17 legitimate ways to get money fast

Getting cash fast can be useful, especially if you’re faced with an unexpected expense or a financial emergency. According to Bankrate’s Financial Regret Survey, two in five Americans regret not saving enough for emergencies.

Fortunately, there are many reliable ways to get cash quickly without resorting to high-risk options that could jeopardize your financial future. From tapping into your existing resources to exploring innovative financial tools to leveraging the gig economy, we’ll cover 17 legitimate ways to get money fast.

Ways to cash fast

Your goal for getting money fast should focus on strategies that help you bridge your financial shortfall without consuming a lot of time or entailing a lot of risk. These 17 top strategies do just that.

1. Sell something

If you have anything sitting around your house collecting dust, you could turn it into cash.

Whether you have old electronics, collectible items, furniture, household equipment or something else, you can list items for sale on several online marketplaces, such as Craigslist or Facebook Marketplace. Alternatively, you could hold an old-fashioned garage sale.

2. Pawn something

Don’t want to part with something that has sentimental and monetary value?

A pawnshop loan (a type of instant loan) could be an option for you. The pawnshop holds your item as collateral. Items that people typically pawn include jewelry, watches, electronics and musical instruments.

You’ll receive a loan amount that is less than the item’s value. The shop keeps the item if you fail to repay the loan and finance charges by the due date. The transaction allows you to borrow money quickly, but you lose ownership of your item if you don’t repay on time.

While pawning your items is far from a perfect solution, it could work in a pinch.

3. Sell unused gift cards

Do you have a gift card to a store you’ll never visit?

You could turn that gift into cash with the help of online gift card resellers like CardCash. Enter your gift card details on the site, and you’ll receive a quote for your card. You won’t receive the full value of your card, and it may take a few days to get the funds.

4. Access your paycheck earlier

Receiving your paycheck a couple of days early could help you solve a short-term liquidity issue. Many apps offer early payday features. EarnIn, for example, is an app that allows you to get early access to your paycheck for a cost of $2.99 per early check.

Some banks, such as Axos Bank and Capital One, have integrated early direct deposit into their accounts.

5. Take on a freelance gig

Freelancing is a type of side gig or side hustle you can take at your own pace and in your area of interest. Freelance gigs can include anything from writing blog posts to graphic design projects.

If you’re new to freelancing, you can connect with businesses or clients through several freelance websites, such as Fiverr or Upwork. As you build your portfolio, you’ll be able to take on higher-paid gigs.

6. Pet sitting and dog walking

Pet lovers will find this option an enjoyable way to earn fast cash. Take advantage of apps like Rover that connect you with pet owners who need your help.

With Rover, you can watch the pet at the owner’s home or your own. You can also accept dog walking jobs. Either way, you set your rates, and Rover takes a small percentage of your earnings. The average hourly rate for pet sitters in the United States is $12.41 an hour, while dog walkers average $14.85 an hour.

7. Babysit

If you aren’t a fan of pets, you could choose to babysit instead. Care.com makes it easy to connect with families looking for a babysitter. Babysitters generally make between $16.75 to $23.75 an hour, according to Care.com’s data. The average rate varies depending on location and how many kids you babysit.

8. Ask for a loan from a family member or friend

If you’re struggling to come up with the funds you need, it might be time to turn to family or friends. Before doing so, make sure you have a solid plan in writing to repay the loan in a reasonable time. Otherwise, you run the risk of upsetting the relationship.

9. Become a food delivery driver

Food delivery services like DoorDash, Uber Eats and Instacart have become a big business in recent years. All you need to make money fast is your car and a phone to accept your deliveries in a mobile app. According to ZipRecruiter, the average hourly wage for a food delivery driver is $18 per hour.

10. Rent out extra space

If you have a spare bedroom, you can turn that space into fast cash with the help of a service like Airbnb. In a popular location, this can be an especially lucrative opportunity.

For shorter stays of 27 nights or less, Airbnb sends your payment approximately 24 hours after your guest checks in. The time it takes to receive your payment depends on the processing time for your selected payment method. Also, be aware that payouts may be delayed for new hosts.

11. Consolidate your debt

You could benefit from debt consolidation if you have decent credit and several outstanding loans with high interest rates. Although you won’t earn money from this strategy, it can help reduce the amount you’re paying in interest, leaving you additional cash flow each month.

“Consolidating debt is a good option when you have large balances to pay off and want a structured repayment term,” says Laura Adams, MBA and author of “Money-Smart Solopreneur.” “For example, if you have a credit card balance charging 23 percent, paying it off with a 9 percent fixed-rate personal loan over three years allows you to save a lot of interest over a set repayment schedule.” 

Adams points out that adding a personal loan to your credit history helps you build credit if you make timely payments. 

“Doing a consolidation can also work in your favor by reducing your credit utilization ratio when you pay down credit card debt,” she says. “So, a loan consolidation generally helps your credit and doesn’t hurt it over the long term.”

12. Flip items

You can find free items on sites like Craigslist to flip for cash. If you’re handy, seek out things that have some inherent value but need a little sprucing up.

For example, you might find a free bookcase that needs new paint. Take the time to make the free item more attractive, then sell it for a profit.

13. Look for paid research studies

You can find paid research studies, including medical studies and student surveys, in most locations. Colleges and universities offer these studies, so you could look up a university near you to find paid opportunities. You can also search for medical study options in your area through ClinicalTrials.gov.

The median compensation for healthy volunteers participating in Phase I clinical trials in the U.S. is $3,070 per study, with a range of $150 to $13,000. The amount you could earn varies widely based on the type of study (medical versus non-medical), the required time commitment, the complexity of the study, and the risks involved. 

If you’re looking for ways to get money fast, then you should search for studies lasting only a few days. The Food and Drug Administration (FDA) provides guidance to clinical researchers and recommends that participants in short-term studies receive a single payment at the end of the study. Researchers may pay via direct deposit to a bank account, check, debit card or a gift card to Amazon or other retailers.

14. Turn coins into cash

Consider taking your jar of coins to the bank for a deposit. You won’t get rich, but you might have enough to cover a minor problem.

Before you head to the bank, call ahead to see if the financial institution will charge any fees to deposit coins. While it’s usually free for account holders, some banks may charge a fee.

Another way to trade in coins for cash is through Coinstar kiosks, which you can find at many supermarkets and retail stores. Be aware you’ll have to pay service and transaction fees (which can vary by location) to trade in your coins for quick cash.

15. Borrow against your life insurance policy

One way to get cash fast is to borrow against permanent life insurance policies with a cash value component, such as whole life or universal life insurance policies.

Borrowing against your life insurance to get immediate cash is relatively straightforward. You apply through your insurance company, specifying the amount you need, and if approved, the money will be deducted from the policy’s cash value. Notably, there’s no credit check or lengthy approval process since you’re essentially borrowing from yourself.

There’s no fixed repayment schedule for a life insurance loan. You can pay it back in installments, a lump sum or not at all. Your life insurance company will charge you interest on the loan amount. If you don’t repay the loan, the interest will compound over time.

“Whenever you borrow from your life insurance policy, you should be cautious not to borrow an amount that exceeds the policy’s cash value because this could cause the policy to lapse, and you could lose your life insurance amount or have a taxable issue,” says Jeffrey Wood, CPA, CFP® and partner at Elysium Financial in South Jordan, Utah. “The amount borrowed will also reduce the death benefit that your beneficiaries would receive if you passed away before the loan is repaid, since death benefit proceeds would first go to repaying loans before being paid out.” 

16. Request forbearance on bills

Utility, phone and cable companies often provide forbearance options to customers facing financial hardships, though terms can vary significantly depending on the provider.

Reach out directly to the service provider and be upfront about your situation. Typically, the forbearance plan will allow you to reduce or pause payments for a specified period. Note that this isn’t a cancellation of the deb. In some cases, interest or late fees may still accumulate. But delaying payments can free up cash needed in the short term.

17. Open a bank account with a bonus

Many banks have cash bonuses for new customers. You’ll need to open an eligible account and make deposits for a set amount of time decided by the bank. 

You’ll get your bonus after a few weeks or months of becoming eligible. Some banks don’t offer cash bonuses to existing customers, while others require existing customers to open a new account and follow their rules to earn the extra cash.

Avoid risky sources of fast cash

Not every option to obtain fast cash is a good idea. You’ll want to avoid strategies with high interest rates and fees that will keep you stuck in a cycle of debt. These predatory terms can lead to long-term financial hardship, making it difficult to repay the original amount borrowed.

Payday loans

Payday loans are unsecured personal loans you must repay by your next paycheck. Unfortunately, high interest rates and short terms can lead to a vicious cycle of growing debt.

“Payday loans often come with extremely high fees and annual percentage rates (APRs) that can exceed 400 percent,” says Chad Gammon CFP®, MBA, owner of Custom Fit Financial LLC. “If you’re unable to repay the loan on time, you may be forced to roll it over, leading to additional fees and creating a cycle of debt. Borrowers often find themselves needing to take out new loans to cover the old ones, making it difficult to break free from the borrowing trap.”

Title loans

Car title loans use your car’s title as collateral for a short-term, high-interest loan. This risky move puts your vehicle on the line to access a loan often laden with fees.

Credit card cash advances

Around one in five (21 percent) of consumers pay for an emergency expense with a credit card and pay it off over time, according to Bankrate’s Annual Emergency Savings Report. While credit cards can be handy in emergencies, cash advances should be a last resort. They often come with high fees and interest rates, and the interest starts accruing immediately with no grace period.

Next steps

Learning how to get money fast can be a good short-term solution, but it doesn’t solve the bigger problem of not having enough savings to cover unexpected expenses. 

A better option is to learn how to build an emergency savings fund. If you’re new to saving, it may seem challenging at first to know where to begin. That’s why we’ve identified seven easy steps to get your emergency fund started. You’ll discover everything you need to know about building an emergency fund that provides financial security and peace of mind.