10 Effective (and Legit) Ways to Find Fast Cash | NerdWallet

You had an unexpected expense hit or are still recovering from some holiday spending, or you just need a bit of extra cash to get you by. What do you do? Skip the scams and payday loan debt holes and let's look at 10 better ways to find some quick cash. Listen, I get how overwhelming it can feel when you're coming up short on bills for the month or you just have an expense to cover that you weren't expecting and you need some extra funds in a hurry. If this was a movie, this would be where one of the characters does something crazy to get some quick cash, right? But we're not going to do that. There are easier, less reckless things that we can do, but we all have our own interpretation of what quick means, right? So I'm going to break these ideas down into things that you can do to get extra cash within a couple of weeks, within a week, and then some things that you can do if you need cash today. I'm starting with options that you can do if you need extra funds within a couple of weeks, because these options can become sustainable, ongoing opportunities for cash every month, if you'd like them to. Plus, y'all know I love a good side hustle contender. First up is to consider renting out a room. Airbnb and even more localized sites like Craigslist provide options to get your space listed relatively quickly. And depending on your location's popularity, you could find yourself a paying occupant within a week or two. And you don't necessarily need a completely private space. There's been a huge increase in listings lately for shared rooms and spaces within an owner's home. So you could potentially stay put while earning some extra income. You can get even more creative based on where you live. Like I've seen Craigslist listings to rent out a living room space in a shared home or to share an apartment space listed on Airbnb. Just be sure to check your local regulations to make sure that you're in line with the law. And if you don't own your space, you'll want to make sure that your lease allows for subleasing as well. I also feel like I should just add in there to be smart and safe when you're vetting someone who might potentially share your home. Second on the list is to become a ride share or delivery driver. Services like Postmates or Uber make it quick and easy to get started on their apps. The time it takes to be up and running and to start earning cash can vary from company to company, as can the average amount that you can make. So, for example, DoorDash delivery drivers earn an average of twenty three dollars per hour. And the application approval process can take anywhere from five to ten business days. But once you are approved and you start driving, you can get funds deposited to your account weekly or pay a nominal fee to get access to your earned funds on demand. Third on the list is to consider other gig sites to offer your services. Maybe you want to moonlight as a dog sitter and you get listed on a site like Rover and Wag. Or maybe you prefer caring for littles of the human variety and you want to become a babysitter through a site like Care.com instead. There are a whole slew of gig sites out there these days that allow you to create a profile and start earning as quickly as you're able to find clients. But look, I know that getting traction on a gig site takes time and time isn't always a luxury that you have. So let's shift over to ways to find cash within a week. The fourth fast cash option is to request a cash advance on your paycheck from your employer. This can be a good option if you're truly in need of fast funds, because an advance from your employer probably won't come with any fees. You would simply repay the cash advance through a payroll deduction. There are also a few apps such as earn in that offer payroll advance loans. They get repaid in a lump sum on your payday without interest. Fifth on the list is to look into payday alternative loans. Some credit unions offer cash advances as an alternative to expensive payday loan options. Federally charted credit unions can't legally charge more than 28 percent APR, which, yeah, is still really high. But it's a lot better than other fast cash alternatives out there. Sixth on the list is to seek assistance from organizations in your local community. Local nonprofits, charities and churches may offer emergency financial assistance to help cover rent, utilities or other pressing needs. Check community centers and other nonprofit associations in your area to see if they offer small loans or other financial assistance. You might want to pop on over to NerdWallet.com for a quick reference sheet of financial assistance options in your state. You can also visit 211.org or call 211 from any phone to get connected with local resources. The seventh option on the list is to borrow against existing accounts. Some 401k accounts and life insurance policies can be borrowed against and then repaid. This option comes with some red tape, so be sure to be up on all the details before you take from your compounding investments. There are also limitations and it only works on certain account types. So check with your account holder to find out if this could be an option for you. And I just do want to add that this option comes with a lot of downsides that I really, really want to encourage you to think through before you go this route. You would jeopardize your retirement readiness by losing the compounding returns. And if you have job loss, it can become a distribution and cause a tax liability. We have an entire article dedicated to using retirement accounts to pay debt at NerdWallet.com that you may want to check out before exploring this option further. OK, let's round this out with options of things that you can do if you need extra money within the next 24 hours. Number eight on the list is to evaluate the bills you have due. A lot of creditors, such as utilities or cable companies, don't charge interest on late payments. Give them a call and see if they'd be willing to accept a late or maybe even just a partial payment. Then allocate the funds that you would have spent on those bills and put them towards your emergency needs. Nine is to look around your home and take inventory of what you can sell. Do you have spare electronics, jewelry or musical instruments that are just collecting dust? Head over to your local pawn shop and see what price they'd be willing to offer you. You may be able to sell the item outright to the shop or get a pawn shop loan against the item. Either way, you'd walk out with cash the same day. And if you have unused gift cards from popular retailers, consider listing them on sites like Card Cash to earn even more quick money. Just keep in mind the payout times can fluctuate on card sites. So the sooner you start listing your cards, the better. And last up on the list is to take out a personal loan. Some lenders can fund a personal loan in as little as one day. And if you have good credit, there should be a ton of options for you. Just keep in mind that mainstream lenders rates would cap out at 36 percent. So avoid other lenders offering you fast cash for higher rates. And there you have it. Ten legitimate ways to find fast cash. I told you they wouldn't be reckless. But let's just be real for a second, because like I said, I know that when you're staring at an expense that you can't pay, things can feel a bit desperate. But try and avoid the allure and pitfall of payday loans and other fast cash loan options. Payday loans are a high cost, short term loan for small amounts, usually under $500, that are meant to be paid back by your next paycheck. You can usually get approved with just an ID, proof of income and a bank account, making it an easy option for people with poor or no credit. But costs for a loan from a payday lender are usually about $10 to $30 for every $100 borrowed. OK, I know when I say $10, it probably doesn't sound like that much. But say a payday lender charges $15 for a $100 two week loan. That equates to a 391% APR. And if the loan isn't repaid by the first paycheck, a fee is added and the cycle repeats, which can quickly add up to a borrower owing more in interest than the original loan amount itself. The average payday loan is $375 on a two week term with an average of $520 in fees. And realistically, only about 14% of borrowers can pay that back. The same can be true for auto title loans that put your car at risk if you can't repay the loan quickly, and other triple digit APR loans that can trap lenders in a cycle of debt that is difficult and expensive to get out of. Hopefully one of the options I've mentioned is helpful for you. There are a lot of options and resources for you on NerdWallet, so I'll be sure to drop some links below for you to check out. I know it's scary, but hang in there. Just breathe and make smart moves and know that this moment is temporary for you. Thanks for stopping by. If you learned something, be sure to give the video a thumbs up. And if you want more ideas on ways to earn some cash and you have a little bit more time to dedicate to it, be sure to check out my side hustles video, which is full of all sorts of great ideas on things that you can do in your spare time to earn some extra cash. Bye.