21/8/2019 19 Ways to Find Fast Cash, More Savings - NerdWallet

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19 Ways to Find Fast Cash,

More Savings
ARIELLE O'SHEA
Aug. 29, 2017

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When an unexpected expense pops up, many people find themselves in

a bind. In fact, a recent Federal Reserve survey found that 44% of
respondents said they’d have to sell a belonging or borrow money to
cover a $400 emergency expense.

The fix is to build an emergency fund. Even $500 in the bank can get
you out of a pinch, and having three to six months of expenses is even
better. That amount could let you get by without pawning off valuables,
selling your blood or leaning on the generosity of a friend or relative.

It takes time, discipline and extra money to build that cushion. In the
meantime, here are strategies to earn fast cash today, increase your
income on an ongoing basis and cut your monthly spending.

Get cash on top of the rewards you already earn.

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21/8/2019 19 Ways to Find Fast Cash, More Savings - NerdWallet
You’ll still get the rewards your current card offers, plus an added 2-
10% cash back at participating stores.

SEE HOW TO EARN THAT CASH

Get your hands on extra cash today

1. Sell old cell phones: A study released in 2015 found that half of the
people surveyed had at least one old cell phone gathering dust. You can
sell your old phone on sites such as Swappa and Gazelle, but to get cash
today, using an ecoATM kiosk is your best bet. Consider selling old MP3
players and tablets, too.

Are you saving enough money?

What is your monthly after-tax income*?

$3,400

How much do you save every month?

$700

Your monthly savings rate is

We recommend setting aside at least 20% of your monthly after-tax

income for unexpected expenses, saving for the future or paying off debt.

Are you looking for ways to keep your spending in check and save even
more? NerdWallet has you covered.

Learn more

2. Sell unused gift cards: In 2015, an estimated $973 million in gift cards
went unused, according to research and advisory firm CEB TowerGroup.
Most online gift card exchanges take a few days because you have to
mail the card and then wait for a check or direct deposit, but
Cardpool kiosks offer instant cash for cards valued at $20 or more. You’ll

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21/8/2019
get slightly less there; the19company
Ways to Find Fast Cash, More Savings - NerdWallet
pays up to 85% of the card’s value at
its kiosks, while it pays up to 92% if you sell through its website.

3. Pawn something: As a way to borrow money, pawnshop loans are not

great. But they’re quick, and if you can’t repay the loan, the pawnshop
simply keeps the item you used as collateral. That’s a lot better than
ruined credit and calls from debt collectors. You can often sell outright
to a pawnshop, too, instead of borrowing against an item. Jewelry,
musical instruments, firearms and up-to-date electronics fare best.

4. Work today for pay today: Searching for this phrase online turns up
lots of results. We’ve researched 26 legitimate side jobs that can provide
a quick income boost, ranging from driving passengers or packages to
freelancing from home.

You can also try the Craigslist jobs or gigs sections, which often have
postings for short-term work in food service, housekeeping and general
labor.

Ask for help

5. Seek community loans and assistance: Local community
organizations may offer loans or short-term assistance to help with rent,
utilities or other emergencies. NerdWallet has compiled a database of
payday loan alternatives available to residents in nearly two dozen
states. Local churches may make small loans at low rates. Community
centers and nonprofit associations in your area may also offer small
loans.

6. Ask for forbearance on bills: Some creditors such as utilities and

cable television companies don’t charge interest on late payments, so
find out whether they’ll accept delayed payments. Use whatever money
you save from not paying those bills to cover emergency needs. If you
can’t pay consumer debts such as auto loans or mortgages, explore your
options with the lender first before turning to toxic high-rate loans.

Borrow from yourself

7. Request a payroll advance: Ask your employer for a cash advance on
your pay, which usually doesn’t cost you any fees and which you repay
via payroll deduction. Some companies also offer low-cost loans to
workers in crises. You also might consider Earnin, an app that offers
workers advances that they repay in a lump sum on payday at no
interest. It does ask for a donation, though, and requires access to your
bank account and work time sheets.

8. Take a loan from your retirement account: You can take a loan on

your 401(k) or individual retirement account, but there are conditions.
You can borrow from your IRA once a year if you repay the money within
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60 days. If your employer19allows
Ways to Find Fast Cash, More Savings - NerdWallet
401(k) loans — not all do — you
typically can borrow as much as half your account balance, up to
$50,000, and you have five years to repay it. However, if you don’t make
payments for 90 days, the loan is considered taxable income. And if you
quit or lose your job, you typically have to repay the 401(k) loan shortly
thereafter.

9. Borrow against life insurance: If you have a life insurance policy that
has cash value, sometimes called permanent life insurance, you can
borrow against it and have the rest of your life to repay it. If you don’t
repay, the insurance company subtracts the money from the policy
payout when you die. But you can’t borrow against a term life insurance
policy, which is the more common type.

Take out a loan

10. Use a credit card cash advance: If you have a credit card and the
account is in good standing, a cash advance is a much less expensive
option than a payday loan. You’ll pay a fee, typically around 5% of the
amount you borrow, plus interest, which can be around 30%.

11. Look for a payday alternative loan: Some credit unions offer small,
short-term cash advances known as payday alternative loans. Federally
chartered credit unions legally can’t charge more than a 28% annual
percentage rate on PALs. That’s not cheap, but it’s much better than
payday loans, which have triple-digit APRs.

12. Take out a personal loan: Some lenders can fund a personal loan in a
day; if you have good credit, you’ll probably have many choices. If your
credit is a challenge, you’ll need to find a lender that not only delivers
fast cash but also accepts poor credit. Rates for borrowers with bad
credit from mainstream lenders top out at 36% APR. You may find other
lenders offering fast funding without a credit check, but you’ll pay triple-
digit interest rates. Don’t fall for it.

Increase your income

13. Rent out a room: Sites like Airbnb aren’t just for people who have
vacation homes to rent out when they’re not using them. Many of the
site’s listings are for extra rooms — or even shared rooms — in the
owner’s house, meaning you could stay put while bringing in some cash,
particularly if you live in a reasonably desirable area. Check local
ordinances to make sure short-term rentals are allowed.

Creating a listing on the site is free, but there is a 3% service fee when a
reservation is made. You can easily estimate how much you might make
on the Airbnb website. For example, the site estimates that a one-week
private room rental in relatively rural Staunton, Virginia, could bring in
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21/8/2019 19 Ways to Find Fast Cash, More Savings - NerdWallet
$725. The company releases payment to the host 24 hours after the
guests check in.

14. Moonlight as a dog sitter: Technology is on your side here, too, with
sites including Care.com and Rover, matching pet owners with dog
sitters and walkers. You can choose to host the dog or stay at the
owner’s house (and — here’s an idea — rent out your place through
Airbnb while you’re gone). Rates are between $20 and $60 a night in
most areas, though they can skew higher or lower depending on the
location and the amount of work involved.

15. Become a rideshare or delivery driver: These are jobs you can do in
the evenings or on weekends, using your own car and gas. Companies
such as Uber and Lyft match you with people willing to pay for a ride,
and delivery services such as OrderUp and Postmates pay you to deliver
takeout and other items. Here’s a look at what Uber and Lyft drivers
earned in various cities in 2015; the range seems to be $10 to $15 a trip.
OrderUp says its drivers earn up to $20 an hour, and Postmates pays up
to $25 an hour.

Reduce your monthly spending

16. Cut your insurance premiums: One of the dirty secrets of the car
insurance industry is that premiums for the same driver for the same
coverage can vary by hundreds of dollars from company to company.
Each insurer does its own math; that’s why it pays to compare car
insurance quotes.

If you like your carrier, review the dozens of discounts it may have
available. You could get 10% off or more for things like making good
grades, completing defensive driving training or going at least three
years without an accident.

The same is true with homeowners insurance. Shopping around can save

you 10% to 15%, as can discounts for things like having a home security
system, staying claim-free or being a nonsmoker. And many insurers
offer discounts for buying both car and homeowners or renters policies
with them.

17. Consolidate your debt: If you’re struggling to keep up with multiple

debt payments, you may be able to consolidate those balances — from
credit cards, medical bills, store financing or other charges — and lower
your payments with a personal loan. Some lenders can fund the loan
within a day. Refinancing $5,000 worth of debt from a 10% interest rate
to 5% could save you more than $800 in interest if you need to carry the
balance for at least four years.

If you have good credit, you can do a balance transfer of high-interest

credit card debt onto a new card with a 0% introductory interest rate.
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Make sure you can pay off the balance before the rate balloons at the
end of the introductory period.

18. Refinance your student loans: Borrowers are benefiting from low
interest rates and a competitive private student loan refinancing market,
and refinancing options are available for people with a range of credit
scores. It’s worth checking into whether a refinance could save you
money — especially when the average borrower through NerdWallet’s
refi platform can save more than $11,000.

19. Change your cell phone plan: If you value money in your pocket over
buying a new fancy phone, look into cell phone providers that offer rock-
bottom rates. FreedomPop offers basic voice and data service for free.
The catch with these services is you often have to buy a phone
outright or bring your own. So maybe you don’t want to sell your old
phone quite yet. You can find a prepaid cell phone plan for $30 a month
or less as well.

4 fast-cash sources to avoid

Payday loans: Payday loans are short-term loans that are made to
people who have a source of income and a bank account and that are
repaid in a lump sum. Your credit isn’t a factor, but if you already have
outstanding payday loans, you may not be able to get another one.
Interest is usually expressed as a “fee” — $15 per $100 borrowed is
typical. But that can be a trap: Borrowers typically have the option to
pay another fee instead of settling the loan, and over time, those fees
add up. A typical $15 fee on a two-week loan amounts to nearly 400%
interest on an annual basis.

Payday installment loans: Available at stores and online, these payday

installment loans stretch repayment terms to as long as three years. You
don’t need good credit; the products often are advertised as no-credit-
check installment loans. But you typically must meet the requirements of
a payday loan: a paycheck and a bank account. Interest charges mount
quickly: A $2,000, three-year loan at 400% APR will end up costing over
$16,000.

Auto title loans: These short-term loans — in places where they’re legal
— require you to hand over the title to your vehicle as collateral for the
debt. They’re often compared to payday loans, and the interest rates are
comparable, but they can be even worse: If you don’t repay, the lender
can seize your car.

Credit-building payday loans: Most payday lenders don’t report on-time

payments to the big credit bureaus, which would help your credit scores.
Some lenders do, and they also reduce interest rates on subsequent
loans to reflect improved credit. Oportun, Rise and Fig Loans all offer
installment loans at a lower cost than a payday outlet — but their rates
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21/8/2019
are still many times those19of
Ways to Find Fast Cash, More Savings - NerdWallet
mainstream lenders. We don’t recommend
these loans unless the only other option is a traditional payday loan.

Updated Aug. 30, 2017.

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4 Comments NerdWallet  Georgios Moulkas

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Maria Rushton • 9 months ago

Selling my automotive sales brochures who and where can I sell them?
△ ▽ • Reply • Share ›

michellehyde50 • a year ago

There are even ways to earn money if you are not online. For example, you
can easily get a free $5 Amazon gift card just for snapping a pic of "For Rent"
signs around town and sending it to (904) 834-0407. It is one of the easiest
ways to get free money, but I am not sure when the promotion ends.
△ ▽ • Reply • Share ›

michelle roy • 2 years ago

I was actually scammed by The Alternative Loan Machine $4,200. I know
them. They are local to me. I paid them for work on my credit that they
assured me would be done. It wasn’t done. They promised a refund. It’s been
2 months and the refund never came. Now, no one answers their phone,
returns calls, or is on line at their chat “Help Desk” anymore. All the
assurances of preventing scams and ensuring work, ended up all being B.S.
Then i was looking online just as you're doing right now and i came to find out
about a good samaritan who helps people fix their credit for so much lesser
amount of money, i emailed them and my credit that wasn't fixed in 2 months
was fixed in 72 hours. Their email should be EAGLESEYE dot HACK at
GMAIL dot COM, contact them today and thank me later guys...!!
△ ▽ • Reply • Share ›

Jonathan Silman • 4 years ago

Its a great guide to earn money online. Good going.
△ ▽ • Reply • Share ›

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