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How to Raise Money Fast During an Emergency

If your savings account has less than $1,000 in it, you’re not alone — 58% of Americans are in the same boat.

Some even have it worse, with four in 10 U.S. adults not having enough to cover a $400 expense.

But that’s not all.

The Federal Reserve found that in 2017, over one in five adults faced a huge, unexpected medical bill. What’s more, those bills had a median cost of $1,200.

Now, all these are definitely sobering statistics. But that doesn’t mean you no longer have any means to raise money fast if you find yourself in a financial pinch.

We will show you how to get emergency money the quickest (and legit!) ways possible, so be sure to keep reading!

Sell Some of the 300,000 Items You Have at Home

All those zeroes aren’t typos — experts say that the average U.S. household does have 300,000 items in it. That said, you can sell all those cans, bottles, metals, and glass lying around unused if you need cash in a hurry.

Check if your state is one of the 10 states (plus Guam) with Beverage Container Deposit Laws. These states follow a deposit-refund system for these containers. You only need to drop them off at a redemption center (like a supermarket) to convert them into $$$.

You can also recycle battered electronic gadgets to help raise emergency cash. If you have an old and unused Samsung Galaxy, iPhone, tablet, or MP3 player, ecoATM can buy it from you. “Deposit” these gadgets in one of their ATM kiosk locations, and in exchange, you’ll get money on the spot.

Make Money off of Your Junk Car

86% of an automobile’s structure and contents are from recycled or reused materials. That should tell you that your junk car is a valuable source of emergency money.

All that steel in your junker — which makes up about 55% of your car’s total weight — can already rake in a few hundred dollars. Your car also has aluminum, iron, copper, and if you’re lucky, platinum. All these can add a few more hundred dollars to your emergency funds.

To sell your junk car, contact scrappers or junkyards nearest your home (or where the vehicle is). Compare their rates and ask if they’ll tow or pick up your car for free, so you don’t have to pay for it yourself. Most reputable scrappers and junkyards do, and they’ll also give you the cash for your junk car on the spot.

Liquidate Big-Ticket Items

Letting go of pricier items, such as jewelry and high-tech gadgets, is a crucial step to raising cash fast. You can sell jewelry to pawnshops, but for your electronics, try the Internet first. You may be able to get more money from them if you sell them to private buyers.

Consider a Secured Loan

If you can’t or don’t want to permanently part with your valuables, you can pawn them instead. Today, most pawnshops accept both jewelry and other big-ticket items like recent-model electronics. Compared to bank loans, these secured loans are easier to get since there’s collateral.

If you have two vehicles, consider using the other one as collateral for a title loan. You can check out this company to learn more about auto title loans.

You’ll get less money, but at least you don’t need to sell them. Just make sure you pay it back on time, otherwise, the pawnbroker can sell your items to recover their losses.

Put Up Clothes and Accessories for Sale

If you’re in dire need of cash, even your designer clothes, and accessories, like bags and shoes, also need to go. If you don’t have branded items, you can still raise money from selling pre-loved clothes.

There’s a big market for resale clothing, don’t worry. In 2017 alone, a third of women bought thrift items. That means you have good chances of making a quick sale from your used clothes.

Sign Up for a Freelance Gig

Do you have good writing, graphic designing, or programming skills? Then consider securing a freelance gig from online platforms like Indeed and Upwork. These websites are always on the hunt for freelancers and you can get paid right away after a job.

That said, start with a short-term project that you can complete within one to two days. That way, you can get the emergency funds you need as soon as you successfully complete the task.

Get a Friend or a Family Member to Use Your Credit Card

Borrowing money from friends or family members should be your last option. Especially if you’re unsure when you can pay them back, as this can cause some tension between you guys.

So, instead of asking them for a loan, ask if they want to buy something and put it on your card instead. In exchange, they can give you the cash for their purchases.

While you’re at it, have the card charges placed on a deferred payment system. This way, you can pay back your credit card dues on an installment basis. That will help reduce not only your amount dues but also your interest payments.

Follow These Tips to Raise Money Fast

As you can see, there are loads of ways to raise money fast without having to borrow money from friends or family. Try the hacks in this list first, as we’re sure they can already help you raise a few hundred dollars. If you need a huge amount of money and you have a good credit score, you may also want to apply for a bank loan.

A bank loan can serve as a backup in case you’re still┬áshort after doing everything in this list.

Ready for more financial tips and strategies? Then feel free to check out the rest of our website for more useful guides like this!

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