You're in a bind and need cash right away. Without two cents to rub together, what do you do? There are a number of remedies to treat an anemic wallet -- legal and illegal -- but one or more of the following tried-and-true methods should help when you're in dire straits:
Wire money
People often rely on their parents, friends and family to pry them from a financial pickle. If your parents are used to you hitting them up, wired money could be a quick and reliable way to replenish your dry cash reservoir. Independent agents, such as Western Union, most banks and the nearest U.S. post office, are where to go to get and send wired flow. The process can take anywhere from minutes to days, depending on where you go. Some banks wait until there are several wire transactions before processing your request. Fees differ among agents with some charging a flat rate between $20 and $40 and others varying the costs according to the amount sent. Cash advances
Cash advances may seem like the bomb (that means good), but don't get blown out of the water by high interest rates and processing fees. The rates and fees vary among institutions. Citibank, for instance, levies a 3 percent transaction fee on whatever you take out, plus an APR of 19.9 percent that starts accruing immediately. In other words, even if you paid off your card charges every month, you would still have to pay interest on a cash advance. Many people take out cash advances without really thinking of the real costs, the end result being that you're paying more money than necessary, says Nancy Nauser, president of Consumer Credit Counseling Services of Greater Kansas City and mid Missouri. "Many people do it for the convenience. But that convenience comes with a cost," Nauser says. "Be sure to read the fine print." Pawn that sucker
If a cash advance is not your thing, quick cash from a local pawnshop can easily be had. A pawnshop offers short-term loans in exchange for collateral. Collateral can be virtually anything of value -- a TV set, VCR, jewelry, watch and almost anything else. Unlike a bank, there's no credit check or wait for approval from a loan officer. When you receive the dough, you are required to pay it back with interest within one to four months. If you do not pay on time, then the collateral becomes the property of the pawnshop, and they can sell the merchandise for a profit. "If you need to borrow small amounts of money, then a pawnshop is the way to go," says Mike Stogner, owner of the Purple Pawn Superstore in Greensboro, N.C. He says the interest on a loan is much higher than a bank's because there is greater risk involved. In North Carolina, the interest rate at pawnshops is 24 percent. Ouch! Medical experiments
You don't have to worry about a 24 percent interest rate if you are an official human guinea pig to test a new drug or medical procedure before it reaches consumers. In fact, you won't have to pay anything back. If you're what the doctors are looking for, then all you do is sign your name on the dotted line, and voila! The pay varies according to how much of a guinea pig you want to be, but it's not uncommon for participants to receive more than $1,000. The higher the amount, the more involved participants are in the study. However, easing a cash crunch should not be the primary reason for participating in these experiments, says Ken Getz, president of CenterWatch in Boston, Mass., a Web site that lists clinical trials in the United States. "These trials are regarded as a benefit to patients who may not otherwise receive a high level of care," Getz says. Day labor
The good news is that day labor is almost always hiring. Day labor operations are geared toward unskilled laborers to fill low-wage jobs in warehouses, building contractors and manufacturers. Many temporary employment agencies are usually inundated with people looking to get a day's work. To contact a day labor agency, look in your yellow pages under Employment Agencies. In addition, you can surf the Internet for day labor agencies in your area. Of course, networking with family and friends is always a good bet as well. Easing a cash crunch may seem like the mission-impossible without knowing what options are out there. An exploration that goes deeper than your dust-filled pockets might yield a bit more than two clanking pennies. Ka-ching! |