8 Tips to Deal with a Shortage of Cash


8 Tips to Deal with a Shortage of Cash

We all look forward to payday. It’s that time of the month when you can breathe a little easier because your bank balance is back in the black. How long that lasts will depend on several factors. Day-to-day living expenses, monthly debt payments, and simply living in the moment can all put a significant drain on your bank account, and before you know it, you’re back in the red or almost.

Other factors can also put a strain on financial resources. Perhaps you’ve had an unexpected medical or repair bill to pay this month, or maybe it’s just been one of those months where you’ve just lost track of your expenditure. Unfortunately, it’s a common problem. According to research, sixty-three percent of Americans live from paycheck to paycheck every month.

Whatever the reason for your shortage of cash, there are many ways you can make some money fast to tide you over. Read our guide to discover eight tried and tested ways to get your hands on some emergency cash quickly to get you through the month.

1. Sell Unwanted Items

Sell Unwanted Items

One of the quickest and easiest ways to make extra money is to sell unwanted items around your home. From electrical equipment to clothing, it’s surprising how much money you could make on Facebook Marketplace or Craigslist. eBay is another good option, but it can take more time to make money if you wait for people to bid on your items. If you’re not tech-savvy or don’t want to spend time listing all of your items, why not hold a good old-fashioned garage sale? Collect your items together outside your home and get ready to negotiate some good deals.

2. Pawn Your Valuables

When times are tight, many people turn to a pawnshop for quick cash. If you have valuables around your home, such as jewelry or electronics, these items could be a short-term financial lifeline. This is how a pawnshop transaction works: pawnbrokers offer collateral-based loans — that means they secure the loan against an item or items of value. For example, if you have a piece of jewelry that the pawnbroker wants to lend you money against, they will give you an amount they think is fair. The pawnbroker will then keep the item until you repay the loan. If you cannot pay the loan before an agreed deadline, the pawnbroker keeps the item to sell for a profit.

We recommend that you only pawn items that you won’t miss. Consider keeping family heirlooms and other sentimental items out of the equation. Shop around your local pawnshops to get the best price for your item and do some research on your items so that you know what kind of price to expect.

3. Take Out a Payday Loan

Take Out a Payday Loan

Payday loans can be a sensible option when you need quick cash. They pay out quickly, often on the same day, and in most cases don’t require a credit check. If you need quick cash up to $500, payday loans offer a short-term lending solution to tide you over until your next paycheck. What’s more, you can apply in minutes.

You will typically pay back a payday loan on your next payday. In the meantime, you can use your cash to pay for a wide variety of expenses, including repairs, household bills, new appliances, and almost any unexpected cost you can think of. Before taking out a payday loan, it’s important to understand that they come with higher fees and interest rates than other loans. If you don’t repay the loan in time and roll it over, your debt could quickly snowball out of control.

Many borrowers like this type of loan because the acceptance criteria are often easy to navigate than other borrowing options. Payday lenders usually accept borrowers with low incomes or poor credit histories. When you don’t meet the stricter lending criteria of banks and other financial institutions, a payday loan may come to the rescue.

4. Ask Friends or Family to Lend You Money

Do you have a family member or good friend you can approach to lend you some money in the short term? This can be the perfect solution as it requires no credit check, comes with little to no interest, and there may be some flexibility around repayment. However, this type of loan does come with some potential disadvantages. Firstly, there is the potential embarrassment of making your predicament known to friends and family. If you are unable to repay the loan, this could put important relationships in jeopardy. It’s always a good idea to have a signed agreement in place between you and the other party so that you both know where you stand.

5. Use a Credit Card Cash Advance

If you have a credit card, it may be worth exploring a credit card cash advance as a quick means to get your hands on some cash. However, you should only use this avenue if you are desperate. Credit cards come with super-high interest rates and fees. You will pay a fee the moment the cash advance is made, and then the amount you borrow will be subject to interest. A cash advance could also harm your credit score if you are nearing the credit limit. On the plus side, you will not be subject to a credit check if your card is already open, and some accounts allow you to write yourself or another party a check.

6. Apply For an Installment Loan

Apply For an Installment Loan

If you need to borrow a more significant sum of money, an installment loan could be the best choice. Designed to be paid back in monthly installments, these loans are often the best solution for borrowers needing emergency cash. However, you must pay off the loan by a set date, and repayments are usually made in equal amounts each month. If you fail to make your monthly repayments on time, your credit score could be impacted.

Once you know how much money you would like to borrow, you can apply online through our trusted network of lenders. The lender will arrange to deposit the money into your bank account on approval and acceptance of all lending terms. Deposits are often made on the same day or the next day.

7. Take a Side Gig

If you regularly find yourself short of cash every month, you may need to take more evasive and permanent action. Taking a side gig alongside your regular job could be the perfect solution. Food delivery jobs, for example, can pay between $8-$19 an hour, and sign-up is usually quick. You could start working for a food delivery company in under a week.

There are many ways to earn extra money. From ride-sharing apps to writing articles and setting up an Etsy business, these options could help to supplement your regular income every month and stop you from going into the red.

8. Become a Virtual Tutor

Do you have a skill that you can pass on to others? Perhaps you’ve always had a desire to teach. Becoming a virtual tutor is a way to share your expertise while making money fast. The ongoing impact of COVID-19 has meant that tutors are in high demand. That trend shows no signs of slowing. In addition to the extra money virtual tutoring could bring, you can also set your hours and work from home.

Get Emergency Cash in Your Account Today

If you are experiencing a shortage of cash and need money in a hurry, we can help. Our payday loans and installment loans are approved and paid out fast. So you could have the money you need in your account today. So don’t look anywhere else until you have checked out our borrowing options. Our team is standing by, ready to assist and help you get the money you need quickly and without a credit check.


Mark Jorel Snow

Mark Jorel Snow brings over 15 years of financial experience to help everyday people master their money. Mark is passionate about making complex financial topics simple. His down-to-earth explanations empower readers to take control of their finances with confidence. Mark specializes in creating tailored money strategies and providing unmatched personal support. When he's not coaching clients or penning his latest article, you can find Mark enjoying nature and time with family.


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