How To Raise Money When You Need It

Following is a listing of sources to consider when in need of money.

• Through a loan. For instance:
• • Use funds in a 401K or other retirement plan last. Although you pay interest to yourself, you lose the advantage of tax deferred earnings on the earnings you borrow. If you leave your job, you will likely have to repay the loan or owe taxes and penalties. For information about how to borrow from a retirement plan, click here.
  • Review your other assets to determine if you can borrow against them, while still holding onto them. For instance:
  • • Borrow Against Personal Property
    • Borrow Against Certificates Of Deposit Or Other Term Bank Accounts
    • Borrow against Securities such as stocks and bonds
    • Borrow Against Your Residence as a Home Equity Loan or by refinancing your mortgage.
  • From a current or ex employer.
  • • Kashable.com offers low cost loans to employees
  • Consider borrowing from a commercial financial institution such as a bank or savings and loan or a credit union.
  • Think about borrowing from family or friends or from people you don't know online.
  • • Consider giving a fund raising party
  • Borrowing against a life insurance policy.
  • Against an expected refund.
  • If you only need money for a very short period of time, and can pay it back quickly, consider a Payday Loan
  • or a Title loan (such as a loan secured by title to your vehicle)
• Through new uses of your home, such as:
• • Renting a room to travelers
  • Creating an apartment in a house that you can rent to others, or live in a part of the hosue and rent the rest of the house
  • Turn your home into an assisted living facility.
  • Selling the residence and leasing it back.
  • If all else fails, sell it for the best price.
• Consider renting your personal property to others. For example, through:
• • GetAround and Turo (connect car owners with people who want to rent cars, They vet customers and insure vehicles as well.).
  • SnapGoods.com, (peer to peer lending site for tools, cameras and other items)
  • US.Zilok.com (peer to peer lending site for anything)
• Through other fund raising ideas such as:
• • If you can't work for an extended period of time, consider applying for Social Security Disability Income (SSDI) and Supplemental Secuirity Income (SSI). If you are eligible for SSI, you can get cash in a hurry.
  • Sell personal property. For instance:
  • • In General
    • Conduct a garage, yard or tag sale
    • Sell items through the internet
    • Sell items by auction
    • Sell items on consignment
    • How to sell gold
  • Sell a life insurance policy
• Through financial assistance
• • Check to see if there is money available because of your particular health condition. See: Financial Assistance
• Through crowdfunding.
• By dog sitting or walking. Connect to owners through such sites as PetCare or FetchPetCare

Find out if you can barter by swapping services you can do for the services you need.

• You may be able to do this informally in your neighborhood, through your religious organization or other organization to which you belong.
• There may be a Time Bank which basically allows you to exchange services for other services in your area.
• There may also be a web site with a barter section or barter exchange that works for you. (See Bartering 101: On Your Own, Through Websites and Exchanges).

If your credit card offers convenience checks, use them sparingly, with knowledge about fees and interest rates and an understanding of the fees described in the fine print and the high amount of interest that will be charged once an introductory period is over. (For more about convenience checks, click here.