Steps to Take When You Need Money Urgently

Life can be unpredictable, and sometimes, circumstances arise when you urgently need money. You may need more cash to pay your bills, deal with a medical emergency, pay off existing debt, or cover your everyday expenses. The good news is that you can access money quickly and reliably in several smart ways to make ends meet using the following tips:

Sell Unwanted Items

If you have unused clothes, electronics, or other items, consider selling them online through eBay, Facebook Marketplace, or Craigslist. You could also hold a garage sale or visit a local second-hand store to see if they will purchase any of your items. Check the prices of similar items and consider shipping costs to ensure a fair deal. The money you get from selling unwanted belongings can help you cover unexpected expenses.

Ask Friends and Family for Help

If you’re going through financial difficulties, don’t hesitate to ask your family and friends for assistance. They can provide valuable support during tough times. Just remember to approach them humbly and without feeling like a burden. Explain your current circumstances and why the money is needed quickly. You can also offer to pay them back with interest if they are willing. If you need a larger sum of money, consider reaching out to multiple friends and relatives who can each contribute an amount. You should always keep your expectations realistic and be understanding, no matter their response.

Payday Loans

Payday loans typically offer smaller amounts of cash, usually paid back on your next payday. The application process is fast, often taking minutes for approval, and the loan amount could be in your bank account within hours or sometimes even instantly. Whether you need to pay bills, medical costs, or extra cash for the week, applying for online payday advances is a quick and convenient solution. When choosing a payday loan, make sure you research the lender thoroughly. Look for reviews and testimonials to understand their process and fees associated with borrowing the money.

Get a Personal Loan

Personal loans are a versatile and accessible financial solution for individuals seeking funds to cover various expenses. Whether it’s for debt consolidation, home improvement, medical bills, or even a dream vacation, personal loans allow borrowers to use the funds as needed. Credit score, income, and debt-to-income ratio often determine eligibility and interest rates.

While personal loans provide a fast way to obtain funds, individuals looking to borrow should thoroughly evaluate the loan’s terms and conditions. It’s essential to thoroughly research and compare multiple lenders to find the most favorable terms. Furthermore, personal loans come with the responsibility of disciplined repayment.


  • Quick access to funds
  • Flexible repayment terms
  • Used for various purposes
  • It may improve your credit score if managed correctly


  • High-interest rates if you have poor credit
  • Additional fees can lead to a debt trap if not managed properly

Withdraw Cash from Your Credit Card

Often known as a cash advance, this method allows you to take out up to the available cash limit on your credit card and usually carries high-interest rates. Read the terms of your credit card agreement before withdrawing any money to understand any fees or charges that may come with a cash advance. Remember that withdrawing cash is considered as borrowing money. As such, interest applies from the day of the withdrawal and will accrue until it’s paid off in full. When considering this option for an emergency fund, it’s best to exhaust other options before resorting to withdrawing cash from your credit card.

Take on a Side Hustle

With the rise of the gig economy, plenty of opportunities are available to earn extra cash online or through flexible offline gigs. You could look into ridesharing apps, freelance writing, dog walking, or virtual assistant services. Check out sites like Upwork and Fiverr for dozens of potential gigs you can undertake from home. You can also tutor students, work part-time at a retail store, do yard work for people in your neighborhood, or run errands for busy parents. Although you might have to work extra hours or during your free time, it can be profitable if you need quick money.

Borrow Against Your Assets

You can take a loan against your car, use a home equity loan, or tap into retirement funds, although this should be done as a last resort. You can use the value of these items as collateral for the loan and receive money immediately. Borrowing against your assets typically comes with lower interest rates than other loan types because you’re providing collateral. Remember that failing to repay a loan can result in losing your assets. Therefore, ensure that you have a definite payment schedule established beforehand.

Try P2P Lending Platforms

These platforms connect borrowers and lenders directly without needing a bank or other traditional institution. When applying for a bank loan, you can receive your loan in as little as seven days on these platforms, compared to weeks or months. The interest rates vary depending on the platform but are usually lower than those of banks. However, it is crucial to be aware of potential scams and carefully research any platform you plan to use before applying. Having a favorable credit rating increases your chances of obtaining approval.

Set Up a Savings Plan

Setting aside a portion of your monthly paycheck in savings can help you create a cushion to rely on when needed. You must set a goal for the amount you want to save. Research options for high-interest savings accounts that will maximize your savings potential. It is wise to create a separate account for saving each month.

Automate the process by depositing money into your emergency fund regularly, and make sure not to dip into it unless necessary. Review your plan regularly, as the right approach for you now may not be the best option in the future. Saving money in advance will help you avoid seeking external sources, like loans, during a financial emergency.

When faced with urgent financial needs, it’s essential to remain calm and explore all available options. By considering the above strategies, you can address your immediate financial requirements and work towards a more stable financial future. Remember, the primary consideration when using any of these options should be to ensure a manageable repayment plan. Setting up a savings plan with automatic deposits into an emergency fund account is one of the most prudent ways to prepare for the unexpected. Carefully compare your choices and have a good understanding of their benefits and drawbacks.