11 Ways to Get Cash Now

Posted by on March-22-2009 under Make Money

Everyone in this economy can use some extra cash. Here are a few ways that you can raise cash now. You can use that to pay off your debt, buy the necessities, and make ends meet.

Related Article: Get Out of Debt: 5 Simple Steps

1) Use Your Emergency Fund: Emergency fund is for exactly this type of situations. You can replenish it later once your situation improves. This will give you some fast cash.

2) Sell your Investments: Check your Portfolio. There might be some investments (like bonds and stocks) that might be doing badly now, and do not have a scope to give good returns for a long time. Sell them off, instead of holding on to them. Use them to get cash now.

3) Get some cash from your Parents: They are the ones who would understand your situation, and would gladly help you as much as they can. This would give you some fast cash.

4) Borrow from friends: This might sound absurd, but it is one of the best options. Instead of getting all money from one friend, you can get small amount from many. You can even pay them some interest or some gift of appreciation.

5) Use your CD: You might have to forego some of the interest if you cash in your CD before maturity date, but that would be much smaller than if you have to take a loan and then pay interest on that. This will help to get cash now.

6) Take out a Home-Equity Line of Credit: This might be hard to get if you have a bad credit score. But if you are able to get it, then it is one of the lowest interest charging options.

7) Do a Mortgage Refinancing: If you are not able to get a Home Equity Line of Credit, you can go for Mortgage Refinancing. However, rates are higher, and upfront costs are more.

8) Get Cash Loan from your 401(k): This is your money, so consider using it. Some accounts may have some restrictions on the purpose for early withdrawal.

9) Borrow from Person to Person Lending sites: Sites such as Prosper.com and LendingClub.com facilitate person to person loans. However, if you have a bad credit score, you might end up paying too much interest.

10) Use your IRA: Under certain conditions, you can withdraw money from IRA penalty-free. Go to irs.gov to see if you qualify.

11) Sell some Assets: Start with non-wanted, or less used stuff, like gold jewelry, extra car, furniture etc. If still need more, consider selling off your house. You will get lots of money, and can move to some rental apartment. When things improve, you can work on getting it back.





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2 Responses so far.

  1. J. Money says:

    12) Sell stuff on Craigslist and eBay :)

  2. Ishan says:

    @J.Money:

    :) Completely agreed. All of us anyway have lots of stuff that has not been used for quite sometime. Getting rid of that would bring in much needed extra cash


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