- Traditional fast cash methods include personal loans and cash advances.
- If you don't need money immediately, consider starting a side hustle or finding gig work.
- Asking to borrow money from a loved one is also an option, but make sure you have a repayment plan.
Whether you need money in a pinch or you're looking for a way to establish some extra income, there are several options to explore.
Traditional fast cash methods
Personal loans
A personal loan is money you borrow from a bank, credit union, or online lender and repay in fixed installments. If you have good credit, you may be able to qualify for a low-interest personal loan.
Personal loan funds can be used for any reason, and are often a cheaper method of financing a big purchase or project than a credit card. A traditional lender may take up to a week to supply your funds, whereas some online lenders offer same-day approval and funding.
Credit card advances
Credit cards are generally the least cost-effective option for fast cash. Many credit cards offer cash advances, which let you withdraw cash against your credit line, but often charge a fee. If you don't pay the balance by your next billing cycle, you may be subject to a higher annual percentage rate (APR) than you receive on your regular purchases.
Payday loans
Payday loans are small, short-term loans that typically don't require a full credit check. Because of the exorbitant fees and interest rates, payday loans should be considered a last-resort option. Lenders often have interest that equates to a 400% APR or more.
Also be aware of predatory lending tactics, which often involve putting pressure on you to try to sign up for a loan.
Family loan or community loan
If you have a friend or family member whom you feel comfortable approaching about money, let them know your situation. Ask them if you could borrow money from them. If they decide to give you a loan, come up with a plan and schedule for repayment.
If you live in a close-knit community, you could also tell people you trust about your financial situation. They may be able to refer you to local assistance options or provide another form of assistance.
Modern fast cash methods
Bank account bonuses
If you're looking to open a new bank account, numerous national institutions offer checking account bonuses, and a few also have savings account bonuses.
To qualify for a cash bonus, you'll generally have to be a new bank account customer or a customer who hasn't opened an account from that financial institution for a certain timeframe. Then, you'll either have to deposit a certain amount of money, set up a direct deposit, or make debit card transactions.
Cash bonuses will usually be deposited into your bank account anywhere from 14 to 180 days after your account has been opened.
Keep in mind that when you file taxes for the year, you'll have to include your bank account bonus as income and pay income tax. You also can't sign up for two bank account bonuses at a particular financial institution at the same time.
Start a side hustle
Maybe you are a fantastic organizer or an animal lover who's great at pet sitting or walking dogs. Maybe you want to do something that helps others, like donating plasma. Find an activity you're comfortable doing and see if there's a way to start earning money from it. You can start off locally or promote yourself online.
Jerel Butler, lead financial planner at Zenith Wealth Partners, recommends calculating how much money you make per hour to see if a particular side hustle is worth it.
"If the amount per hour you're making is comparable to what you're doing at your regular job or above a certain average or benchmark that you set for yourself, that is a good barometer of whether that particular side hustle is worth it," Butler says.
Gig economy jobs
Gig economy apps like Uber, Rover, TaskRabbit, and DoorDash are another way to earn cash. Competition and earnings potential may vary greatly depending on where you live and what the side hustle is.
However, Butler points out that there may be hidden costs for performing certain tasks through these gig-style apps.
"Let's say you're making $20 to $25 per hour via the time that you've signed into the app, but you also need to consider things such as maintenance, gas, etc. Those are additional costs that should be considered," says Butler.
Sell belongings online
Numerous online platforms, like Facebook Marketplace, Poshmark, and Depop, allow you to sell items online, such as clothing or furniture you no longer use. Note that some marketplaces may charge a fee. Depending on the platform, the fee may vary from 10% to 20%.
Freelance
Becoming a freelancer can be another way to get some extra money. Online platforms like Fivver and Upwork connect businesses to freelancers.
To start using one of these platforms, you usually have to set up a profile listing your skill sets before you can browse for potential clients. Similar to marketplaces where you sell personal items, freelancing platforms often take a 10% to 20% cut of your earnings.
You can also build a network and pursue freelancing based on your connections.
One thing to keep in mind about freelancing is that specialized side hustles — like writing, photography, or graphic design — might have different pricing ranges. You may pay more for your experience or depending on the specific task.
Take online surveys
Another option to make fast cash is to use a money-making app. The most common money-making apps let you take surveys or complete certain online tasks, like signing up for an email list or playing games.
The amount you'll earn for a specific survey or task can vary greatly. Generally, more time-consuming tasks earn more on survey sites.
The best money-making apps won't charge a fee for downloading them. Once you reach a certain amount of earnings — anywhere from $5 to $25 — you'll usually be able to transfer money through a PayPal account or get a virtual gift card from an ample selection of retailers and restaurants.
Blogging and Social Media
You can also make money by writing a blog, newsletter, or book or using social media to provide entertainment or cover a topic you're interested in.
Becoming an influencer involves consistently posting on a platform to grow your following, and finding a niche where you stand it. Once you've grown a following, you can get sponsorships and affiliate programs as well as make money through your social media platform's monetization program.
Making money as a writer also requires similar consistency and follower growth. You can also get money through affiliate marketing if you're blogging, or create subscription tiers for a newsletter. If you're writing a book and planning on self-publishing, then that may involve more work before reaping any financial benefit.
How to choose the best fast cash option
If you need an immediate cash option for an emergency or an overdue bill, a loan may be the best option. You can start by checking out offerings at financial institutions you already have a relationship with, or move directly to online lenders, which may be able to approve your application quicker.
However, if you have time to develop a new income stream, starting a side hustle or picking up gig work could end up being lucrative — and you won't have debt to repay.
Tips for managing fast cash loans
If you plan to take out a personal loan, be sure you're prepared to make repayments starting immediately. Not keeping up with payments can hurt your credit score, and having bad credit can harm your ability to take out future loans or even rent an apartment.
Assuming money is tight, you will need to sit down and review your expenses to find areas where you can cut back on spending to make room for loan payments.
Taking out a secured loan instead of an unsecured loan can give you smaller monthly payments. While the approval process may be slower and you will have to put up a financial asset as collateral (a car or stock investments, for example), you can qualify with a lower credit score and still get a reasonable interest rate.
Fast cash FAQs
How long does fast cash take?
Getting money quickly will dependent on which fast cash methods you take. You could apply and be approved for a loan within the same day, but more modern fast cash methods may take more time and effort, especially if you're choosing to start a side hustle or freelance.
What is the fastest way to get cash?
Consider a personal loan or a cash advance, but be sure you understand the repayment terms, interest rate, and fees.
Are payday loans a good option for fast cash?
Payday loans are considered a last-resort option because of the exorbitant fees and interest charges. They are also usually for low amounts of $500 or less.
Can I get fast cash without a credit check?
Lenders that cash advances or loans without a credit check exist, but will probably charge excessive fees and/or interest rates to offset the risk.