Do you need money urgently? 9 ways to get cash fast

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Looking for quick ways to get cash (without using your skills)? In this article, we will introduce you to 9 ways to get cash fast.

Emergencies come out of nowhere, and we are rarely prepared for them. An emergency fund can help you in situations where you are in dire need of money but have run out of funds.

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But that’s for next time. For your current liquidity crunch, let’s see how you can get some quick cash almost instantly. We’ll explain what options you have, why you should or shouldn’t choose them, and what to do if you want to take advantage of them.

Do you need money urgently? 9 ways to get cash fast.

Without further ado, let’s dive into your options below…

1. Get a personal loan

A personal loan is an unsecured loan that can be used for a variety of reasons. It includes many loans ranging from quick cash advances to loans from relatives and even banks.

This is one of the most common ways to get quick cash advances, and with good reason. You don’t need collateral to get personal loans and you can get them paid out quickly to your bank account.

However, you should pay them back in time to maintain your CIBIL score and remember that you cannot claim tax benefits like you can with home or vehicle loans.

There are digital lenders like KreditBee that can help you get personal loans quickly and conveniently. All you have to do is ensure your eligibility. Here are some eligibility criteria and documents you will need:

1. photo
2. PAN card (ID card)
3. Aadhar card or passport (proof of address)
4. Indian citizenship
5. Age range from 21 to 45 years
6. Monthly income of more than ₹10,000

✔ Apply for a loan with KreditBee today and get approval in just 10 minutes!

2. Try P2P lending

Peer-to-peer lending (P2P lending), as the name suggests, is a way of borrowing money directly from lenders on platforms without intermediaries. There are numerous digital platforms that facilitate lending and borrowing in this way. It is easier and more convenient for you to get a loan with better conditions and a smooth approval process. The only caveat here is that your risk factor is higher than regular or digital lenders due to the lack of intermediaries. However, you can get a loan with a lower credit rating through this method.

3. Sell ​​your unwanted possessions

If you have some assets lying around in your house or storage that you are not using and that are not bringing any income, you should consider selling them to get an instant cash inflow for your urgent needs. There are several places both online and offline where you can sell such old or unused/loved possessions and the best part is that you can sell almost anything. Also, you don’t have to repay these funds like you would a loan.

4. Withdraw cash by credit card

Before we delve into this method, we would like to point out that this should be one of your last resorts, but you can use your credit card to withdraw cash in an emergency or to max out your credit limit. It is very easy to get cash from your credit card. All you have to do is go to an ATM and use it like your debit card. However, the interest rates on this loan are higher than most forms of credit, so make sure you pay it off in full as soon as possible.

5. Avail a payday loan

A payday loan is a short-term, high-interest loan made by lenders or apps to working professionals based on their income. It is usually issued for one month or paid back in one installment when the next salary is due. If you don’t mind lenders’ high interest rates, this is a great way to get a loan quickly and is readily available on most lending apps.

6. Sell ​​your shares

An easy way to get quick cash is to sell your stocks. You can sell your shares and even make a profit if your assets are worth more than you paid for them. However, in our humble opinion, it’s better to sell stocks that are growing steadily. Volatile stocks might be better for your portfolio if you think they could produce better returns over the long term. You can easily liquidate your shares yourself on your trading platform and transfer the funds straight to your bank account.

7. Borrow money from friends/family

This is one of the oldest lending methods out there and can work very well if you set the repayment terms in advance and stick to them. Borrowing from friends and family in an emergency is a quick and easy way to get instant cash. The benefit here is that you don’t have to pay any interest and you can work out a very convenient repayment plan that works for both parties. All you have to do is ask her. No documentation or application is required.

8. Get a loan against your PPF account

If you have a PPF account older than 3 years, you can take a loan for it. The advantages of this loan are that you do not have to pledge any assets and you can repay your loan in 36 months. Note that you cannot get credit for the full amount in your PPF account. only a maximum of 25% of the sum available at the end of two years immediately preceding the year for which you are applying for a loan can be drawn down.

9. Borrow funds against your life insurance policy

Your life insurance also serves as security for emergencies. On the other hand, you can easily take out a loan. Many financial institutions offer this option, and you can also contact your insurance provider for more information. The advantages of this loan are that you do not have to pay out any amount early on your policy, you can use the loan for the life of your policy and you benefit from lower interest rates than with a personal loan. Please note, however, that you can only choose this option after 3 years from the start of your life insurance. After three insurance years, you can apply for 90% of the surrender value.

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surrender value: It is the amount that the policyholder will receive from the life insurance company if they decide to terminate the policy before it is due.

So there you have it: nine easy ways to get cash fast with minimal hassle and collateral.

Diploma

While we’ve just given you nine ways to get out of financial distress, you should probably prepare for the next emergency so you don’t have to resort to the list above.

You can prepare by:

It’s always better to be prepared, but there are times when a lot of preparation, budgeting, and careful management of funds won’t help you. At such times, the 9 ways listed above can help you – and too quickly.

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