Life can add up quickly. Between routine expenses and unexpected costs, you may suddenly find yourself in a pinch. Perhaps you’ve lost your job or had an unexpected reduction in your income. Maybe your car has called it quits or you’ve had a basement flood. No matter what the cause of your financial stress, it is difficult to find yourself behind on bills, wondering how to afford food, rent and other essentials.
Getting caught between paycheques or by an unexpected spike in costs can happen to anyone. You may find yourself wondering where to turn for help.
Is my situation a true emergency? Who can help me with money urgently? Don’t worry, help is out there. We’ve put together a list of ideas and resources to help you with money urgently:
1. Payday Loans
Payday loans are great ways for you to get money in an urgent situation.. If you have a job with regular paycheque but find yourself short from one pay period to the next, a payday loan can be a quick, effective fix. You’ll need to pay these loans back within a relatively short time-period, which is often 90 days. Nonetheless, payday loans are ideal for those who have a short-term, urgent need for cash.
2. Payment Holidays
When you are in a cash crunch, even if it feels relatively short-term, you may be wondering how to reduce the outflow of money. Regular bills, such as rent, mortgage and utilities can absorb your savings in a hurry, making it difficult to afford other essentials such as food, transportation and clothing. Speak to your creditors about your situation; many can offer payment holidays for extenuating circumstances.
3. Alternative Lenders
If you have an urgent need for money, you might rule out the idea of a bank loan, thinking the process to apply is too long and cumbersome. In Canada, a loan through one of the big banks or credit unions can require both time and collateral. There are alternatives, however, in the way of non-bank lenders. These companies typically approve clients considered too risky for bigger banks, although they usually require shorter payback terms at higher interest rates.
4. Government Grants
If your need for cash is specific in nature—perhaps you’re considering becoming an apprentice for a trade but can’t afford the training or maybe your income will be tied to a community project—you may want to consider looking into government grants. While there are government programs designed to distribute money quickly to people in need, others have longer application processes and procedures.
5. Crowd Funding
If you are in a financial crunch for a specific reason—one you know might resonate with others—you may want to consider crowd sourcing to raise money. Sites such as GoFundMe allow individuals and groups to describe their circumstances and goals to strangers, who might be willing to help. You are more likely to succeed through one of these sites if your story is both compelling and specific.
6. Examine What Can Go
When you need money quickly, a good alternative to finding new income is to sell things you don’t need. While larger or specialized items can take a while to sell, you likely have plenty of things in your home that you can quickly turn around for a profit. Do you have bikes or furniture you no longer want? What about jewellery, gift cards or unused concert tickets? You may be surprised how much money you are able to make in a short amount of time.
7. Garage Sale
Beyond the one-off items that you can sell online, you likely have plenty of other belongings you could part with, for a tidy profit. A weekend garage sale can be the perfect way to turn everyday items into cash. If you are willing to sell things like clothes, kitchen items, picture frames and children’s toys, you may be surprised how many people are willing to take them off your hands for a small amount of cash.
8. Jump into a New Role
While some jobs take time to land and require specific skills, others are almost always in demand. If you own a car, for example, you could quickly become a driver for a ride-share program or a meal delivery service. If you are already working during the day, consider taking on a part-time job in the evening to help you get through a short-term cash crunch, even if it is not your career goal or something you’ve aspired to do.
Life can be full of unexpected turns and expenses. If you find yourself in a short-term cash crunch, take a breath and know that you are not alone. How do I get money, fast? Who can help me with money urgently? These are common questions when life hits you with a job loss or a spike in costs. As you consider new sources of income, do your research, trust your instinct and beware of people willing to take advantage of you.
