April 5, 2023
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Money Hacks

5 Ways to Get Emergency Cash Quickly

Tips for getting cash when you need it urgently 🚀

(If you’re looking for an instant cash advance, we’ll just mention Cleo can spot you up to $100. No credit checks and no interest.)
Eligibility requirements apply.

Having access to emergency cash is important because unexpected expenses can happen at any time. And we’re not talking about buying the latest air fryer…

We’re talking about serious stuff like medical emergencies, car repairs or home repairs.

And when an unexpected expense arrises, it can be stressful trying to figure out how to quickly come up with the cash you need. Without emergency cash, you may have to rely on credit cards or loans to cover the expenses, which can lead to high interest rates and debt.

We don’t want that for you.

Additionally, if you don't have emergency cash, you may have to sacrifice other necessary expenses, such as rent or bills.

Fortunately, there are ways to get emergency cash quickly.

Some of which we’ll cover in this blog:

📦 Sell stuff online
📱 Borrow from friends or family
💵 Cash advance
💳 0% APR credit cards
🏦 Personal loans

Let’s get to it…

#1 Sell stuff online 📦

If you’re looking for a little bit of extra cash to help with a small expense, selling online could be a quick way to getting some money in your wallet.

However, this could potentially be a bit of a slow burner so it’s worth noting you’re less likely to get the money as quickly as the other options but you’ll be making money, rather than borrowing money.

  • Craigslist – You can literally sell anything on Craigslist. And don’t worry, buying offers are sent to your personal email but your email address will remain hidden from buyers.
  • eBay – Similarly to Craigslist, you can sell a range of different stuff from clothes to spare car parts. Beginner? Here’s How to Sell Stuff on eBay.
  • FB Marketplace – Facebook Marketplace is a super easy way to sell locally. Remember to always confirm that you’ve received the buyer's payment before you dispatch the item.
  • Depop – It’s not just for clothes, you can sell many different things including books, art, sports equipment – you name it, Depop sells it. You’ll just need to print a shipping label and get boxes ready. First time using Depop? Have a look at our blog on How to Make Money on Depop.
  • Poshmark – Similarly to Depop, posting is as easy as it is on Instagram. If you're new to Poshmark, check out our blog on How to Make Money on Poshmark.

#2 Borrow from friends or family 📱

If you think your friends or family could be in a position to lend you emergency cash, this may be a better option for you.

It’s always important to discuss your situation openly and be completely honest with them about why you’re in the situation you’re in.

And before you both agree, discuss a repayment schedule and set a timeframe of when you’ll be able to repay the money owed 💖

#3 Cash Advance 💵

Need money now? Or wondering “Where can I borrow money asap?”, a cash advance might be the right route for you.

If eligible, you can get access to small amounts of money quickly and easily via a cash advance.

And it’s pretty simple.

You usually receive the funds within three working days but if you’re looking for an instant cash advance, you just need to pay a fee to receive it on the same day.

There are tons of cash advance apps out there, but here’s a couple of the best:

Cleo

Other cash advance apps may require a specific income, but not Cleo.

She believes everyone should be able to apply for a cash advance, whether you’re a gig worker, in part-time or full-time employment.

Welcome to the ultimate gig worker cash advance app 💙

Cleo’s cash advance* is interest free and there’s no credit checks. And unlike payday loans and overdraft fees, she won’t affect your credit score.‍

💵 Maximum amount: $100‍
🏦 Fees: $5.99 monthly subscription and no late fees‍
✅ Repayment: It’s up to you when you want to repay‍
🔎 Credit check: No‍
📈 Interest: Hell no

Chime

Chime offers a fee-free overdraft service called SpotMe.

You’ll usually start off with a $20 limit but this might increase over time.

To be eligible, you’ll need to have at least $200 worth of qualifying direct debits into your Chime account each month. And you’ll also need to have an active Chime debit card.‍

💵 Maximum amount: $200‍
🏦 Fees: Option to tip and no late fees‍
✅ Repayment: Your next payday‍
🔎 Credit check: No‍
📈 Interest: No

#4 0% APR Credit Cards 💳

A 0% APR (Annual Percentage Rate) credit card is usually a type of credit card that offers a promotional period where zero interest is charged on purchases, balance transfers, or both. This means that during the promotional period, you can carry a balance on the card without incurring any interest charges.

Winning.

However, the 0% APR offers last for a limited time and are usually between 12 to 18 months, after which the regular APR will apply. So always pay your balance off in full before the promotional period ends or you’ll be hit with a load of interest.

These types of cards can be a good option if you’re looking to make a large purchase of if you’re looking to transfer a balance from a high-interest credit card to a card with a 0% APR offer.

Generally speaking, to be eligible, your credit score would need to be a “good” score of around 670. Other factors such as your income, debt-to-income ratio, and credit history are all taken into account too.

#5 Apply for a personal loan 🏦

Personal loans are a type of installment loan repaid monthly over the loan term – anywhere from 1 to 7 years until it’s paid off. In some cases, you might get up to 10 years to repay your balance.

And to get a personal loan, you first have to apply for funding.

After qualifying and signing a loan agreement, you’ll receive the money in a lump sum – a single, large transfer of cash. If you’re using the money to pay off higher-interest debts, the lender may even pay those bills directly.

Lenders charge interest on personal loans, which they build into your monthly payment. Most have a fixed interest rate that stays the same until the loan is paid off. If you have a variable-rate loan, which is less common, your rate and monthly payment may change.

Over the course of the loan, your lender will likely report your payments to the credit bureaus. Making consistent, on-time payments helps build your credit history and can even boost your credit score.

Remember that you’ll have to start repaying the loan within 30-45 days of receiving funds – so it might be wise to set up automatic repayments through your bank.

Before comparing personal loans and other forms of credit, it’s always best to look at other options first which shouldn’t have cost implications. And if you are looking at taking out financial products, always check the terms and conditions and APR first.

Avoid those pesky high-interest and predatory loans 🚨

For tips on personal loans, here’s a run-down on How Personal Loans Work by Cleo’s very own financial advisor, Anna Yen.

Creating and sticking to a budget could stop you from getting into a similar situation in the future. Looking for emergency cash quickly is stressful, but it doesn’t need to be. Budgeting can help keep you out of these situations.

Having emergency cash can also provide a sense of security and peace of mind. And knowing that you have some funds available in case of an emergency can help reduce anxiety and stress.

Enjoy this post? Give it a share or send it along to a friend. You never know, it could make a big difference.
Big love. Cleo 💙

*Eligibility requirements apply.

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