Life is full of unexpected emergencies that catch us off guard and leave us scrambling for financial solutions. While having an emergency fund is ideal, there are times when we find ourselves in urgent need of money and don’t have the necessary funds. In such situations, it’s important to explore options for obtaining fast cash. In this blog, we will discuss various ways you can access quick money, analyze the pros and cons of each option, and provide guidance on how to proceed if you choose to pursue these avenues. Without waiting further, let’s dive in and see what to do if you need money urgently.
Need Money Urgently? 9 Ways You Can Get Fast Cash
- Get Advance Salary Loan
- P2P lending
- Sell Your Old Unused Stuff
- Withdraw Cash from Your Credit Card
- Sell Your Stocks
- Borrow Against Life Insurance
- Borrow from your PPF Account
- Borrow from your friends/relatives
- Loan against Mutual Funds and Stocks
- Borrow from Community
Without further delay, let’s dive into detail:
1. Get Advance Salary Loan
Looking for quick ways to get some extra cash? Well, you’re in luck! One option worth considering is the Jupiter Money’s Mini Loan. This salary advance loan provides a range of features and benefits that make it an attractive choice for those seeking fast cash. Some notable features of this loan include:
- Zero Interest Rates
- No Collateral Required
- Hassle-Free Application Process
- No Extra Charges or Hidden Fees
- Flexibility to Repay in 1, 3, or 6 Months
- Lower CIBIL Score Requirement
- Supports a Wide Range of Applications
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2. P2P Lending
P2P lending, also known as peer-to-peer lending, is a modern way to borrow money directly from individual lenders through online platforms, without any intermediaries involved. These digital platforms offer a simple and convenient borrowing process, allowing you to obtain loans with favourable terms and a streamlined approval procedure. It’s worth mentioning that P2P lending carries a slightly higher risk than traditional or digital lending with intermediaries. Nonetheless, it remains a solid option as it provides an opportunity for individuals with lower credit scores to access much-needed loans.
3. Sell Your Old Unused Stuff
If you happen to have unused assets in your home or storage facility that are not generating any income, it may be beneficial to sell them and obtain instant cash to address your pressing needs. You can sell unused items like speakers, microwave ovens, iron box, and other electronics which are not in use. Other than these, there might be unused furniture and show pieces at home that an be sold off. Whether through online platforms or physical locations, there are numerous avenues available to sell these preloved items, and the best part is that almost anything can be sold. Unlike a loan, you won’t be obligated to repay these funds, providing a convenient solution for your financial requirements.
4. Withdraw Cash from Your Credit Card
In today’s world, credit cards have become a commonplace financial tool for almost everyone. They offer incredible benefits and unmatched flexibility as a credit product. With a credit card, you have the convenience of making payments both offline and online, as well as the option to make EMI-based payments. Furthermore, you can even withdraw cash from ATMs, similar to a debit card. However, it’s important to note that credit card withdrawals, technically known as credit card advances, differ slightly from debit card withdrawals.
While you can withdraw cash using your credit card, there is a limit imposed by your bank, as the primary function of a credit card is to facilitate transactions rather than cash withdrawals. It’s advisable to check with your bank to confirm if this feature is available to you. Additionally, it’s crucial to keep in mind that there are additional charges and interest applied to the withdrawn amount, making it essential to manage your credit card advances responsibly.
5. Sell Your Stocks
If you find yourself in need of quick cash, selling your stocks can be a viable option. By selling stocks that have increased in value since you purchased them, you have the opportunity to make a profit. However, it is advisable to consider selling stocks that exhibit stable growth. Alternatively, if you believe that volatile stocks have the potential to yield higher returns in the long term, they may be worth including in your investment portfolio. The process of liquidating your stocks is straightforward, as you can conveniently sell them on your trading platform and receive the funds directly in your bank account.
6. Borrow Against Life Insurance
Investing in a life insurance policy is a decision that not only safeguards your family’s future but also offers a favourable return on your investment. Moreover, in today’s times, policyholders have the added advantage of accessing a loan against their life insurance policy, providing a convenient solution during urgent financial needs. Unlike personal loans, these loans against life insurance policies come with a lower interest rate, making them a more cost-effective option. Furthermore, the value of your policy remains unaffected by market fluctuations, distinguishing it from loans against assets like gold or shares. Thus, life insurance not only ensures security but also serves as a reliable source of funds when required.
7. Borrow from your PPF Account
You can get a loan from your Public Provident Fund (PPF) account if it has been active for more than three years. This loan has some benefits: first,you do not need to keep anything such as a house or goldas collateral andyou can return it over a 36-month period. It is important to note, however, that you cannot borrow the full amount in your PPF account. The maximum loan amount is 25% of the account balance at the end of the second year, right before the year you request for the loan. For example, if your PPF account balance is Rs. 2,000,00on March 31, 2020, you can take only Rs.50,000 for the financial year 2022-2023. The loan must be returned in 36 monthly installments at the most. The loan’s interest rate is 1% greater than the interest rate on your PPF account. This means that the interest rate on the loan will be slightly higher than the interest rate on your PPF balance.
8. Borrow from your friends/relatives
Borrowing from friends or relatives in an emergency is an easy and quick way to get money quickly. The advantage here is that there is no interest to pay and you can work out a very practical repayment schedule that works for both sides. All you have to do is ask.
9. Loan against Mutual Funds and Stocks
Certain banks will provide loan on your Mutual Fund investments and Equity share holdings. For Equity Mutual funds, you can get up to 50% of the NAV as loan amount and up to 80% of the Debt Mutual Funds or FMPs (Fixed Maturity Plans). When it comes to Equity shares, you can get up to 50% of the present value of shares.
10. Borrow from community
Some regional and religious communities, welfare committees offer loans to people locally. You can reach out to them for urgent need of money
Final Thoughts
When you find yourself in a tight spot and need money urgently, there are various avenues you can explore. From selling off items you no longer need to consider an advance salary loan, there are solutions available to suit different circ*mstances. It is crucial, though, to be mindful of potential risks or downsides associated with these methods. Take the time to carefully consider your options and make a well-informed choice. By tapping into your resourcefulness and determination, you can swiftly acquire the funds you require and alleviate your financial burdens. So instead of panicking, take a moment to evaluate your situation, explore the possibilities at hand, and take decisive action today!
FAQs:
1. Is it possible for me to apply for a loan if I’m currently unemployed?
Absolutely! You have the option to apply for a no-income loan through a convenient online application. However, it’s important to note that most lenders who provide no-income loans require some form of collateral
2. I’m in urgent need of money, but I’m unable to secure a loan. What can I do?
If you find yourself in a situation where you urgently require funds but are unable to obtain a loan, there are several alternative options you can explore. These include borrowing from close friends or family members, considering part-time employment opportunities, exploring the possibility of borrowing from your retirement account or requesting a pay advance from your employer.
3. I require immediate funds, but my credit score is poor. How can I apply for a loan?
If you have a bad credit score and need money urgently, there are lenders who specialize in providing loans to individuals with less-than-perfect credit. These lenders often offer a streamlined online application process. However, it’s important to be aware that having a low credit score may result in higher interest rates for the loan.
