In a perfect world we would all have a hefty savings account to tide us through those financial emergencies. ‘Car breaks down? No problem—I have it all covered.’ But the bad economy has left many people surviving from month to month, and when problem strikes, they have nowhere to go.
But there are ways to quickly raise a small amount of money to get you through a tough time. (And no, you don’t have to rob a bank.) Read on to get o5.com’s life tips on how to get emergency money, fast.
Sell gold jewelry
When the going gets tough, the tough get…their jewelry box? That’s right. Check the gold prices; it may be a way for you to sell the necklace or bracelet you never wear anyway for a pretty good profit.
The secret is to sell the jewelry that’s very simple. You won’t get additional profit for selling a gold piece with very intricate handiwork, since gold buyers are only after the metal and will just melt the piece. (If you have a very beautiful and unique piece, it’s best to sell it to a specialty or estate jeweler who will give you a better price for the handiwork.)
A little research can also help you get the best price for your jewelry. Don’t just go to the gold-buying company you heard about on TV; check the yellow pages for any jewelers that buy gold. Bear in mind, too, that the price you get is affected by the karat: a 14-karat necklace is only 58% gold. But given the weight and gold content, aim to get at least 90% of the worldwide gold market price.
If you’re lucky your best friend has a little money that she’s willing to lend. But if not, then go to peer to peer lending websites like prosper.com. Do compare the interest rates and whether they are better to making a cash advance on your credit card or making a small loan from a bank. Note, also, that the interest rates are often affected by your credit score.
Borrow against your home equity
This is very tricky and should only be considered if you don’t have any other choices. Essentially you take out a loan and use your home as collateral. In some cases the interest is tax deductible, but most financial advisers say that it puts you at really great risk— if you default, you lose your home, digging you deeper into your financial grave. This also needs a good credit line and documents proving that you have stable and regular income.
Photo from uncrate.com