How to get cash when you have no credit

Everyone encounters emergencies that require some quick cash. Whether for a car broken down, expensive medical bills, or home damage, there are a number of reasons why you may need fast access to cash. Unfortunately, it can be difficult to get some extra money if without established credit or a high credit score. With that in mind, here’s a list of a few strategies to obtain extra cash without impressive credit.

Selling unused items

selling unused items

One of the most obvious ways to get some extra money is to identify items you don’t need and sell or pawn them. We all have stuff lying around that we haven’t used in awhile, whether it’s old clothes, furniture, or even a car that’s been collecting dust in the garage. Taking stock of what items are no longer in use and then selling them or pawning them has a number of benefits. For one, it can help clear up some clutter and provide more space at home. Additionally, it can be a great source of extra funds for an emergency.

However, there are a few downsides to this approach. For one, it can take time to sift through all the stuff and decide what to sell. And finding a buyer who wants to purchase these items at the desired price can also be a challenge. Even with online tools and message boards to assist with selling, this process can take days or even weeks to get the value you deserve for these items. For this reason, selling stuff might not be the best option to get fast cash right away.

Take on odd jobs

dog walker

These days, there are plenty of opportunities to make some cash on the side. You could drive for one of many rideshare companies, become a professional dog walker, or even make money doing freelance work for companies or individuals. This could be a great option if you are looking for a relatively regular source of extra income.

However, one of the downsides of taking on additional jobs is that it may take awhile to see the first payment. Because you’d be most likely working for a company, you would have to wait for their typical payroll practices to go into effect, which means it might take several weeks or even over a month to see the first cash from them. For getting extra money quickly, taking on extra work might not be the first place to go.

Borrowing money from family or friends

borrowing money

Another option to consider if you’re in desperate need of some cash is to ask friends or family for help. Obviously, this depends on what type of relationship you have with your friends or family members, and it can sometimes be challenging to ask for financial assistance. Often, a close friend or family member will be willing to provide some funds with favorable terms. Of course, it’s important to make sure that you aren’t overstepping any boundaries when you request money from friends or family, to avoid damaging any lasting relationships. But if all parties are clear up-front about what they expect from the arrangement, it can be an easy way to get through whatever emergency you are experiencing.

Still, this strategy does come with the potential for negative results. It’s no secret that relationships can change once money enters the picture. A previously solid friendship or family relationship can quickly turn sour if someone is unable to pay back the loan in a timely manner. Of course, it’s important to discuss openly what each party’s expectations are in terms of the loan amount and repayment terms. In fact, even when dealing with family or friends, it’s probably a good idea to get any specific loan terms in writing, so there is no ambiguity when it comes to what the obligations are.

Taking a personal loan

If you don’t want to confront friends or family about borrowing money and don’t have any items to sell, another option is taking out a personal loan. Personal loans come in a variety of types and amounts. Loans are available either at physical storefront locations or these days, there are many loans available online if you meet the right qualifications. Some of these loans do not require a robust credit score, so no matter your level of credit, you should be able to find a loan.

It’s important to read the terms of a loan carefully before accepting it, so you know exactly when and how much it will cost when it comes time to pay back the loan. Doing research to find the right lender is important, and many websites today can help you connect with a lender right from the comfort of home. Unfortunately, many big banks that offer more traditional loans often have high minimum credit standards that you need to meet to qualify for a loan. That’s one of the reasons why online loans have become more popular in recent years–borrowers without high credit scores can often find a loan that works for them when searching online.

personal loan

Summary

These are just a few ways of picking up some extra cash if you need more money for any reason. Each one of these options comes with its own benefits and potential downsides, so be sure to do adequate research and consider what option is best. Whether you decide to take on a new part-time job or apply for a personal loan online, there are multiple ways of obtaining the capital you need.