I Need Money Now: 40 Ways To Get Cash Fast in 2024

A survey revealed that fewer Canadians have emergency savings on hand and do not have enough funds to cover an unexpected expense for the next two months.

As pessimism about the economy continues, many people feel the pressure to find emergency cash immediately for unanticipated expenses.

Read on to learn how to get emergency money from the government, banks and online lenders that help you get cash fast.

How To Get Emergency Cash Immediately

Below are 20 ways to obtain emergency cash fast, including applying for loans and getting cash advances. 

1. Ask Friends and Family For a Loan

If you find yourself thinking, “I need money desperately, no job,” consider asking your family and friends.

While it may be tough to ask, your family and friends may be willing to assist you during an emergency. Inform them why you need cash and explain the urgency.

It may be necessary to draw up a legally binding contract that details the principal amount, interest rate, repayment period, and mode of payment.

Pros

• A better alternative than an expensive loan
• A good option for a one-time emergency

Cons

• Conflicts may arise

2. Get a Salary Advance

Check your handbook or ask your human resource department about the salary advance policy in your company.

Formalize your request by writing it and detailing how much you need, the reason for the request, and how you intend to repay.          

Depending on your employer, you can get the whole amount or a percentage of your paycheck.

Pros

• It avoids having to apply for expensive loans from lenders.
• Repayment may be in the form of rendering service to the employer.

Cons

• Your employer may turn down your request.

3. Get an Emergency Loan

If you are in a difficult financial situation and start thinking, “I need money now. Bad credit may hinder me though,” then you will be glad to know there are lenders who cater to your needs.

Apply for an emergency loan at online lenders like Loans Canada or Loan Connect. The application process is quick, while approval is often instant.

The loan amounts can be between $500 and $1,500, depending on your lender. When your application is approved, you can receive your funds as fast as 15 minutes.

Pros

• No credit checks
• Accepts bad credit
• No collateral

Cons

• Short-repayment term
• High interest rates
• High cost of borrowing

4. Take Out a Credit Card Cash Advance

If you have a credit card, you can tap some of your available credit by getting a cash advance.

Pros

• No application process
• Funds are instantly available
• No need to apply for a second credit
• Option to make small monthly payments

Cons

• Higher interest rates
• No grace period
• Upfront fees
• Cash advance fees

5. Apply for a P2P Personal Loan

Peer-to-Peer lending connects investors and borrowers. P2P lenders offer business and personal loans, including secured and unsecured loans.

The loan amounts can range from $1,000 to $35,000, depending on the lender.

Pros

• Quick application
• Lower interest rates
• Available to borrowers with good credit
• Longer repayment periods

Cons

• Higher monthly payments
• Origination fees

6. Get a Home Equity Line of Credit (HELOC)

A HELOC allows you to borrow money at low interest rates. If you get a stand-alone HELOC, the maximum credit limit is up to 65% of your home’s purchase price or market value.

Pros

• Easy access to available credit
• Lower interest rates than unsecured loans and credit cards
• Repayment at any time without a prepayment penalty

Cons

• Requires you to qualify and be approved first
• Risk of losing your home if unable to make minimum payments
• Variable interest rates can change

7. Get an Unsecured Line of Credit

This loan type works like a credit card and allows you to borrow money up to a specific limit.

The loan amounts can start at $5,000 or upwards, depending on your lender.

Pros

• Low-interest rates
• Zero set-up fees
• No collateral
• Minimum payments are often interest-only

Cons

• Not available for individuals with limited income or less-than-ideal credit scores
• A loan with a variable interest rate that may go up over time
• Can lead to addictive borrowing

8. Take Out an Installment Loan

An installment loan is a personal loan wherein you get a set amount of money that you can use to cover any expense.

Depending on your lender, loan amounts can be between $500 to $50,000. It is available at banks, payday loan stores, and online lenders like Loans Canada.

Pros

• A better option than payday loans
• Flexible terms
• Fast application process
• Quick approval
• Any credit accepted

Cons

• Interest rates may be higher
• May require a collateral
• Processing fees

9. Withdraw Funds From Your TFSA

Your Tax-Free Savings Account (TFSA) can be a savings account where your money grows tax-free and is easily accessible, especially during an emergency.

Pros

• You can withdraw funds without cost at any time.

Cons

• The ease of access may result in constant withdrawals.

10. Get a Payday Loan

Secure a payday loan from apps like Loanz, iCASH, and Cash Money. The application process is easy, and approval is quick.

You can borrow amounts of up to $1,500.

Pros

• Fast fund release
• No collateral
• Accepts bad credit

Cons

• High interest rates (APRs can be over 390%)
• High cost of borrowing
• Short repayment terms

Related: Payday Loan Alternatives.

11. Use a Pay Advance App

Get a cash advance from pay advance apps like KOHO, which lets you access 50% of your pay daily through the Instant Pay feature.

Cash advance amounts can range from $25 to $100 or more.

Pros

• Fewer approval requirements
• Quick approval
• No collateral
• Fast release of funds
• Some lenders do not charge interest rates

Cons

• Limited loan amounts
• Must have a source of income
• May charge interest rates

12. Apply for a Term Loan

Term loans are bank loans with a specific amount, a fixed or floating interest rate, and a specified repayment schedule.

These include short-term loans, intermediate-term loans, and long-term loans.

Pros

• A one-time lump sum of money
• Set repayment terms and interest rates
• Can fund short-term financing needs

Cons

• Can be hard to qualify for
• May require collateral
• High-interest rates if you get it from an online lender

13. Borrow Money from Your Overdraft

An overdraft is a temporary loan that allows you to pay bills or withdraw money even after your account has insufficient funds.

You can borrow as much as $5,000, depending on your lender.

Pros

• Repayment can be within a couple of months
• Payments are flexible
• Less expensive than other short-term credit options

Cons

• A monthly fee on top of the interest on the amount you borrowed
• Administration fees
• Banks can cancel the service anytime

14. Apply for a Cash-Out Refinance

A cash-out refinance is when you refinance your mortgage for more than your current mortgage.

Depending on your lender, you can borrow up to 80% of the value of your home.

Pros

• Option to borrow more money
• A secured loan with lower interest rates
• Payments can be up to 25 years  

Cons

• Increased mortgage balance and rate
• Higher mortgage payments

15. Get a Second Mortgage

A second mortgage is a secured loan you take out on a property with a previous mortgage.

Depending on your lender, you can borrow up to 90% of your home equity in a second mortgage.

Pros

• Provides you with a lump sum of cash
• Interest rates are lower than that of an unsecured loan
• Monthly payments include the principal and interest

Cons

• Home appraisal is required
• Rates are higher than the primary mortgage
• Closing costs

16. Get a No Employment Verification Loan

This unsecured loan requires no proof of employment, such as pay stubs or employment letters.

The loan amounts range from $100 to $35,000, depending on your lender.

Pros

• Fast application process
• Accepts government benefits as proof of income
• Rates are lower than payday loans

Cons

• Credit check
• High-interest rates for high-risk borrowers
• Smaller loan amounts and shorter repayment periods

17. Secure a Vehicle Title Loan

A vehicle title loan is a quick way to obtain funding using car ownership. It is one way to secure a car loan if you have poor credit.

Lenders can offer 25% to 50% of the value of your car.

Pros

• Easy to qualify
• Fund release is within a few hours to a day from the time of application and car inspection
• Flexible terms

Cons

• High-interest rates and fees
• Missed payments can affect your credit score and lead to the repossession of your car by your lender.
• Various fees include a vehicle evaluation fee, a search fee to check accidents or liens on your car, administration fees, or registration fee.

18. Borrow Money from Your Retirement Savings Plan

The Registered Retirement Savings Plan (RRSP) is a retirement saving and investment vehicle that you can convert to a regular income stream when you retire.

Provided it is not a locked-in plan, you can withdraw it in cash and use it to cover an emergency.

Any withdrawal before retirement, however, is taxable income and will be charged with a withholding tax.

Pros

• Taking out a loan maximizes your RRSP contributions
• No interest on the amount you withdraw

Cons

• A withholding tax immediately applies during withdrawal and during tax time
• You cannot replace the withdrawal you made.

19. Borrow from Your Life Insurance

Check with your life insurance company if you can borrow from your life insurance policy.

The loan amount can be anywhere from 90% to 95% of the total cash value of your policy.

Pros

• Flexible access
• No requirements other than the cash value
• Available to holders of insurance policies with accumulated cash value
• Loan repayment is not necessary

Cons

• Often requires up to ten years of paid premiums
• Interest charges can drastically reduce your payout

20. Take Out a Debt Consolidation Loan

Get a debt consolidation loan to pay off other debt. A popular way to consolidate debt is through a personal loan from a bank, credit union, or online lender.

Pros

• One payment for all your loans
• Interest rates may be lower than other types of loans
• Online lenders offer fast approval

Cons

• Need to qualify
• May require collateral

What To Do If You Need Money Desperately With No Loan

“I need money desperately, but no loan is available.”

If you are among those with this type of anxiety, below are 20 ways to resolve your situation without getting a loan.

1. Pawn Your Valuables

Sell your valuables like jewelry, electronics, collectibles, or antique furniture at a pawn shop to get fast access to cash.

Pawn brokers may lend between 20% and 60% of the appraised value of your item.

Pros

• A quick way to earn cash
• Fast approval
• No credit checks

Cons

• Interest rates can go up to 30%
• Additional fees for storage, insurance or term renewal
• Risk of losing your item

2. Host a Garage Sale

Declutter your home and set aside a date for a garage sale. You will need to make time to prepare for the event, which includes getting permits, making signs, and placing ads.

Pros

• Quick cash from unused items
• No need to ship anything
• Clears up home clutter

Cons

• Setting it up involves a lot of work
• Haggling may lower your proceeds

3. Sell Things Online

Gather everything unneeded in your house but are still usable such as clothing, electronics, tools, and books.

Depending on your item, you can set the lowest price at $10.

Pros

• You can set the prices
• Facebook Marketplace, Kijiji and Used.ca give an expansive reach with no required fees.

Cons

• Some sites will charge commission fees
• Scammers abound in popular marketplaces

4. Work as a Caregiver

Register at caregiver sites like Care.com to work as a senior care provider, nanny or pet sitter.

Earn up to $25 per hour as a senior care provider and $30 per hour for child care.

Pros

• Option to find work near your location
• Higher rates for experienced caregivers

Cons

• Payments can take days
• Availability of jobs may depend on your location

5. Sell Gift Cards

Turn gift cards into cash by selling them at sites like CardSwap, GiftCash, and Gift Card Granny.

Earn between 60% and 90% of the gift card value, depending on where you sell it.

Pros

• A convenient way to get money
• Cash can be available in as little as two hours
• Some buyers accept partially-used gift cards.

Cons

• Shipping costs of sending the gift cards to the buyer
• Some buyers will not pay the face value of the gift card.

6. Rent Out a Room On Airbnb

Make extra cash renting out a room on Airbnb. If you live near a vacation site, you can have considerable earnings during peak seasons.

Depending on your property, you can rent a room for a minimum of $20 a night.

Pros

• Ability to set your rate and schedule
• Payments can be within 24 hours (Payoneer Prepaid Debit Mastercard) or up to 7 business days (international wire)

Cons

• A service fee of 3% of the booking subtotal
• Other fees may apply
• Some guests may be difficult

7. Rent Out Your Car

Make money fast by renting your car through sites like Turo, a peer-to-peer car-sharing platform where you rent out your car to others.

Earn an average of $500 per month, or anywhere from 65% to 90% of the fee paid by your renter.

Pros

• Ability to set your price and schedule
• A flexible way to earn passive income
• No fixed monthly costs

Cons

• Not all cars are eligible for listing at Turo
• Bookings often depend on the popularity of your location

8. Pet Sit

Check with your family, friends or neighbours if they have pets you can sit for or dogs for walking.

Pet sitters in Canada can earn between $13 and $28 per hour, with the average at $16 hourly.

Pros

• Ability to choose your work hours
• No heavy physical work
• No educational requirement

Cons

• The rate is often lower than the minimum wage
• Pets may scratch or bite

9. Sell Your Car

If you have a car that you rarely use, consider selling it at sites like AutoTrader, to your dealership, or to a private party.

Pros

• The current environment is a seller’s market.
• Selling it to a private party may get the best price.

Cons

• Your dealership can pay faster but often at lower prices.
• Selling privately lets you negotiate an excellent price, but finding a buyer may take time.

10. Rent Out Your Parking Space

Consider renting out your parking spot for quick cash. Advertise your parking space for rent at sites like BestParking or Parkify.ca.

In downtown Calgary, the average monthly cost of a third-party parking space is $366. In Toronto, the parking cost is $347 on average. In Vancouver, the median is $300 per month.

Pros

• Option to rent the space out per your schedule
• Better spots have higher prices

Cons

• Posting your ad at some sites may incur a monthly charge.

11. Do Odd Jobs For Cash

Are you constantly worrying about the “I need money now, but I’m unemployed” kind of thought?

Consider applying for house cleaning, gardening, assembling furniture, and other domestic types of work. Use task apps like TaskRabbit to find gigs in your area.

How much you earn will depend on the task you provide and the going rates in your location.

Pros

• Task apps can easily connect you with homeowners looking for handyman services.
• Higher rates for experienced Taskers.

Cons

• Competition may be tough in popular sites that offer jobs for cash.

12. Start Freelancing

Earn cash through freelancing jobs on Fiverr, Upwork, and Freelancer.com. It can be anything from photography to graphic design and web development.

Freelancers in Canada can earn approximately $39 per hour or over $75,000 a year. 

Pros

• Flexible schedule
• Higher hourly rate than traditional jobs
• Can choose clients
• Independence

Cons

• Less job security
• No employee benefits
• Earnings may fluctuate

13. Babysit in Your Neighbourhood

Babysitting is a convenient way to earn cash. You also do not need to wait for days for your paycheck.

Babysitting rates vary in Canada. Hourly wages range from $14 per hour in Saskatchewan to $28 per hour in British Columbia, with the average rate at $17 per hour.

Pros

• A quick way to make money
• Higher rates for experienced sitters

Cons

• Irregular schedule
• Generally low pay

14. Tutor Kids Online

If you have a particular knowledge base or skill, monetize it by offering online tutoring services to kids such as Magic Ears or QKids.

Earn from $15 to $25 per hour, depending on your experience, skills, class size, and credential requirements.

Pros

• A flexible and convenient way to earn money
• Competitive salary
• The choice to create your own schedule
• No formal education is needed

Cons

• Work hours can be long
• Irregular schedules

15. Donate Plasma

Canada needs about 1,000 plasma donations annually to develop therapies for patients. It currently obtains 80% of its immunoglobulin therapies from the USA.

If you are a qualified donor who can donate plasma twice weekly, you can receive up to $65 per donation. 

Pros

• Contribution to the community
• Weight management
• Reduced blood pressure

Cons

• Bruising
• Physical weakness
• Low blood pressure

16. Complete Paid Surveys

Register with paid survey sites like Survey Junkie and Swagbucks and participate in the surveys conducted by various market research companies.

Earn up to $100 in cash each week by completing the surveys they provide regularly.

Pros

• Free to join
• Option to register at multiple sites
• No skills required
• Extra incentives offered through referral programs

Cons

• Some survey sites pay in gift cards
• Qualifying for some surveys may be challenging

17. Be an Uber Eats Driver

Earn hard cash within a week by being an Uber Eats driver. After passing the requirements, download the driver app and begin making deliveries.  

An Uber Eats driver can earn up to $20 per hour, depending on prompt delivery, how much work you put in, and if it is the peak season.

Pros

• Flexible schedule
• A solid way to earn extra cash
• You can keep the tips from customers

Cons

• Pay changes from week to week
• Costs you shoulder include car maintenance, fuel, and taxes

18. Become a Virtual Assistant

Get a job as a virtual assistant at sites like LinkedIn, Upwork, and Indeed and showcase your various skills.

Virtual assistants can earn $20 to $50 per hour, depending on the services provided and expertise level.

Pros

• The work is in great demand
• Flexible schedule
• You can set your own rate

Cons

• No employee benefits

19. Apply for Emergency Financial Assistance (AB)

If you are a resident of Alberta and facing an emergency, apply for financial assistance through the Emergency Needs Allowance.

The total core benefits for a single adult are as follows: living with relatives – $550; social housing – $568; private housing – $790.

Pros

• The allowance covers costs for food, clothing, transportation, temporary shelter and others

Cons

• Available only to Albertans earning an income and currently receiving Income Support or AISH benefits

20. Ask for Emergency Assistance (ON)

If you live in Ontario and have an emergency, such as eviction from your home, you may be eligible to apply for emergency assistance from Ontario Works.

For a single person, the amount of assistance is approximately $733 a month.

Pros

• Higher amount if with children
• Up to 48 days of support, depending on your specific situation
• If eligible, payment is issued right away through cheque or direct deposit

Cons

• This aid applies only to residents in Ontario who are not getting assistance from Ontario Works or the Ontario Disability Support Program.

How To Get Emergency Money From the Government

In addition to the emergency assistance options mentioned above, there are other ways to obtain money to assist you financially.

Read further if you want to know more about how to get emergency money from the government to help with your financial issues.

Claim Your Uncashed CRA Cheque

Each year, the Canada Revenue Agency (CRA) issues millions of cheques as payments (in the form of refund benefits) to Canadian taxpayers. Many of these, however, remain uncashed for different reasons.

As of August 2022, around $1.4 billion in uncashed CRA cheques are for claiming, with some going as far back as 1998. The average amount for each uncashed cheque is $158.

To check if you have an uncashed cheque, go to the CRA website, log in, and go to the My Account portal.

Get Your Canada Child Benefit Payments

The Canada Child Benefit (CCB) is a tax-free monthly payment given to families with children under 18 years.

To determine the amount, the CRA uses this calculation:

• For each eligible child under six years, the benefit is $6,997 per year ($583.08 per month).

• For each eligible child aged six to 17, the benefit is $5,903 per year ($491.91per month).

The amount will gradually decrease when the adjusted family net income (AFNI) exceeds $32,797. Go to Canada.ca for information on calculating the reduction.

To receive your CCB payments, file your income tax return every year.

FAQs

Related: 10 Ways To Get Free Money From The Government