Although unfortunate, there is no doubt that at some point you may be desperate for emergency money.
If the “go-to” options are not available, i.e., withdrawing money from a checking or savings account, taking a credit advance or liquidating securities, then what in the world could you do, for example, to get your hands on $100 fast?
If you ever find yourself in this type of jam, here are some options:
Borrow From a Friend
Friendship and money don’t mix; this has been proven. Nevertheless, if you really find yourself in trouble and need some extra cash, a friend may be the first place you turn.
It’s important to let your friend know that this will not become a habit and to agree upon the terms under which you are borrowing the money. Although this will give you the short-term relief that you need, it could hurt the relationship.
Your friend may begin to think of you as irresponsible or judge you, and you may begin to feel inferior for having asked to borrow the money in the first place. Or, you could be lucky and have a non-judgmental friend that only wants to be there for you.
A lot depends on what happens after you borrow the money. Your ability to pay it back will say a great deal about your integrity. Most important, if you care about the friendship, honor the agreement. If you don’t pay the money back or are late making the payment, you may end up with one less friend.
Take a Payday Loan
Find a place that makes payday loans. All you will need is an I.D. card and a couple of pay stubs to set up an account. To get cash today, you’ll also have to be able to write a post-dated check from your checking account.
Unfortunately, payday loan establishments take advantage of the fact that you are desperate for cash and charge extremely high interest rates that some would consider usurious. Nevertheless, you will have cash in your hand immediately. If you don’t have a job, however, this is not an option.
Visit a Local Pawn Shop
Don’t discount the local pawn shop down the street. Some pawn shops are legitimately run and honor agreements they make with their clients.
A pawn shop will usually give you a loan on any item of value such as electronics, jewelry, DVD’s, video games etc. Usually the loans are for smaller amounts of money (under $100) unless the item is of larger value.
The process takes only minutes and is a great way to get emergency cash. The only caveat is that you usually have to part with an object that is valuable to you; however, if you’re lucky enough and you keep your claim ticket, you can get your item back later.
Sell Your Clothing to a Second Hand Store
There are several second hand or consignment stores that will be happy to give you cash for unwanted clothes that are in good shape. Just make sure that you understand the terms of the agreement.
Some secondhand stores will only put cash in your hand after they actually sell your item, i.e., they will not buy the clothes off of you until they have made the sale; however, others will give you money up front.
Ask For an Advance From Your Employer
Chances are if you have been working for your employer for long enough and he/she feels strongly about your character, it may be possible to get a $100 advance. However, this will only work if your employer has the ability to approve the release of funds from the company account.
In other words, if you are a government employee or an employee at a large firm, your boss will most likely not have the ability to approve an advance.
Keep in mind that if you’re at the point where only the above options are available, it is advisable to ask yourself why you don’t have $100 in a checking or savings account. This is is signal that you need to rethink your budget.
As I’ve mentioned many times before, it’s a good idea to have six months of emergency savings on hand, so if you don’t even have $100, it’s time to brush up your budget!