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If you’ve ever thought, “I need money – fast,” then you’re not alone.

Many people find themselves in a money crunch for a variety of reasons. They might have to pay unexpected medical bills, deal with a car repair, cover expenses after they lost a job, or even pay for a vacation. Whatever the reason, needing money desperately is quite common.

You may have stressful thoughts about money such as: “I’m cash-strapped until my next pay day, but I need money fast” or “I have extra bills to pay this month, but not enough money.”

If you run out of cash, you can take several steps to help you meet your needs, including financial solutions you may not have considered.

I Need Money Desperately! That’s What You Think?

When you need money soon, you are looking for a financial solution that works. Although there can’t be a perfect way out if you need quick money, you still have options that won’t put you in a worse financial situation.

Get Money Online

Before we detail some of the best ways to get money in a pinch, let’s review some key financial advice that can help you get on the right financial path and stay there.

Nearly everyone will need help with money at some point in their life, although it may be hard to admit. The best solution to get money when you need it fast, is to plan in advance with an emergency fund. If you have no savings, you can take several steps to slowly build up at least three months’ worth of expenses.

Infographic: Most Americans Lack Savings | Statista

If you’re still working on creating a reliable emergency fund, and you face a situation where you need money fast, you do still have options, although your choices vary depending on your current financial picture.

  • What should you do if you need money now but you have bad credit?

If you have a poor credit history, traditional lenders are less likely to approve your personal loan application because they view you as a risky borrower. When the managers at the local bank review your credit score and credit, they will factor it into their decision-making and are more likely to give you a loan with a very high interest rate, if they give you a personal loan at all.

Unfortunately, when borrowers need money desperately, lenders view this as yet another cause for concern, or another sign of a borrower who may not reliably repay a loan.

Even if the bank agrees to lend when you desperately need money, the loan is likely to come with collateral, tough terms and high interest rates that can put you in a worse financial situation in the long-run.

If you can get a personal loan, they are generally more affordable and have higher principals, or loan amounts, than some alternative financial options. As you repay them on time, you can rebuild your credit score.

However, if you need 500 dollars by tomorrow and you can’t get a personal loan, here are some other solutions for getting money you desperately need:

Borrow from Family

It may be humiliating to ask a family member to help with money. But it may be in your best interest if you need money in an emergency and traditional banks reject the loan application.

You may feel embarrassed to ask for money quickly, even if you are close with your family members and they are happy to help you out. In many cases, relatives can agree to lend money without any interest or for very low interest, which can help you stay in good financial health while you meet your short-term need.

Borrowing money from family is one of the best financial solutions for meeting your emergency needs, if they are willing to lend to you. As a word of caution, experts suggest signing a formal agreement. That way, you feel more accountable for the money you borrow and you and your family member will have more confidence if you have a repayment schedule.


On the other hand, there are some disadvantages of asking your family for help when you need money. The main downside is that you might ruin your relationship with the loved ones if you are not able to repay the loan.


You should understand that if you need money now with bad credit, and your family member can help you out, then you should borrow only the required amount. If you are not sure about your ability to repay even a small $200 loan, think twice before taking money from a loved one.

Ask Your Friends or Colleagues

Similarly, while it may also be embarrassing, asking for help from your friend or colleague when you need money now can keep you out of financial trouble.

Don’t underestimate the financial help they can offer if you are in a desperate situation. With a signed agreement, your colleague or friend can have more assurance that you will be responsible for repaying them. After all, signed agreements are legally binding, so they can take legal action if you don’t repay their loan.

Try Alternative Online Loans

Short-term loans have become more popular in recent years. Whether you need money for rent or school, online lenders offer extra cash over a short time. It can be an alternative option when you need to borrow money, but your loan request was rejected by a traditional brick-and-mortar bank or if getting help from your relatives is not an option. Such small loans are generally used when the money is needed for a couple of weeks or so.

You may turn to an online lending service that connects borrowers with direct lenders. These same day deposit loans are for smaller amounts and shorter terms. They may have lower barriers to entry with the approvals process, but they do carry high interest rates. So, the borrowers must be sure they will be able to pay the loan in full and in time, or they could dig themselves into deeper financial trouble.

Pawn Your Stuff

If you have valuable things that you aren’t using now, you can pawn them with the plan to get them back once your financial situation becomes stable again.

Remember that pawning is different from selling and you won’t get the full value of the items. Moreover, you will have to pay the interest in order to turn the item back. Often, customers can borrow money from such pawn shops for a month when they desperately need money. Though, some lenders extend the period to a few months at least which makes it more flexible.

The main drawback here is you’re likely to face high interest rates, depending on the laws in your state.

Turn to Local Banks If You Need a Lot of Money

Finally, even if you have trouble getting a personal loan from a major financial institution, you might turn to local traditional banks or credit unions, where you can talk to a lender directly about your personal situation. Local banks and credit unions tend to hear a personal story and judge loan approvals on a case-by-case basis.

If you can wait for a few weeks until all the paperwork is done for a personal loan from a local bank or credit union, then you may get approved for a loan with lower interest.

If you are desperately in need of money and have bad credit, keep in mind that even local banks are leery of risky borrowers. So, if your credit score is far from excellent, consider opting for one of the other financial solutions named above.

A Few Words to Conclude

We want to help you understand that any financial emergency is a tough situation in which a person must be responsible and accountable for any further actions. If you head down the wrong path, you might get even more in debt.

However, anyone can encounter times when they are in desperate need of money. No matter what your personal reason, search for the best and most suitable solution that will help you solve your money problems. Look for the opportunities and use them to your advantage. Focus on your long-term financial health as you scramble to meet your short-term financial needs.

Remember to borrow wisely and never take out more money than you need to resolve your financial emergency. And don’t forget to work toward improving your credit score and building an emergency fund, so that the next time you may need money desperately, you have better ways to get it.

Edited by Rebecca McClay



Rebecca McClay

Rebecca McClay is a financial writer, editor and and content consultant who has over 10 years of experience covering personal finance, business and investing. She is a regular conrtributor to Investopedia and published in Bloomberg, The Wall Street Journal, TheStreet, MarketWatch, Investorplace Media, Money Morning, etc.