Need Urgent Cash? Get Some The Legal Way With These Tips

Need Urgent Cash? Get Some The Legal Way With These Tips

Sometimes we’re just really stuck financially when it comes to emergencies and we need urgent cash. Here are some legal solutions.

As careful as some of us are with money, there are times in our lives when we need urgent cash.

For me, my dog fell unexpectedly sick and ended up being hospitalised at the vet for 5 days, incurring an average bill of about $250 per day.

It also happened to be Christmas and year-end. I was strapped for cash and needed to pay the vet’s bill to bring my pup home.

Though I didn’t want to, I had to borrow some cash from a joint account I had with my mother.

But not all of us are as fortunate to have backup savings account that we can dip into when the time calls for it.

If you have ever been a tight situation and you need financial help urgently, here’s what you can consider:

1. Do NOT go to a loan shark, try the pawn shop instead

urgent cash

Desperate times may call for desperate measures but that doesn’t mean you run off to the nearest loan shark to get quick cash.

Loan sharks often charge CRAZY interest rates, ranging anywhere from 10% to 100%. They are also very tricky people to deal with. If you cannot pay them back on time (and with the insane interest), you might be faced with death threats and possibly physical harm.

Don’t take that risk. Try pawning off some of your jewelry at a pawn shop instead. The rates are definitely lower and it is just as instantaneous as getting urgent cash from a loan shark.

2. Peer to peer lending

urgent cash

Source: GoFundMe

If you’re looking for urgent cash for medical treatments, you could try listing your needs on a crowdfunding platform to see if any kind souls are willing to help you out financially.

GoFundMe is a popular platform that many people use to raise money for their family members who have cancer. In fact, it isn’t uncommon for many of these crowdfunding campaigns to reach or exceed their their goals in the short run.

3. Credit card cash advance

urgent cash

If you are not able to charge your expense to the credit card directly, call your bank to see if you qualify for a credit card cash advance. This essentially means you are borrowing cash (which will be charged to your credit card, with your existing limit in place) based on the credit card interest rate. This can be costly if you do not pay the bank back quickly.

4. Get a cash advance from your employer

urgent cash

If you work for an understanding employer, you might be able to get an advance from your next month’s salary or wages. Many employers have been known to be generous and some even offer to pick up the tab if it isn’t too extravagant.

5. Retirement funds

urgent cash

If you have an insurance-linked product or perhaps a deferred annuity plan in place, this is also an option for you to dig into if you need urgent cash.

Be sure to check with your insurance agent or your financial advisor on the consequences of borrowing from such funds.

Some plans may require you to surrender your policy when cashing out and some may incur penalties. Always check with the policy company to be sure.


If you don’t have an emergency fund in place, it’s time to get your money on track. Read:

6 Easy Ways To Make Extra Money And Recover From Your Holiday Spending

8 Millennial Money Mistakes You Might Still Be Making

3 Money Management Tips To Help Get Your Life Back On Track

Written by

Sarah Voon