How to Get Money in an Emergency

No matter how carefully you plan, unexpected expenses can pop up at any time. Without enough income or an emergency savings fund, you might be scrambling to figure out how to get money fast. Don’t worry. We’ve got some ideas on how to get money for an emergency, so you can see a clear path forward when life throws you a curveball.

Know your borrowing options

In a pinch, it’s good to know the options available to you. Depending on your credit history, how much money you need and how quickly you need it, one of the following borrowing methods may help bridge the gap.

Apply for an emergency loan

Emergency loans are secured or unsecured personal loans that could help you pay for financial emergencies, like a family medical issue or a pipe that’s burst in your home.

An emergency loan could help you get the money you need to handle whatever demands immediate attention. Then you can repay the loan over time in predictable monthly payments with no surprises.

Ask friends or family for help

If your loved ones are willing and able to lend you money, you could get the funds you need without a credit check or paying interest. But that doesn't mean you should skip all the formalities.

It’s important to set clear expectations when you borrow from a family member or friend. Discuss what the loan is for, how much you’ll need upfront and when you’ll pay it back. You can also put together a written agreement to help keep everyone on the same page.

Get cash from your credit card

You may be able to get quick cash from your current credit card by taking out a cash advance, but remember that this may set you back from your long- term financial goals. It's important to understand that cash advances often come with transaction fees and higher interest rates than regular credit card purchases, and interest usually begins accruing right away.¹ The extra fees and interest charges will make your minimum monthly payments higher.

Ideally, if this is your only option, you’d use a card with a low or no unpaid balance. In an emergency situation, you’ll want to weigh the card or cards you have available against your current circumstances.

You may not be able to take a cash advance big enough to cover the emergency expenses you’re trying to pay, but this move could be part of a short-term solution.

Borrow from your home’s equity

A home equity loan or home equity line of credit (HELOC) are two different ways to borrow against the equity you’ve built up on your home. Equity is the difference between the current market value of your home and how much you still owe.

A home equity loan allows you to borrow a lump sum of funds, while a HELOC is a line of credit that you can borrow from, up to a certain limit. These are both secured loans, meaning your home is on the line as collateral (something valuable), so you could lose your home if you’re unable to make your loan payments. While these loans could give you access to funds in an emergency, they may not always be the best decision for long-term financial security.

If you decide to apply for a home equity loan or HELOC, the lender will likely require a home appraisal to determine how much equity you have. The appraisal process usually takes around 1-2 weeks to complete.² Applying for a personal loan or personal line of credit may be quicker if you need cash right away.

Access your retirement account

Withdrawing early from a retirement account is not typically a good financial move, but it may be an option in an emergency. The federal government allows you to withdraw from your retirement account early, but that decision could come with fees and penalties. Research based on your situation and the type of retirement account you have, and consult with a financial advisor to make sure you’re making the best move.

Other ways to get emergency money

If traditional routes like loans or credit cards aren’t ideal, you still have plenty of ways to bring in extra cash for an emergency expense.

Get money for unwanted clutter

If something isn't bringing you joy (and is collecting dust), it might be time to sell. One option is having a yard sale to earn emergency money, but that might not be the quickest option if you’re also short on time. Luckily, there are many online alternatives to yard sales when you need to make money fast.

E-tailers like Poshmark and ThredUp are popular places to sell clothing and accessories, while using apps like LetGo can help you turn books, electronics, games, tools, hobbies and the like into quick cash. You can also try selling items on Craigslist and Facebook Marketplace. They’ll help you reach people who live close to you – which means you can arrange to exchange the items for cash fast, and you won’t have to pack up and ship your items as you would if you sold them on sites like eBay. Note that there may be costs to listing items on some sites.

While most people don’t feel like their unused jewelry is taking up space, selling jewelry for its gold content could be easy. Search online for a gold buyer near you to find a list of options for turning your unused jewelry into quick cash.

Stay safe when selling online

Unfortunately, online forums can attract their share of scammers who will try to take advantage of people who really need money fast. Avoid accepting personal checks, and opt for cash for the full amount you both agree on.

When it comes time to make the actual sale, agree to meet in a public place, like a public parking lot, during daytime hours. Alternatively, the buyer can pay you with a peer-to-peer payment app like Venmo or Zelle. Once the payment clears, you can leave the item on your front porch or in another agreed-upon location.

Pick up a part-time job

Depending on how much time you have to earn the extra funds, you could work part-time and probably find employers willing to work with your situation.

Many warehousing and shipping companies hire seasonal workers to meet higher demand at certain times of year, such as the holidays.

Grocery stores also hire people to stock shelves and do off-hours cleaning, which may offer some flexibility if you're looking for a part-time or second job.

Find a ‘gig’ or freelance work

You could get emergency cash by working on your own time with the resources you already have.

Gig work

Gig work has become an extremely popular and accessible way to make money through an app on your phone. You can:

• Become a rideshare driver with companies like Uber or Lyft.
• Deliver fast food through apps like DoorDash or Grubhub from restaurants in your area.
• Pick up groceries for someone through a delivery service like Instacart, Amazon Fresh or Shipt.
• Perform minor household projects or repairs, help someone move or run quick errands through TaskRabbit.
• Find babysitting and pet sitting gigs with Care.com or Rover.

Most of these services allow you to earn tips on top of what you’re already getting paid, putting a little extra in your pocket.

Freelancing

If you have transferable skills related to your job or hobbies, you may be able to find freelance work to help you earn cash, like:

• Blog writing
• Graphic design
• Social media management
• Virtual assistance
• Photography

You could work on gigs or freelance before or after your regular job, or on the weekends, without the commitment of a full- or part-time job. Make sure your employer allows employees to take side jobs first, though.

Apply for government assistance

If your financial emergency will affect you for a while, check to see whether you qualify for income-based government welfare programs that could help you pay for basic living expenses like food, housing and healthcare.³ These programs won’t offer the money you're looking for right away, but they could help lift your financial burden by providing support in other key areas.

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You’ll get through this one step at a time

No single suggestion about how to get emergency money will solve all your financial problems. Take a calm approach to what probably feels like a drastic situation and consider all your options. Once you’ve decided the best way to handle your financial emergency, remember to continue to focus on your long-term financial goals.

It’s okay to ask for help—there are people and resources ready to support you through tough times.

1. https://www.experian.com/blogs/ask-experian/what-is-credit-card-cash-advance-fee/
2. https://www.experian.com/blogs/ask-experian/how-long-to-get-heloc/
3. https://www.usa.gov/benefits

*This article has been updated from previous postings from 2021. Kim Gallagher contributed to this article.