The Ugly Side of Payday Loans Near Me 550

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The Ugly Side of Payday Loans Near Me 550

1) Liquidate Your Assets

2.) Take on Odd Jobs

3) Find Your Loose Change

4) Organise an Garage Sale

5) Take money from your Retirement Accounts

6) Part With Your Plasma

7) Take money from friends or family

The Bottom Line

Wealth Lifestyle Advice

7 Ways to Raise Cash Fast

How to get money when time is of the essential

By Amy Bell

Updated December 03, 2021.

Review by Khadija Khartit

Fact verified by Yarilet Perez

Whether you are facing an avalanche of medical bills, lost your job or your house was damaged by a hurricane or other natural catastrophe There is one thing that is for certain: you have cash in your pocket, and you require it right now. In the event that the financial crisis hits everyday life, the vast majority of us are totally unprepared.

If you’re caught stuck in this situation it’s not a problem that’s unique to. About six out of ten American households face more than one emergency a year and about one-third of American families do not have any savings whatsoever according to FEMA.1 And almost 40% of Americans will have difficulty paying for an unexpected emergency expense such as a $400 car repair in a report by FEMA.2 U.S. Federal Reserve.2

If you need quick cash to cover an urgent cost, where should you turn? Here are seven effective ways to quickly raise funds without causing irreparable harm your financial situation.

Important Takeaways

Selling personal belongings–such as clothing or electronics may help you raise cash during an need-to-pay.

Consider taking on an odd job, such as taking care of your dog, babysitting, or even yard work, to help bring in extra money.

It is possible to consider borrowing money or withdrawing it from your retirement account–in most instances, this could result in paying taxes on the distribution as well as an additional 10 percent penalty.3

If you borrow money from friends or family It is recommended to draft an agreement on the conditions that apply to the loan.

1) Liquidate Your Assets

Is the corner of your jewelry cabinet contain the dad’s Rolex or the engagement ring of your mom, or a diamond pin you rarely wear? Are there treasures hidden in your closet–perhaps a fancy bridesmaid dress or your inherited the fur coat of your great aunt.

One online platform that is willing to pay cash for your clothes is thredUp. Within the Help Center click on “The Clean out Process” to find out how selling works.4 Also, you could consider selling your clothes on eBay.

It is also possible to make fast cash by selling off recent-model electronics, like big-screen TVs tablets, phones laptops, gaming consoles, and media like DVDs, CDs books, games, and books for sale on websites such as Decluttr, Gazelle, and uSell as well as marketplace websites such as Swappa. Also, you could try posting these items on Facebook Marketplace, Craigslist, and Twitter or run an ad in the local paper; or peddle these pieces to family and friends.

Based on the quality of the clothes or electronics you’re willing sell depending on the quality of your merchandise, you can easily bring in hundreds or more of cash.

2.) Take on Odd Jobs

If you don’t have any expensive items that you can sell Try selling your services, especially if you are out of work and have some time on your hands. You might babysit and/or pet-sit for friends or start up a neighborhood dog-walking service. According to ZipRecruiter, the nationwide average hourly rate for babysitters is $17 per hour, and pet sitting pays the average $14 an hour.56 Dog walkers typically make around $15 an hour, as per PayScale.7

If you’re not comfortable handling kids or dogs You could suggest that you mow the grass and wash cars for the people in your neighborhood, or take a neighbor’s elderly aunt to her doctors’ appointments. If you’re a fan of driving, you could sign as an Uber or Lyft or Uber driver. According to Gridwise the rideshare drivers’ earnings in 2021 depend on where they live however, they can earn anywhere between $14.65 an hour for San Antonio, Texas, up to $19.44 in California’s Bay Area.8

You can also shop for groceries for older adults and offer to fix and decorate your sibling’s old fence. Depending on how many jobs you’re able to take on and the you will charge for each task you can earn some hundred dollars in just one weekend. If you’re not able to find enough clients who require work , you can sign up on websites such as TaskRabbit Thumbtack, tasks that require skills like Upwork, Freelancer, or Fiverr.

A savings account can be a financial cushion to help when unexpected costs, like medical bills, or losing a job happen. Try to set aside money when you can to start one.

3.) Track Down Your Loose Change

At first at first, this suggestion may appear a little absurd–but it’s not an untruth. According to a 2016 report by Bloomberg, Americans throw away around $61.8 million worth of coins into the garbage every year.9 This is a significant amount of cash stuffed into couch pillows, piggy banks and paint cans that have been discarded across the nation.

Go around the house and collect all those hidden coins. Once you dig up the last penny, bring the trove to the local credit union or bank. Certain banks will take in change for free for their customers, while other might require you to count and roll the change by yourself.

Whatever way you decide to go, when you’ve converted those coins into cash, you’ll get another hundred dollars to put toward the emergency expenses.

4.) Organise a Garage Sale

One man’s trash can be another’s treasure, as the saying goes. While yard and garage sales are lots of effort, they can bring in some substantial cash for certain sellers. Be sure to promote your sale on Craigslist, Facebook (if you have a local group) and your local paper (online and also print) and church bulletins, and put up neon signs in black lettering in key locations to attract the maximum amount of people possible.

5) Get Money From Your Retirement Accounts

For larger amounts of money, the first four steps may not be sufficient. This is when it’s logical to look at what you can do with your 401(k). Most of the time when you’re under 59 1/2 , you pay 10% of the penalty when you withdraw your 401(k) money, however, there are occasions that it’s a good idea to do this.3

Additionally, there are some circumstances where the penalty of 10% could be waived, for instance the case of medical expenses that are greater than 7.5% of your modified adjusted gross income.10 You may also be able to borrow, rather than take, money from your 401(k) it is a better choice if you can manage it.11

If you do not have a 401(k) however you have an IRA that could be a source of funds in particular in the case of an Roth IRA. For the traditional IRA you have options more limited however there are certain situations in which you can withdraw the retirement funds at no cost to you.3

6) Part With Your Plasma

Now we’re getting to the more extreme options. Plasma is a valuable resource used for a variety of medical treatments and research. Donating plasma is similar to giving blood, as per Octapharma Plasma Inc., a company that collects plasma used to create life-saving medicines for patients worldwide.1213

Once your blood is drawn and processed, it is circulated through equipment that separates plasma from the other parts of your blood. Your plasma is then collected in a container while the rest of your blood is transferred to your blood through a process called plasmapheresis.

Reports vary regarding the amount you can earn, and it will depend on a variety of variables. It is possible to earn between 20 and $60 for each donation. Based on Octapharma Plasma’s website Octapharma plasma website “Generally, the more you weigh and the heavier you are, the more plasma we are able to collect and the longer to donate it. The amount of money new and returning donors earn is a reflection of this. “12

7) Take money from friends or Family

We saved this one for last because it really should be a last option. While borrowing money from friends and relatives may be an easy fix however, it could lead to some adverse consequences. When a loved one lends you some cash, it can put a strain on your relationship–especially if you don’t pay the person back quickly.

According to an article published in Psychology Today, unpaid loans could cause lingering negative relationships between the lender and the borrower.14 If you are planning on borrowing money, it’s probably best to make a written contract that states the date you’ll begin to pay back the lender and also if you’ll pay interest on the money borrowed.

The Bottom Line

If you’re cash-strapped when a financial crisis strikes You’re not alone. A majority of Americans don’t have enough cash in their bank accounts to cover unexpected expenses. If you’re in this situation the most damaging thing you can do is create credit card debt, or take out the payday loan, which will be a huge cost in terms of interest.

Fortunately, there are plenty of smart ways to raise money quickly without ruining your budget. If you decide to dispose of some of your possessions or do odd jobs or borrow money from a parent or a friend One thing is certain that once you recover from this financial disaster, it’s the perfect time to build an emergency reserve.