you are required to provide more information about yourself like your Social Security number and more documentation like your ID card. With some other methods, you are not required to provide as much information.

Final Recap

Every person faces an emergency at one time or another in their lives. It is therefore important to have some backup finances for such times. The truth of the matter though is that due to the economic situation, not many people have savings. Therefore, when an emergency strikes, most people seek ways to get the money. The good news though is that there are tons of ways in which you can get emergency money.

We believe that you have more knowledge of the avenues you can turn too should you need emergency cash.

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