We’ve all experienced unexpected financial emergencies. Big or small, these unplanned expenses usually feel like they hit at the worst times.
It may be an unexpected medical bill, an auto accident, a broken appliance, or a job loss in the midst of the global pandemic. Whatever the reason, you need to find cash and fast. What can you do if you’re looking at making money?
In an ideal world, we all have a good emergency fund in our savings account to cover these types of expenses. However, that is not always possible for a variety of reasons.
The best source of fast cash in an emergency will vary depending on whether you need to raise funds in a few weeks or just a few days. Some options are safe; other ways to make money can make a bad situation worse. Read on to understand the pros and cons of 19 ways to make money when you need it.
1. Selling your junk to make money
Especially in America, everyone owns stuff they never use. You may have a basement or storage shed full of extra stuff or a pile of gifts you don’t need.
Why not convert it into fast cash in your spare time when you need money? Selling old books and board games on Amazon can be profitable. Look for buyers for your kid’s toys and clothes on Facebook Marketplace or via other social media sites. Sell athletic gear on eBay to get quick cash. Post an ad on Craigslist, sell your used tech or lawn equip20ment, or host a good old-fashioned yard sale to make money this summer.
Once your family realizes that you’re looking for ways to make money, they may join you in your search for valuable, unwanted items that can be put in the “selling” pile. You and your family may surprise yourself with how many items you can part with and how much money you raise through selling household items together.
As a bonus, you’ll clear the clutter out of your house or apartment and get cash in a short amount of time.
2. Take on a side job when you need money
If you have a month or two to raise the money you need and can therefore avoid loans, consider taking on odd jobs, side gigs, or a part-time job in your spare time to raise cash. This allows you to use your valuable time to earn money and offer needed services to the community, rather than paying more over the long haul for the cost of borrowing someone else’s cash through a loan or line of credit.
A great website for “one-off” tasks or side jobs is TaskRabbit. It allows you to create a profile and be hired in your local area for gigs that fit your strengths. This platform allows you to be your own boss, work how, when, and where you want, offers services in a myriad of categories, and allows you to set a flexible schedule and work area.
With TaskRabbit, you set your own rates and keep 100% of what you charge, plus tips! They keep it simple by taking care of the invoicing process, and then you get paid directly through their secure payment system. It prevents you from sharing confidential personal and banking information with your customers and streamlines the payment process for you and them.
As an alternative to TaskRabbit, or in addition to it, you could consider other online sites for side jobs as well: Handy, Zaarly, Porch, Thumbtack, Shiftgig, Nextdoor, TalkLocal, HomeAdvisor, Fiverr, and Upwork, just to name a few. SuperMoney’s has a useful comparison tool for side jobs you can use for free.
Can’t decide which side gig or services you should take on? SuperMoney can help you out with side-by-side reviews of some of the best odd jobs out there. Take a look and get started today!
3. Get a loan from a friend or relative
If you’re in a bind, you can always ask a friend or relative to lend you the money, rather than selling services or finding jobs that may or may not be a financial win. This may be the most affordable option for free (or almost free) money, but you could be putting your relationship at risk.
Many friendships have been lost over “misunderstandings” around loans, especially those that are free. To help avoid this, make sure you put the loan agreement in writing and set up a clear repayment plan. Then stick to your plan and repay the amount as promised.
11 steps to borrow money from friends and family
- Look at all your borrowing and money-making options and use this as a last resort.
- Consider the financial and social risks of borrowing from someone you know and love.
- Ask the right person- consider each friend or family member carefully before proceeding.
- Discuss all the loan details together so that everyone is clear and on the same page.
- Create a loan repayment timeline that you both agree on and have a copy of.
- Find a loan mediator. An impartial third-party can help resolve any conflicts that arise.
- Insist on paying interest. After all, this is a favor to you, and paying interest ensures it financially benefits both parties.
- Don’t overcommit yourself and stretch yourself too thin financially, making it difficult to repay this loan.
- Finalize the agreement — and put it in writing. Make sure both parties sign it and receive a copy.
- Make your monthly loan payments on time, every time. No matter what.
- Actively communicate about the loan as questions come up or if a payment will be delayed for any reason.
4. Cash in your investments for money making
Need cash without a bunch of extra gigs or lending friends to help you make good money? Cashing in or withdrawing from your investment or retirement accounts is not an ideal means of obtaining cash. But if you’re facing an emergency or crisis, it may be your best option among the myriad of ways to make money.
Just be careful. If you sell bonds or stocks, you may have to pay taxes or even pay tax penalties if those funds were in a retirement account. You are also unlikely to walk out of your bank or investment broker’s office with cash when you sell, so they’re not the best choice if you need extra money in the short term or even immediately.
5. Tap into equity on your life insurance policy
Looking for a different option?
Many life insurance policyholders do not make the most of the cash value in their permanent life insurance policies, especially if they no longer need the death benefit that’s available. When the policyholder dies, their beneficiaries receive the death benefit instead of any remaining cash value. But if there is no need to pass the death benefit on to beneficiaries any longer, the policyholder can access the accumulated cash value while they are still alive, either by surrendering the policy entirely or by making smaller withdrawals or policy loans to access money fast.
This may be an option for you if you’ve held a whole-life insurance policy for several years and have built up equity that you can borrow against to obtain quick cash. And since it’s a loan, you won’t have to pay taxes on it. But withdrawing money from a life insurance policy reduces the amount of cash available for payout.
As mentioned above, an alternative would be to cash out your policy altogether. However, you might incur tax obligations on any proceeds over and above what you’ve paid in life insurance premiums. This “free money” may not end up being free after all.
Before moving forward with this option, know that taking cash out of a policy will also reduce the death benefit. Taking a policy loan is a viable option if the policyholder needs cash at the moment but would like to keep the death benefit for the future.
6. Take out a home equity loan
If you need to raise a more considerable sum of money and don’t have time for additional gigs, you may be able to borrow against the equity of your own home.
Home equity loans are advantageous for several reasons. Because the advance is secured by equity, interest rates are usually low. Terms are often long as well. Just be sure to repay your home equity loan before the term is over — if you fail to do so, your home could be at risk.
This is one of the main disadvantages of a home equity loan- they require the property to be used as collateral, and the lender can foreclose on the property if the borrower defaults. This is a risk to consider, but because there is collateral (security or protection to the lender), the interest rates are typically lower.
While this is a legitimate way to make money, there are several pros and cons to consider before moving forward.
If you are a homeowner and would like to tap into your home equity without getting further into debt, consider a home equity investment. Sometimes known as shared equity agreements, allow homeowners to cash out on their equity without getting into debt. It works like this. Investors give homeowners a lump sum in exchange for a share in the future value of their homes. When the homes are sold (or when the contract term ends), the investors receive their share from the sale. If the value of the house increases, so does the amount the investor receives. If the house drops in value, the investor also shares in the loss.
7. Apply for a personal loan
If you have good credit, consider a personal loan for making money appear quickly. Many online personal loan lenders can approve your loan request within 24 hours and transfer the necessary loan funds to your bank account in another day.
Some lenders, such as OppLoans, NetCredit, and Speedy Cash, will also consider borrowers with bad credit scores. However, these lenders charge very high interest rates, so make sure you can afford the monthly loan payments, or you will just compound your financial difficulties.
Remember that loans come with a cost (interest), so paid jobs, selling things, or other options for making money without a future financial obligation could be a cheaper and better option for you.
SuperMoney’s personal loan engine can help you quickly find your best interest rate. Apply for free to pre-qualify with our network of reputable personal finance lenders by answering a few quick questions. Plus, it won’t hurt your credit score. Apply now if you need money!
Are you interested? Compare lenders here, or see what you qualify for with our pre-approval engine. Pre-approval won’t affect your credit score, and it’s free!
8. Use a credit card advance
If you have a credit card and your desired sum is within your credit limit, a credit card advance could be your “best bad option” to make money. Be cautious with this very tempting option: credit card companies charge steep interest rates on cash advances which are basically short-term loans on your credit card.
If you miss a monthly payment, you may incur penalty interest charges, or the credit card company may close your account. But if you are sure that you can afford the advance as agreed, this is another way to get fast cash. With this one, proceed cautiously since this very quick way to get money can often lead to long-term financial challenges.
9. Donate Plasma
Have you ever heard of plasma? Plasma is the largest part of your blood- about 55%. It carries water, salts, and enzymes, and its main job is to carry nutrients, hormones, and proteins to the parts of the body that need it. Cells also put their waste products into the plasma, which is the clear, straw-colored liquid portion of blood.
Did you know that it is valuable it’s possible to get cash by selling it? Only a small number of people living in the U.S. who are eligible to donate blood or source plasma actually donate. As a result, company’s encourage all forms of donation from those who are eligible so that they may contribute life-saving blood and source plasma to those in need.
Some donation sites assert that it’s possible to make up to $700 a month by donating plasma, making it a pretty worthy side gig for extra income. First-time donors make $65, but the longer you donate, the more money you can make. Eliminate your holiday credit card bill. Plan and save for a dream trip after the pandemic ends. Make up for reduced work hours—Whittle down your student loan.
10. Sell Your Photos
Not interested in tubes and medical tricks to earn money? Try selling your pictures instead!
Licensing is one of the most popular ways to “sell” your photos online to brands, publishers, or anyone who might have an interest in using your pictures for their own purposes. While this is a great option for a photography student, you don’t have to be a professional to head down this path.
To make the quickest cash, it’s best to work backward and think about how your photos can be used by a brand or publisher. Versatile and creative photos that express ideas tend to be popular, especially when they feature human subjects.
After you think about how the photos can be used and select some favorites, you’ll want to: 1) choose where to offer your photos for sale, 2) define your preferred audience, and then 3) integrate an e-commerce service into your portfolio. Even amateur photographers can have a portfolio site to showcase their work to potential clients.
But by adding e-commerce to your site, you can open several more ways to make money fast, like selling physical products, offering photography courses, and related services.
11. Sell Your Unwanted Gift Cards
Are you looking for a simpler way to get quick cash? If you’ve been the recipient of several cards, perhaps from a recent wedding, selling them to interested buyers may be a great option to turn them into cash.
The smart and safe way to sell unwanted gift cards is to use well-known and legitimate card exchange services, such as Giftcards.com, Cardpool, CardKangaroo, CardCash, ABC Gift Cards, or Raise.com. Some recommend beginning at GiftCardGranny.com, an online aggregator service that lets you instantly compare offers from various reputable websites and make money fast.
You’ll need to gather up your unwanted gift cards and have reliable internet service to go this route, but it can be a relatively easy way to earn fash cash.
12. Rent Out Your Car
If you already live simply and don’t have extra stuff laying around to sell, don’t worry! Another option to consider is renting out your car.
Renting out your car or a spare auto that you have could be a great way to earn passive income and explore money-making without giving up valuable personal time. Using platforms like Turo, you can often list your car for free – to share your truck, sports car, spare sedan, or anything in between. Getting signed up takes just a few minutes and is often free — no sign-up charges, no monthly fees. You get to set your own ground rules and customize when your car is available. Next, you set your own daily price and decide how to hand off the keys to the renter.
Often, owners get paid via direct deposit within a few days of each trip, earning 60% – 85% of the trip price, depending on the vehicle protection plan and platform you choose. If you can hold your car with a loose grip, this may be a good option for you.
13. Drive for Uber or Lyft
If you have a valid driver’s license, a good driving record, a reliable auto, and a desire to help strangers get from place to place, driving for Uber or Lyft might be a good fit for you.
Lyft is a platform that connects drivers with individuals and organizations that need rides. With the resources you already have available (namely your car), you could make money pretty quickly. In addition to giving riders a way to get from point A to point B, Uber helps people order food quickly and affordably, removes barriers to healthcare, and helps companies provide a seamless employee travel experience.
If you need cash and are ready to put a little bit of gas in your auto to make money without dealing with loans and interest rates, follow the steps below, which are typical for several of the rideshare sites.
- Apply
- Get Approved
- Drive and Earn
Generally, you’ll need the following documents to apply:
- Your driver’s license (you need to meet the age requirement for your region, which may be higher if you choose to rent an auto rather than use your own).
- A background check. (Companies often need your consent to complete a criminal background check and to review your driving history. This is not the same as a credit check which is a strictly financial review.)
- Insurance and other documents. (If you’re using your own auto, the site will often ask you to upload your insurance and car registration documents. Some states will require vehicle inspection as well.)
Each site has its own unique requirements for the type of vehicle you use, and some will even rent a car to you if you don’t have your own. Obviously, choosing to rent comes with its own liability concerns, but this can still be a way to make extra money by offering services without having to use your car.
14. Get into food delivery
If you’re not looking to sell or trade to make money, food delivery is another form of a side job to help you make progress when you need money. Sites like Door Dash and Grubhub won’t lead you to get rich, but they are free to use and could give you access to jobs that help provide for you when you need money.
Similar to ride-sharing, there are peak delivery times, and you’ll see the prices for food delivery are higher (and the pay is often higher as well). Pay rates are higher if you deliver during popular meal times. For example, you’ll make more money delivering food at 5:30 PM than 10:00 AM.
There is the possibility of enjoying food perks too, but it depends on what type of food delivery gig you choose. For example, you probably aren’t going to get any free dinners when you work for a food app like Grubhub or UberEats, because you’ll be delivering for restaurants all over town. But you could get some free meals if you work more regularly for a particular restaurant in your local area and stay committed to delivering for them.
15.Set up an Etsy shop to see handmade goods
Don’t want to interact with strangers in person? Consider an online venture instead! If you need money and have the time to build an Etsy shop, it can be a great way to have a global market to sell your items.
In 2021, the best selling online Etsy shops sold the following:
- Crafts & Supplies
- Handmade Items
- Jewelry
- Wedding Items
- Accessories
- Paper & Party supplies
- Clothing
- Vintage Items
To sign up with Etsy and set up a shop, you’ll need your bank account information, online access, a little bit of technical skill, and some time for personal reflection.
- Sign in and create an account
- Set your shop preferences
- Choose your shop name
- Stock your shop
- Choose how you’ll get paid
- Set up billing
- Open your shop
- Stay connected online to be informed of orders made on your site, services needed, website and shop updates, and options to link to social media to increase exposure.
If you have the skills to make or collect valuable items, selling them through a platform like Etsy could provide the global audience and streamlined buying processes that you need to make a profit and some extra cash fast!
16.Babysit
Regardless of your age, offering to babysit for friends and family is a great way to get a first job and make extra income in your local area. If you enjoy spending time with kids and have a high level of responsibility, it can be a great way to make money fast since you often get paid at the time of service.
To find babysitting jobs in your local area, it’s best to advertise to your inner circle first. They know you best and are most likely to trust you with those they love. Make it known on social media or in your local neighborhood through flyers, emails, social media posts, and word of mouth that you’re looking for work, and you’re likely to get jobs quickly.
If you’re a student, babysitting can be a great way to get to know people in your college community and gain work experience without having to dress up and drive to another community for work.
Before you take on numerous babysitting jobs, it’s a great idea to open a specific bank account so that each time you get paid, you can deposit the funds into the account and save it, rather than letting the cash burn a hole in your pocket.
17.Complete Online Surveys
Taking online surveys is a compelling idea to make money fast. You can earn money quickly—either in cash, gift certificates, or rewards points—and all you have to do for this gig is have and share your opinion.
You can earn that money from the comfort of your own home in yoga pants with a glass of wine or knock out a few surveys during slow days at the office, racking up quick cash when you’d usually just be trolling social media.
To get started, all you need is internet access and a willingness to be honest about your opinion. Take time to research survey companies and related sites to find those that best work for you and the types of business that you want to offer your opinion about.
18. Teach Online
Teaching online can be a convenient way for you to share your knowledge with others from the comfort of your own home and make money in the process. It’s a great option for busy parents who are juggling schedules and children to get paid and set their own schedule.
Online teaching is the process of educating others via the internet. Various methods can be used, such as one-on-one video calls, group video calls, and webinars.
To begin teaching online, you’ll want to take several steps before you actually get paid:
- Identify your market. Decide who you want to reach with your lessons, and determine what you want subject or content you want to teach.
- Market your business. Social media, websites, and friends and family are great places to start when advertising your business.
- Offer live classes or webinars. Live classes are often a way to make more money, but webinars can be pre-recorded to fit within your schedule.
- Assess your students to demonstrate their progress. Sharing their success will likely help you sell your teaching a little bit better.
- Effectively use e-commerce and marketing tools. Sites like Facebook, Instagram, and Google can help you market your business. If you’re not comfortable advertising on your own, it could help you make more money quickly by signing up with an existing platform like Chegg, TutorMe, or Skooli.
19. Become a Dog Walker
While you won’t get rich by being a dog walker, it’s a great way to earn extra cash and get exercise at the same time. Depending on your neighborhood, families may have busy lives and be looking for a dependable person to help care for their furry friend.
And it’s often not pocket change – it can help you pay extra toward your mortgage, save for a vacation or a car, or help you pay off bills in a pinch. It’s a flexible gig, and you can make your own schedule and customize your services to what you’re comfortable with. You can choose to work as much or as little as you want and stay local or expand to more affluent areas to make quick money.
20. Consolidate debt
If you are in debt and can’t afford your monthly payments, you may be able to consolidate multiple accounts into one more manageable loan. You can do this with a wide variety of financing options, such as balance transfer credit cards, debt consolidation personal loans, mortgage refinancing, home equity loans, and home equity investments. Ideally, a debt consolidation loan will lower your overall interest rate, save you money, and help you pay off your debt sooner. Some options, such as a cash-out mortgage refinance will give you a lump sum of money you can use for whatever you need.
Beware of scams
There are more opportunities now than ever to make money online or from home. However, some of these opportunities turn out to be scams. Be careful when a job requires you to pay an upfront fee or for certification to access the opportunity. You also want to be careful when an employer or potential client asks you to give your Social Security number or any financial information, such as your credit card number. Before handing out your personal information check the opportunity is legit. Check what other workers have to say about the company on review sites such as SuperMoney.
When considering sources of credit, make sure you compare several options and work out the total cost before agreeing to a loan. You can save thousands of dollars by just asking for quotes from a handful of lenders. SuperMoney’s free comparison tools make it fast and easy to compare the rates and terms of dozens of lenders in minutes.