6 Ways to Quickly Get Emergency Cash

March 19th, 2023

5 min read

How to Get Quick Cash During An Emergency

Emergencies can happen anytime and often strike when we least expect them. Whether it’s a medical emergency, a car repair, or an unexpected bill, an emergency can quickly leave you wondering how you’ll find the cash you need. Fortunately, there are various quick and easy ways to get cash during these instances.

6 Ways to Quickly Get Emergency Cash

From selling items you own to taking out a loan, this guide will provide 6 ways to help you access the money you need to get through a challenging financial situation. Preparing can help you be ready for any emergency and access the cash you need to get through it. Remember that some of the suggestions here are primarily for emergencies only and not if you have any other options available.

1. Ask for Help from Family and Friends

When you need help during an emergency, the first thing on your mind is usually the people who are close to you. Most individuals have family, friends, or acquaintances they can turn to in times of need. Before you take any drastic measures, ask for help from all the people you can turn to if they are available.

It is better to owe loved ones something than immediately turning to banks or any organisation. Having people in mind when emergencies happen is almost crucial. Aside from financial help, they can also offer emotional support to help you get through your troubles.

2. Take Out a Personal Loan

A personal loan is an unsecured loan that you can use to cover any expenses, including an emergency. Personal loans usually have lower interest rates than credit cards and other loans. Before you apply for a personal loan, make sure you understand the terms and conditions to know how much you’ll need to pay back and what the payment schedule looks like. Personal loans can be a good option when you need quick cash. Just make sure you can repay the loan with your next paycheque.

3. Consider Selling Your Unused Belongings

If you have stuff that you don’t use, sell it! Online marketplaces like eBay, Facebook Marketplace, Gumtree, and Amazon’s Marketplace make it easy to sell your stuff quickly and easily. When you are selling your unused belongings, make sure you price your items competitively to help you get sales quickly. Packaging and shipping your items properly is important to avoid buyer complaints. You can use the extra cash from selling your unused belongings to cover an unexpected expense.

On the other hand, if selling your belongings isn’t an option, consider donating them to help others or having them picked up by a company that recycles old items. It is good that you are decluttering your old things to earn money, but you can also give comfort to others along the way if you want to.

4. Pick Up a Side Hustle

If you have skills you can monetise or extra time on your hands, consider picking up a side hustle. Many people use side hustles to earn extra money regularly. You can use the extra cash to help cover an unexpected expense. One of the sites that offer part-time jobs is Upwork.

Having this kind of work can not only offer extra cash, but since you are doing something you are good at or you enjoy, it can also help alleviate the stress you get from your main job and can be a creative outlet.

However, make sure you can manage your time before picking up a side hustle. Since it is just a thing you do on the side, it is different from your primary source of income. A contingency plan is also a good idea if you don’t earn as much money as expected. You should also ensure you have the time to make extra money.

5. Borrow Cash From Your Credit Card

If you’re already carrying a balance on your credit card, you can use the card to access cash. Just be aware that this is a difficult move. Credit card companies charge high interest rates, which can quickly add up and leave you in a worse financial situation than before.

If you use your credit card to access cash, make sure you only borrow what you can pay back quickly and with the smallest interest possible. Before applying for a new credit card, ensure you can pay the balance on time and avoid paying unnecessary interest charges.

One bank in Australia where you can use your credit card to get a cash advance is Bankwest, which also ensures that the interest you pay on that cash is higher than if you were to use your credit card to make a purchase. According to them, cash advance interest will accrue daily after the money is withdrawn.

6. Get an Instant Pay Advance With Wagetap

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Lastly, you can turn to Wagetap as one of Australia's leading wage advance apps. It’s a great tool that instantly lets you get the money you've earned. They also have a bill split feature where they can cover bills up to $600, and you can repay in smaller instalments.

However, to avoid being in the position of seeking emergency cash in the first place, you should learn to be prepared. That way, you do not have to look for creative ways to get cash in a pinch.

Creating an emergency fund to cover unexpected expenses is a good idea. That way, if an emergency does arise, you have the money you need to get through it. Emergency funds come in many forms, and choosing the best option for your financial situation is essential.