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9 Emergency Cash Options When You Need Them

When you find yourself facing a financial crisis and you need emergency cash, it can feel scary and frustrating. In this situation, it helps to remember that you're not alone; many people have been there before, and there are numerous places where you can get emergency cash in a time frame that works best for you. Below you will find several options to explore whether you need to come up with cash within 24 hours, a week or two, or even a few months down the road.

1. Cash Advance on Your Paycheque

You may want to talk with your boss about your situation. Some employers are willing to give employees cash advances on their paycheques. Your boss may require that you've already worked the hours or work them within a short period of time. Discuss repayment terms with them to ensure you have the time you need to pay back the advance.

2. Defer a Car Payment 

Do you have a car loan? If so, you may be able to free up some cash by deferring a loan payment. As a general rule of thumb, most car lenders are willing to defer one or two payments during the lifetime of the loan.

Those payments are added to the end of the loan as a balloon payment—that simply means your final payment will be larger than your other installment payments. If this is years down the road, make sure you figure out a way to remember that your last payment will be larger than the rest.

3. Talk to Friends or Family

A loan from a friend or family member can be the easiest or the hardest loans to get. If your friends or family are willing to help, go to them first; an interest free loan will save you a lot compared to many other options and a gift is even better.

If you aren't comfortable borrowing or taking money from friends or family, see if you can do a bit of work for them. Anything from lawn mowing to babysitting could help bring in more earned cash.

4. Sell Something

Anything of value in your home can be turned into cash but you need to be careful about liquidating. Generally, the faster you need to sell something, the lower the selling price will be.

For instance, if you need cash immediately, you may want to grab what you have and head to the pawn shop. The disadvantage of pawn shops is that they tend to pay much less than private sellers. The advantage, however, is that you get the money fast and you get the option to buy eventually back your stuff (usually for the selling price plus some interest or fees).

If you want to get a better price, try an online sales site such as eBay or Craigslist. Take money earmarked for another bill, and use it to cover your emergency. Then, when you sell the item, use the money to cover your bill. It can be frustrating, but when financial emergencies pop up, a little juggling can be essential.

5. Contact Local Charities

In some cases, you can get immediate help from local charities. For example, Catholic Charities and the Salvation Army have a presence throughout Canada, and these organizations frequently give people emergency cash for utility bills or groceries.

Generally, these types of programs are for one-off occasions rather than continuous help. Although they often have a religious focus, that is not a requirement for getting help.

6. Take out a Credit Card Advance

Credit card holders can typically access a cash advance using their cards. You can access the money through a cash machine or an over-the-counter withdrawal at a local bank; you need a PIN for both of those transactions. Alternatively, some credit card companies provide cheques for this purpose.

Note that cash advances usually carry high fees and the balance is typically subjected to a higher interest rate than regular credit card purchases. Call the customer service number on the back of your card for details. 

7. Use a Crowdfunding Site

Crowdfunding sites are an effective way to get money from family, friends, and friends of friends. You set up a campaign and anyone who is interested can chip in. This may not be the best option if you need cash immediately (see #9) as it can take a bit more time than some of the other options on the list. However, since it’s not a loan, you don't have to worry about paying anything back.

Crowdfunding sites take a percentage of the donated amount and in most cases you can choose between a regular campaign and an all-or-nothing campaign.

With a regular campaign, you keep any money that's generated but you pay a larger fee to the site. With an all-or-nothing campaign, you only get the funds if you meet your goal, but the fee is lower. Don't worry if you don't meet your goal; donations go back to the donors.

8. Turn to Peers

If you prefer borrowing rather than gifts, you may want to look at a peer-to-peer lending site instead. These sites start like crowdfunding sites. You create a profile and describe your situation. Then people provide money to lend you. As you repay the loan, the lenders get their money back, plus interest.

As with #7 on the list, this may not be the best way to go if you need cash quickly, as this option may take more time than you have to secure the cash you need. 

9. Check out a Payday Loan or Cash Advance

You may want to consider a payday loan or cash advance loan. Payday loans and cash advances in Canada are based on your income as well as limits set by provincial regulations. In most cases, you get the funds quickly. In fact, in many cases funds their loans the same day. Simply pay back the loan with your next paycheque.

310-LOAN excels at providing fast, easy and confidential payday loans and the entire application process can be done online without leaving your house! And when we say fast, we mean fast! If you qualify, we can have cash in your bank account within 30 minutes of your loan approval. This means you can get the cash you need, when you need it.

Facing a financial emergency is stressful and scary but it doesn't have to be hopeless. There are lots of different ways to find cash advances Canada.

Check out the cash advance options now to determine if we can help your emergency situation.

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