What should I do if I’m in desperate need of money fast?

What should I do if I’m in desperate need of money fast?

Getting money when you’re in desperate need is best done through assistance programs. Examples of assistance programs include the Salvation Army, American Red Cross, Food banks, Churches, and other charity groups. Alternatively, you can get short-term work, sell items, beg, or get cash advances or payday loans.

Imagine, being able to pay your rent on-time and eliminate financial stress. Everyone has a financial crisis at some point.

However, there are programs and strategies available to help you come up with money.

Luckily for you, I’ll show you some of the best resources for making money quickly. I’ll show you some charities that aim to help and where to look for money. You’ll be able to get back to normal in no time!

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What should I do if I’m in desperate need of money fast?

Seek out assistance programs if you are in desperate need of money. Typically, the Salvation Army, American Red Cross, Food banks, Churches, and banks or credit unions have assistance programs for in need families. Additionally, you can find short-term work, sell items, beg, or seek cash advances or payday loans.

Struggling to pay rent or provide for your family can be tough. You can use the following tips depending on your unique situation.

Seek assistance programs

Assistance programs are specifically designed to support families in need. These programs can help provide food, housing assistance, health services, and other aid to families. You should start the application process as soon as possible if you’re in desperate need of money.

For example, you can locate your nearest Salvation Army or American Red Cross. Contact your nearest assistance program to see what financial relief options are available to you.

In addition, families often have financial crises due to medical issues. These assistance programs may be able to assist. However, you’ll never know what options you have until you contact them.

Any church near you is another good resource to find assistance. Most churches have financial aid and spiritual support for any family in need. These programs will often come without strings attached because they simply want to make the world a better place.

You should talk to the priest or pastor of your local church. In most cases, you won’t have to be a member of the congregation to take advantage of the assistance.

The food bank is another good resource for people in need of money. Food banks operate on self-assessed need and you won’t have to fill out any paperwork. Therefore, you can stock up on groceries and use your grocery money to pay your bills.

Think of other groups which are looking to improve your community or assist others. For example, your local Rotary group may be able to assist you.

Negotiate with your Landlord

Most landlords are aware their tenants may face financial hardships. Some landlords are willing to negotiate your rent temporarily while you sort your hardship out. However, you may be asked to keep the property clean, mow the yard, etc.

Keep in mind, you should get all changes to your rental agreement in writing. This will help protect you in the event that you end on bad terms with the landlord. You have an agreement that states your rent will be reduced if you ‘mow the lawn’ or whatever is agreed upon.

Getting your new rental agreement in writing is important. Failure to do so and ending up in court over anything could be disastrous without a written agreement.

Bank or Credit union assistance programs

Banks and credit unions will often offer financial assistance for families experiencing hardships, such as job loss or unexpected accidents. These programs will typically offer mortgage assistance programs where you still owe your mortgage, but they forgo collecting for one or two months. Mortgage assistance programs are essentially designed to delay your mortgage payment while you recover. 

Sell unused items

Small financial crises can often be solved by selling a few of your unused items. Some businesses will buy back gently used clothing or you can sell items on Craigslist. Most of us have at least $1,000 worth of stuff we don’t use laying around our house.

Find an odd job

Odd jobs can be found through Craigslist and a good way to generate quick cash. Someone might need help building their garden, cleaning their house, or delivering items. The jobs you find and the amount they pay will vary, but can be easy cash in a time of need.

Alternatively, you can sign up to drive for Uber or deliver food for DoorDash if you need money. The money is easy to make, but it may take a couple weeks until you’re paid. Therefore, the sooner you join these services, the faster you might get paid.

Sell plasma

You can make around $300 per month selling plasma consistently. However, this money is usually given to you on a reloadable visa gift card. The more family members you have selling plasma, the more money you can make in a short-term.

Cash advance or Payday loan

Cash advances and payday loans are not my favorite way of getting quick cash, but they are a possibility. Typically, cash advances and payday loans have high fees and interest. You need to be able to pay these loans back quickly or you’ll fall further into debt.

In some cases, you’ll be able to use your credit card at an ATM to start a cash advance. Alternatively, you can go to your local bank or credit union to obtain one.

Ask friends and family

Having reliable friends and family members can be a blessing if you’re short on cash. You can ask your friends and family for a short-term loan. Obviously, you should make every effort to pay them back. Keep in mind, your friends and family are not obligated to say yes.

Part-time work

Some of the best part-time jobs include pizza delivery and bartending. These side jobs allow you to get tips, which can help you come up with money immediately. Most managers are ok with hiring someone short-term, so you can quit any time.

Summary: Desperate need of money

As you can see, it is possible to come up with money if you’re in desperate need. The best source of financial relief comes from assistance programs. Assistance programs include the American Red Cross, Salvation Army, Food Banks, Credit Unions or Banks. Other charities may exist in your city to help you with financial issues.

You can try to negotiate with your landlord for temporary relief. Individuals with mortgages might be able to get temporary relief through your lender’s mortgage relief program.

Alternatively, you might have to sell some of your items or plasma. You can find an odd job or part-time work to come up with quick cash. However, payday loans and cash advances should be used as a last resort.

John is the founder of TightFist Finance and an expert in the field of personal finance. John has studied personal finance for over 10 years and has used his knowledge to pay down debt, grow his investment portfolio, and launch a financial based business. He is committed to sharing content related to personal finance based on his experience in his career, investing, and path towards reaching financial independence.