Whether you have a surprise disconnection notice from your utility company or an emergency health issue, you likely need cash in a hurry. When your next payday is too far away, you need to explore your options for a short-term loan or other methods of securing cash in a hurry.

Pawn Shops

Pawn shops may not be your first thought when considering quick cash, but plenty of them still exist and they can be a lifesaver for an emergency. If you have a newer model electronic or jewelry, find a pawn shop that offers loans for these devices. Only ask for the minimum you can get by with and pay back quickly, so it is easier to recover your item.

Pawn shops will typically loan you the money for your item for 30 days before they take possession of the item. However, some will allow you to renew the loan for a small fee if you cannot pay back your loan at the end of 30 days. If you do not care about recovering the item, you can actually pawn it and try to gain as much money as the item is worth. Unfortunately, you will often receive less money from a pawn shop than you would normally receive if you sold the item directly to a buyer.

Exploring Your Options

Online Classifieds

Online classifieds make it easier to sell items quickly than using major online selling platforms. If you have a week or two before you need the money, such as for a pending disconnection, you may want to try this method because you will still have time to secure the money through other means. Trying the online classifieds route gives you the opportunity to connect with local buyers, meaning the transaction can happen quickly.

If you choose this route, make sure you protect yourself by arranging the sale in a public place during daylight hours. It also helps if you bring a trusted friend with you. Since you will likely ask the buyer to pay in cash, make sure you take the time to check the money to ensure it is real. For extra security, bring a counterfeit detection pen along with you. Although being the recipient of counterfeit money is never good, it is even worse when you are dealing with a financial emergency.

Quick Cash Loans

There are many payday lenders, typically available in your area or online, which can help you gain the cash you need quickly. The availability of online lenders will depend on your location, since some major loan companies may limit you to borrowing to brick-and-mortar locations in certain states.

Since payday loans can have a high interest rate (often more than high-interest credit cards), only borrow the bare minimum that you need to get through your emergency and that you can pay off within one or two pay cycles. In most cases, you can have the cash in your hand the same day or in your checking account on the next business day.

Emergencies happen, but there are ways to find the cash you need quickly. Even if you are not in a bind, consider the options you have available so you can be prepared if you have a financial emergency in the future.