UPDATED: March 10, 2023

Emergencies can strike at any moment and leave you feeling panicked. Sudden home repairs, a medical emergency, or a broken-down car all come with bills that require urgent attention. An emergency fund may help you cope with expenses just like these, but those without emergency funds may be left scrambling. The most important thing when faced with unexpected expenses is to keep a cool head and explore your options calmly. From getting a loan to borrowing from a friend, there are things you can do to get the funds you need. Here are a few options to consider when you need funds for an emergency:

Consider a payday loan

If you need funds as soon as possible, then a payday loan may be right for you. With a payday loan, you can borrow what you need for your emergency and pay it back once you receive your next paycheck. A payday loan typically does not require a good credit score, so poor-credit borrowers don’t have to worry about whether they’ll be approved. Another benefit is that there’s not as much paperwork involved compared to other loans. Payday loans may be useful if you’re confident that you can pay the funds back on time.

Apply for a personal loan

Some lenders offer quick processing so borrowers can receive same-day funds. Personal loans do require credit checks, which will impact your credit score, but some lenders will offer special loans aimed at people with lower credit scores. The benefit of a personal loan is that you can repay the loan in fixed monthly installments, and interest rates tend to be better, especially for those with good credit scores. 

Sell something you don’t need

If you have an old smartphone or tablet lying around, you may be able to sell it to get the money you need. One option is to try a traditional pawn shop, but these days you can also easily sell your old electronics online using websites intended specifically to buy and sell used or refurbished gadgets. Besides gadgets, you may also have other items that you can sell or pawn, such as jewelry you don’t use or a watch you no longer want. You may be able to sell these or at least pawn them for the funds you need. 

Try completing a task on a gig site

Gig sites can be a treasure trove for anyone looking to make money quickly. From putting together furniture to grocery shopping or even completing a small writing or design assignment, gig sites are a way for you to tap into the skills you already have to make some money. The great thing about making money from small tasks is that you may be able to actually grow this into a side gig, while the downside is that it may take you a few days to make the money you need. You will also need to have enough free time to complete the tasks. 

The bottom line

If you don’t have an emergency fund, not to worry. There are still plenty of ways to get the funds you need fast. From getting a payday loan to selling an item you don’t need anymore, you can easily receive some quick cash to cover expenses. Consider any of these options if you’re in a financial pinch.