• Contact Me


12 Ideas for How to Get Emergency Money

A financial setback can occur at any moment. All of a sudden, you may find yourself in a very tight spot, needing cash … fast! It could be an emergency that can’t wait, and yet you’re stuck as to where to get the money you need.

When you are looking for ideas on how to get emergency money, remember that while some options are safe, while others will affect your financial prospects negatively. It’s all about making the right choices under emergency conditions.

If you need to raise funds quickly, here are twelve ideas for how to get emergency money:

Idea #1: Apply for a payday loan

Payday loans are short term loans suitable for those who need to get emergency money. You can apply for a payday loan online or visit a payday store. To apply for a financial payday loan, bring your pay stub and a form of acceptable identification. Find out what documentation you are required to bring along.

Payday lenders charge triple-digit APR and demand payments in two weeks. Watch the fine print to make sure there are no hidden charges. Carefully go through the loan terms to establish if you’ll be able to repay the loan on time.

Idea #2: Take a cash advance

With a cash advance, you can withdraw funds beyond your cash limit. This is a great way to get emergency money. However, this facility comes at a cost. Your credit card company may charge a premium on the advance. It’s therefore essential to be sure of how you intend to repay the loan to avoid punitive interest rates.

Idea #3: Apply for an emergency installment loan

This loan offers a range of rates and terms. Apply online to get pre-qualified. If you’re approved for a loan, it may take as little as one business day to get the funds into your bank account. The repayment rates and terms are easy. However, it’s harder to qualify for these loans to get emergency money.

Idea #4: Take an emergency auto title loan

You can also take a loan against your car to get emergency money. You get 25% to 50% of your vehicle’s value. These loans have short repayment terms, which might make loan repayment difficult.

The good news is, as you repay your loan, you still get to keep your car. However, the car is tied as collateral, so, in the event you fail to repay your loan, you lose the car.

Idea #5: Get a pawn shop loan

Pawnshops give loans on items without asking questions about how you intend to use the funds. Pawn your item in exchange for quick cash, or use it as security for your loan.

With pawn shop loans, you pay no interest. However, you might only get a fraction of your possession’s worth. In case you don’t repay your loan, you lose your items. The trick is to repay your pawn loan as quickly as possible.

Idea #6: Check around your home for money

Although this idea may seem obvious, you probably haven’t thought about it. If you haven’t gone through your closet, in between your sofa cushions, your pants’ pockets and your car, try it; you’ll probably find some emergency money lying around somewhere.

Idea #7: Borrow from a friend or relative

Enquire if a family member, or a friend, is in a position to loan you cash. It’s the most affordable way to acquire some money, but the least comfortable.

Come up with a clear repayment plan to avoid hurting your relationship. Stick to your repayment agreement. Approach this strategy with an open mind since you might get a ‘no.’

Idea #8: Sell items of value for money

Look through your stuff for something of value and sell it. It could be something you used once, but you don’t need it anymore. Although your items are unlikely to fetch high prices with this method, at least you get some cash on the spot with no interest or repayment plans to worry about.

Idea #9: Reverse Mortgage

To borrow a significant amount of emergency money, consider mortgage reverse. It allows you to borrow from your equity without making mortgage payments each month. You can take the loan as a chain of payments, a single payment, or a line of credit. However, you risk losing your home with this option; so, make your payments on time.

Idea #10: Get an overdraft


Your lender may give you overdraft protection on your account. Even though you might not be able to write a cheque for cash, the overdraft allows you to buy groceries and pay bills with a debit card or a cheque that would have otherwise bounced. This type of loan has high-interest rates, and if you fail to pay it back, you could end up losing your account.

Idea #11: Borrow money against your life insurance policy

In case your life insurance policy has been active for a few years, you may have built enough equity on borrowing against. The advantage is that you don’t pay taxes on it. However, it reduces the amount available for direct cash payment. Instead, consider cashing out your policy, but this might expose you to tax obligations above your paid premiums.

Idea #12: Liquidate your investments

Although this is not an ideal way of obtaining cash, an emergency may necessitate going this route. If you have investments you can liquidate, and this is the only viable option at your disposal, go ahead and get some cash. Tax penalties might apply, especially if you liquidate stocks or bonds. The problem is that the liquidation process takes time, making this option unattractive when you need money quickly.

  • Hey there, thanks for reading! Let me know if you have any comments or questions about what I just wrote.