Lucky 13: a baker’s dozen ways to get money

Whoever first said “money can’t buy happiness” probably never had to choose between feeding their children or paying a utility bill to keep the lights on.

Sheldon White

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While it’s true that well-to-do people aren’t necessarily happier than those in a lower income bracket, money certainly does provide a level of security and stability that relieves a lot of stress.

Whether you’re struggling to make ends meet or just want to achieve a certain goal that your current income won’t quite accommodate, you have options. To show you what they all are, we’ve created this ultimate list for putting some greenbacks in your pocket, PayPal, or bank account.

1. Personal Loans

If you have decent credit, you can likely get an unsecured loan from your bank or credit union. These often have steep rates and fees, but they can be used for anything you want. And you won’t have to put up collateral.

2. Credit Cards

Another option is to get a credit card. You can find them even if your credit isn’t that hot, although there will be some strings attached. Credit card terms and the perks they offer vary widely, so be sure to shop around.

3. Loans from Online or Storefront Lenders

Similarly, there are both online and brick-and-mortar companies that will loan you money. In some cases, they will do a credit check and verify your employment. But be careful, because some loans for bad credit will come with pricey interest rates and penalties.

4. Secured Loans

Secured loans, like home equity loans, require you to have some type of collateral. That means their repayment period, interest rates, and fees are more generous than with their unsecured counterparts

5. Peer-to-Peer Lending

In recent years, peer-to-peer (or P2P) lending has become a popular trend, with several dedicated websites facilitating the loan process. Individual lenders contribute their money for you to borrow. Each site sets its own terms, loan amounts, and interest rates.

Also read: Teleworking during the coronavirus era

6. Payday Loans

Designed to see you through to the next payday, these short-term loans can have whopping interest rates of 400% or more. Use them very carefully if you must use them at all.

7. Cash Advances

Credit card holders can borrow money from the issuer. Think of this as using your credit card to “buy” cash rather than goods like groceries or a new smartphone. Use a cash advance when you don’t have the funds to pay a bill, or anytime you have an expense but can’t use the card itself.

8. Veterans’ Loans

If you have served in the U.S. military, you may be eligible for a VA home loan. These government-backed loans have helped more than 22 million vets become home owners since 1944. In addition, they are often offered with low (or no) down payments.

9. Reverse Mortgages

Over the age of 62? Need some cash and don’t want to worry about having to pay it back anytime soon? A reverse mortgage (https://reverse.mortgage/) might be for you. Unlike with other loans, this won’t require repayment until it comes due. It can be paid out in a lump sum, a line of credit, or as structured monthly payments.

10. Pawn Loans

Pawning an item is a form of short term loan using that item as collateral. Some commonly pawned things include musical instruments, tools, electronics, and jewelry. If you don’t return with the money within the specified time frame, you forfeit your belonging. Some pawn shops will also buy items outright.

11. Donation Based Crowdfunding

You have probably seen GoFundMe appeals on your Facebook, and maybe you have even contributed to them. These platforms can be viable if you have an extensive social network, although you’ll have to swallow your pride.

12. Cashing In an IRA

Retired folks who have either a 401(k) or an IRA as their retirement savings can consider cashing them in. Depending on your age and the type of account you have, there may be penalties associated with early withdrawal.

13. Low-Cost Investments

Have $1,000 to play with? Feel like having some fun? Look into these investments you can make with a grand, including FOREX, commodities, or cryptocurrency trading, real estate contract flipping, or even day trading. You could even be one of the P2P lenders mentioned above.

Now, Get Out There and Get You Some Moola!

We hope you’ve found this article illuminating and informative, and maybe even realized that there are more options for getting money than you ever knew. If so, why not share it with your social media fans? (Be sure to follow us, too, so you can be the first to learn about new content!)