You’re in between jobs, making it difficult for you to pay your bills this month. You’re already late on your rent, and you’re running a little low on food. What are you supposed to do?
You can ask your parents for a loan, but you’ve already had to do that recently. You don’t want to do it again. You could get a side job, but that might make it hard for you to do any real job hunting.
Your only other option for grabbing some emergency cash is taking out a loan. At least, that’s the only other option you can think of.
There are plenty of other money-making methods at your disposal. Check out this guide to learn more.
Take Out a Loan
The most common way to get your hands on cash for paying bills is to take out a loan. There are a few different ones that you can look into. The first is a personal loan.
Many lenders will give you the money that you need the same day that you apply. In some cases, you’ll have to wait for a few days before you can use your cash, but this isn’t too common.
A lot of companies will only work with those who have decent credit. If yours is less than stellar, you might qualify for short-term personal loans. You’ll be able to borrow the cash, but the interest rate will be through the roof.
If you have no other choice at all, payday loans are an option. Once you borrow the money, you’ll have only a few weeks to pay it back.
Since the interest rate of these loans is always sort of high, you might find yourself forced to take out a second loan so you can pay it back on time.
Borrow From a Family Member or Friend
We can’t blame you if you don’t want to take out emergency loans to pay your bills. Many people would rather ask family and friends for cash than go that route.
It’s not a bad idea in retrospect. The person that you’re borrowing from will want you to pay them back, but they’re usually much more understanding than a bank.
The only time a problem occurs is if you can’t pay back what you borrow. It could damage your relationship with the individual forever.
Pawn Your Belongings
If you have a bunch of stuff lying around your home that you don’t use that often, take it to a pawn shop. From musical instruments to jewelry, shop owners will pretty much take anything of value and give you cash for it.
If you pay off the loan that they give you in a certain amount of time, you’ll be able to get your possessions back. If you can’t pay it, they keep it.
Losing something you care about isn’t a great scenario, but it won’t hurt your credit at all, and you won’t have to worry about any annoying debt collectors.
Talk to Your Employer
Employers are more understanding than you give them credit for. If you sit down with your boss and explain your situation, they might be willing to pay you in advance so you won’t get kicked out of your home.
Usually, you can do this without paying any extra fees. Even if there are fees, you can pay them back with a small payroll deduction. Some companies offer low-cost loans to their workers when they’re experiencing a bill crisis too.
Grab a Side Job
If you have a little time to gather some cash, there are side jobs that you can take. You won’t be able to earn much, but it’s better than nothing.
Do some freelance work or drive for a delivery service. These apps will allow you to make money doing surveys or becoming a secret shopper. The sky is the limit.
Tap Into Your Retirement account
If you have a retirement account open, you can pull money out of it if you need it in an emergency. There is a catch. You’ll have to put the money back as soon as you can.
If you don’t replace what you take, you’ll get hit with an early withdrawal penalty.
Ask for a Forbearance
Asking for a forbearance won’t get you any cash that you can use to pay for emergency groceries. What it will do is buy you some time on your bills.
Some utility companies will allow you to pay late without charging you any interest. If you need to pay your mortgage or car payment late, it will be best for you to talk to the lender first. They may give you the forbearance that you need, but not without charging a huge interest rate on the loan.
Use a Credit Card Cash Advance
If your credit card offers a cash advance, you can use it to take out money at an ATM. We will tell you that you should only do this as a last resort. The fees are rough, and you’ll pay a ton of money in interest rates.
Get Emergency Cash to Pay Your Bills
Are you worried about paying your bills this month? Do yourself a favor, and start looking around for ways to get emergency cash. Between personal loans and side gigs, there are a million avenues you can go down.
If all else fails, family and friends are usually willing to help as long as you pay them back, or you can ask your utility company to give you a break. Anything to save yourself from money stress.
Are you looking for more ways to manage your money? Visit the Financial section of our blog daily to read all the latest tips and tricks for saving cash.