As a student, you’re probably already living on a pretty tight budget — especially if you work part-time or survive off of student loans.
It can be quite stressful trying to earn a living while maintaining excellent grades to make your education pay off.
So when the inevitable and unfortunate situation happens, you need to know how to get emergency cash immediately so you can put all your focus on your studies again.
Here are 9 ways to raise emergency money quickly so you’ll be prepared when bad luck strikes.
1. Borrow Money From Your Loved Ones
If you’re strapped for cash, try asking your family or friends for a personal loan first. Your loved ones are your biggest cheerleaders, which means they don’t want to see you fail, whether it’s in school or in life.
Once you explain your situation to them, you’d be surprised at how many relatives and friends are willing to lend you money. Some may even be prepared to lend or even give you cash, no questions asked.
This is the best option to get emergency money since you not only get cash immediately, but you also get two other benefits you won’t get from other options: Your repayment term is flexible if there even is one, or you’ll have a low or non-existent interest rate.
2. Collect on Money Owed
Have you been quite generous with your money and have several people who owe you money? Then it’s time to collect.
Of course, they might be in the same dire situation as you, so you can’t collect on money immediately. But otherwise, you can offer to cut down the money owed if they pay up straight away. This can be a great motivating factor in getting money quick.
3. Sell Non-Essential Items
If you have anything of value sitting there collecting dust, it can be a good source of emergency money. List your video games or old textbooks on Facebook Marketplace; you’ll get local buyers so you don’t have to go far (or they can come to you).
You can also try selling on advertising websites. However, you have to keep your wits about you to avoid scams and putting yourself in risky situations.
4. Get Emergency Cash Immediately By Pawning
You can also pawn items that you don’t need at the moment. Pawning is a good option if you want to get your belongings back at a later date.
However, pawning comes with a downside: you have to pay interest when you collect your things.
Depending on how high the interest is, you may find yourself in another situation where you need emergency money again. So you should only pawn your items if you’re sure you can save up money and cover the interest fee later.
5. Get a Cash Advance With Your Credit Card
This is one method that’s truly immediate. All you have to do is go to the ATM and withdraw cash with your credit card. You’ll have cash in hand instantaneously.
However, make sure you read the terms and conditions for your credit card. Most of the time, cash advances have high fees and APRs attached to them. As with pawning your belongings, make sure you can cover the fees and APR or you’ll perpetuate the cycle of needing emergency funds.
6. Try Crowdfunding
This option might or might not get you money quickly, but it’s still worth a shot. If you’ve fallen into hard times due to unfortunate circumstances, your story may garner sympathy from others, inspiring them to help you out financially.
Depending on how relatable and dire your situation is, you may be able to get emergency money quickly when you try crowdfunding. Keep in mind that crowdfunding sites usually take a certain percentage, so make sure you set your goal amount a little higher than what you actually need.
7. Get a Payday Loan
If you have a job, you can consider getting a payday loan. You can get emergency money the same day you apply for the loan, plus you don’t need to put down collateral.
Do be aware that this instant loan comes with a price tag: high-interest rates. You also usually have to repay the amount within a few weeks to a month. This helpful web page will tell you more about payday loans so you can determine if it’s ideal for you or not.
8. Recycle Your Bottles and Cans
Is your apartment a bit messy, full of empty bottles and cans from the last party you threw? Then this can actually work to your advantage. If you live in a state where you can recycle to get deposits back, gather up all the bottles and cans you can.
In fact, ask around for even more empties from your friends, family, and neighbors. Not only are you doing them a service by getting rid of their trash, but you’re also adding to your emergency funds. Who knows—a few of them might even pay you for the manual labor.
9. Line Up Odd Jobs
Get on your phone and network as much as you can. Log onto social media, send texts, and make phone calls. Put your knowledge and strong points to work.
If you have a neighbor who regularly goes out of town and needs a reliable dog sitter, promise your services for the next month in return for cash up front. With enough odd jobs lined up, you can collect a decent sum of money.
other valuable tips:
Be Prepared for Unexpected Trouble
Life rarely goes smoothly and catastrophe can strike at the most inconvenient times. You’ve worked so hard to get into college, so don’t let an emergency derail your future.
Now that you know several ways to get emergency cash immediately, you’ll be ready for any upcoming disasters. You won’t have to worry about dropping out of college at all.
Want to start cutting down on costs and add to your rainy day funds? Read these three tips for cutting down on unnecessary college costs.
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