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how to get free money

How to Get Free Money: Legal Ways to Boost Your Cash

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by

Kenneth Keith
in

In today’s economy, many of us look for ways to make extra money or get quick cash. It’s tempting to try risky or wrong ways, but there are legal ways to get free money. The trick is to know where to find these opportunities and how to use them. So, the question is: Are you ready to discover the secrets to boosting your cash flow through legitimate means?

Key Takeaways

  • Explore selling unused electronics, jewelry, and other valuables for quick cash
  • Monetize gift cards by exchanging them for cash on specialized websites
  • Seek out gig work like ridesharing, freelancing, or pet sitting to generate extra income
  • Investigate community assistance programs and government aid that could provide financial relief
  • Uncover unclaimed money that may be rightfully yours through a simple search

Sell Unused Valuables

If you have items you don’t use, like electronics or jewelry, you can turn them into cash. Selling your unused valuables is a great way to get free money. You can sell phones, tablets, musical instruments, and more on various platforms.

Selling Electronics and Tech Gadgets

Platforms like Swappa and Gazelle make it simple to sell your used electronics for cash. List your old phones, tablets, and other gadgets on these sites. Or, try an ecoATM kiosk for a quick cash offer on your device in about 5 minutes.

Pawning Jewelry and Other Valuables

Consider pawning items like jewelry, musical instruments, firearms, and modern electronics at a pawnshop. You can borrow money against the item or sell it. Pawnshops offer a quick way to get cash for your valuable possessions.

When selling unused valuables, look into the fees and commissions of different sites. Some, like Craigslist, don’t charge to list items. Others, like eBay, Poshmark, and Etsy, take a fee based on the sale price. Choose wisely to earn the most.

“Selling your unused valuables is a great way to declutter your home and make some extra cash in the process.”

Monetize Gift Cards

If you have unused gift cards, you can make money from them. Sites like CardCash and GiftCash will buy your gift cards, paying up to 92% of their value. It might take a few days to get paid, but some cards can be changed into cash online quickly.

Here are more ways to make money from your gift cards:

  • Swapsbee lets you swap your unused gift cards for other cards or cash. You can also get a 5% bonus on your trades.
  • Raise buys gift cards, paying 80-92% of their value.
  • You can sell your gift cards on eBay or Facebook Marketplace. But remember, you’ll have to pay fees on those platforms.

Choosing how to exchange gift cards for cash depends on you. But, it’s a fast way to use your unused balances. Just check the fees and minimums before picking a service.

“Swagbucks has paid over $500 million to its members for completing simple online tasks and surveys.”

You can also get free gift cards through reward programs. Sites like Swagbucks, InboxDollars, and MyPoints give sign-up bonuses and points for doing surveys, watching videos, and more. Once you have enough points, you can swap them for gift cards.

Monetizing gift cards is a smart way to turn unused balances into cash or rewards. Whether you sell them or earn them through rewards, it’s an easy way to increase your cash without much work.

Take Up Gig Work

In today’s fast-changing economy, the gig economy is a top choice for extra income. Gig work means short-term, on-demand jobs that are flexible and easy to fit into your schedule. You can drive for rideshare services or work online as a freelancer, finding many ways to make extra money.

Driving for Rideshare Services

Driving for Uber and Lyft is a popular gig work choice. You can work when you want and make good money. Uber Eats drivers make about $15 to $20 an hour, and Lyft drivers make around $20 an hour.

Other services like DoorDash, Instacart, and Amazon Flex let you earn by delivering food, groceries, or packages. These jobs are great for making quick cash.

Freelancing Online

If you have special skills or are creative, freelancing online could be for you. Websites like Fiverr, Upwork, and Freelancer.com connect freelancers with clients. Freelancers can earn $50 to $100 an hour or more, based on their skills and the project’s complexity.

There are also sites like Craigslist for finding short-term jobs in food service, housekeeping, and more. These jobs can give you a quick cash boost.

The gig economy is growing, offering many side hustles and quick cash options. By taking advantage of gig work, you can boost your main income and control your finances better.

Seek Community Assistance

When you’re hit with financial emergencies or short-term needs, community programs can be a big help. Local groups, religious organizations, and nonprofits offer community assistance, emergency loans, and short-term loans. These can cover rent, utilities, or other must-haves.

These options are often better than payday loans, which can lead to a debt cycle. By using local resources, people can get the help they need without getting into debt.

Navigating Community Assistance Programs

Here’s how to find and use community assistance programs:

  • Start by contacting your local government, social services office, or community action agency. They can tell you about community assistance programs, emergency loans, and short-term loans.
  • Many religious groups like churches, synagogues, or mosques also offer financial help or can point you to resources.
  • Look into nonprofits in your area that help with housing, utilities, food, and other basic needs.
  • See if you qualify for federal or state programs like TANF, LIHEAP, or Section 8.
  • Use online tools like United Way’s 2-1-1 hotline or GoFundMe to find community support services.

By reaching out to your community, you can get the support you need to get through tough times and find stability again.

Program Description Eligibility
Temporary Assistance for Needy Families (TANF) Provides federal grants to states for TANF programs. These offer basic needs like food and housing. Low-income families with children
Low Income Home Energy Assistance Program (LIHEAP) Helps people make their homes more energy-efficient to lower bills. It also offers low-cost repairs for heating and cooling systems. Households with incomes below 150% of the federal poverty line
Housing Choice Voucher Program (Section 8) Secures affordable housing for low-income families and individuals. Families and individuals with incomes below 50% of the area’s median income
Feeding America Provides emergency food help through its network of food banks and pantries. Individuals and families needing food assistance
United Way 2-1-1 Offers utility help and other services for those in financial trouble. Individuals and families facing financial difficulties

By using these community resources, you can get the support you need to overcome financial problems and find stability again.

Request Bill Forbearance

In tough financial times, bill forbearance can be a big help. It lets you pause or lower your payments on some bills. This can ease the strain on your budget when money is tight. Delayed payments might not work with all creditors, but trying it with utility providers, cable companies, and lenders can help you save money for emergencies.

When talking to creditors about forbearance, be honest and show you’re trying to make payments. Creditors often help borrowers who are open and show they’re making an effort. By sharing your situation and following the lender’s rules, you’re more likely to get good forbearance terms.

Forbearance options depend on the debt type. For debts like auto loans or mortgages, talk to your lender before looking at high-interest loans. Many lenders have programs to help during tough times. But, the rules and who can get help vary, so know your situation well.

Bill forbearance isn’t forever, but it can help when money is tight. By talking to your creditors and knowing your options, you can get through hard times and come out stronger.

Ask for a Payroll Advance

When unexpected expenses or bills come up before your next paycheck, asking for a payroll advance can help. This lets you get a part of your wages early, usually without extra cost. You’ll just pay back through your regular paychecks.

Many companies have payroll advance programs for their employees in tough times. These loans have good terms, like no interest or fees, and you pay back a little at a time through your paychecks. Some apps, like EarnIn, offer similar help, letting workers get their wages early for a small tip instead of a big fee.

Payroll Advance Cash Advance Apps
  • Offered by employers
  • No interest or fees
  • Repaid through payroll deductions
  • Apps like EarnIn, Dave, Brigit
  • Access to earned wages for a voluntary tip
  • Advances up to $1,000 per day

Recent stats show that 63% of Americans live paycheck-to-paycheck. In these cases, a payroll advance can be a big help until payday. Companies might set limits on how often you can get an advance and the max amount you can borrow.

“Payroll advances may be a low-cost option to access your earned wages when you need them most.”

Before asking for a payroll advance, check your company’s rules and any fees or repayment details. This way, you can ease your financial worries and keep your finances stable until payday.

payroll advance

Borrow From Retirement Accounts

When you’re facing financial troubles, you might think about using your retirement savings for emergency funds. This can give you the cash you need quickly, but it’s key to know the risks and look at other options. Let’s look into borrowing from your 401(k) or IRA.

Borrowing from a 401(k)

If you have a 401(k) plan, you might be able to borrow from it. Usually, you can borrow up to 50% of your account balance or $50,000, whichever is less. The CARES Act raised this limit to 100% of your balance or $100,000 until September 23, 2020. Most 401(k) loans need to be paid back in five years, but you might get more time if you’re buying a home.

Remember, if you leave your job with a 401(k) loan, you’ll have to pay it back with taxes and a 10% penalty. Also, taking a 401(k) loan can lower your take-home pay and might affect your employer’s matching contributions.

Borrowing from an IRA

Getting money from an IRA is harder than from a 401(k). IRAs don’t have set repayment terms like 401(k) loans do. If you take out money from an IRA, you have 60 days to put it back to avoid taxes and penalties. If you don’t, you’ll face a 10% penalty and have to pay income taxes on the money.

Think about other ways to get money before using your retirement savings. Taking from your 401(k) or IRA can hurt your retirement plans. So, think carefully before deciding.

Retirement Account Borrowing 401(k) Loan IRA Withdrawal
Maximum Loan Amount Lesser of $50,000 or 50% of vested balance No loan option, only withdrawals
Repayment Period Typically 5 years, potentially longer for home purchases 60 days to avoid taxes and penalties
Penalties 10% early withdrawal penalty if not repaid after leaving job 10% early withdrawal penalty, plus income taxes
Employer Matching May be suspended during loan repayment No impact

“Borrowing from your retirement accounts should be a last resort, as it can have long-term consequences for your financial security in retirement.”

how to get free money From Life Insurance

If you have a permanent life insurance policy with cash value, you might get to use that cash as “free money.” Borrowing from life insurance can be a wise choice, but knowing the risks and effects is key.

Permanent life insurance, like whole or universal life, grows a cash value over time. You can borrow against this cash value. This makes a life insurance loan possible, letting you get funds without canceling your policy.

  1. Understand your policy: Check if your life insurance has a cash value part you can borrow against. Term life insurance doesn’t build cash value, so you can’t borrow from it.
  2. Calculate your borrowing capacity: You can usually borrow up to 90% of your policy’s cash value. The amount you can borrow depends on your policy’s cash value and the lender’s rules.
  3. Compare interest rates: Life insurance loans often have lower interest rates than personal loans or credit cards, usually between 5% to 8%. This makes them a cheaper borrowing option.
  4. Consider the impact on your policy: Taking a loan against your life insurance can lower the death benefit for your beneficiaries. Make sure your policy stays in good shape and you pay back the loan on time.

Borrowing from life insurance gives you quick cash access, but think about the good and bad sides. Talk to a financial advisor to see if this fits your financial plans and long-term goals.

“Borrowing from your life insurance policy can be a useful way to access cash, but it’s important to understand the potential risks and implications. Consult with a financial professional to ensure it’s the right decision for your situation.”

Get a Credit Card Cash Advance

If you need quick cash and your credit card is in good shape, a credit card cash advance might be cheaper than a high-interest short-term loan. You’ll pay fees and interest, but it’s usually less than payday loans or other options.

The usual credit card cash advance fee is about 5% of what you borrow, plus an interest rate of 20% to 25% APR. This is lower than the interest on personal loans, which average just over 12% as of June 2024. Payday loans can have APRs over 400%. Also, some credit card companies might see payments through apps like Venmo as cash advances, which means higher fees and rates.

Credit card cash advances usually have a lower limit than your total credit limit, often a percentage of what you can borrow. They don’t have a grace period like regular purchases do, so interest starts adding up right away.

Choosing a credit card cash advance over a short-term loan might seem better, but think about how it affects your credit score. Cash advances can raise your credit card balance, which can hurt your credit utilization ratio. This ratio is a big part of your FICO credit score.

Before going for a credit card cash advance, look at other options. You could use your savings, talk to creditors for more time to pay, or get help from community groups. These might be cheaper and won’t hurt your finances as much.

“Credit card cash advances should be a last resort, as the fees and interest can quickly add up and become a significant financial burden.”

Explore Payday Alternative Loans

When you need money fast for unexpected costs, payday loans might seem like a quick fix. But, they often have high interest rates that can lead to more debt. Luckily, there’s a better choice: payday alternative loans (PALs).

Payday alternative loans are small, short-term loans from some credit unions. They don’t have the same high interest rates as traditional payday loans. In fact, the interest rate on PALs is capped at 28% by law. This makes them a more affordable way to get cash quickly.

To get a PAL, you must be a member of a credit union. These loans are between $200 and $2,000 and can be paid back in one to six months. This gives you more time to pay off the loan than payday loans, which are usually due in two weeks.

PALs also have other advantages. Credit unions often offer financial advice to help you manage your money better. This can be really helpful if you’re new to handling your finances or don’t have easy access to banks.

“Payday alternative loans provide a much-needed lifeline for those facing unexpected expenses or short-term cash flow issues. The lower interest rates and longer repayment periods make them a far superior option to the predatory payday loan industry.”

Not all credit unions offer payday alternative loans, but they’re becoming more popular. They’re a good choice for those who want to avoid the high costs and risks of payday loans. By choosing PALs, you can take a step towards better financial health.

payday alternative loans

Rent Out Spare Space

In today’s sharing economy, renting out spare space is a quick way to earn extra cash. You can use an unused room, a vacant garage, or even a parking spot. Sites like Airbnb, Neighbor, or SpareFoot let you make money from these areas.

List a Room on Airbnb

Airbnb has changed the game for short-term rentals. Homeowners can rent out a spare room or their whole place to travelers. It’s easy: make a listing, set your rates, and watch the bookings come in.

One person made over $18,000 in two years renting out a spare room. To earn more, think about your property’s location, what you offer, and how you can make guests feel special. Remember, Airbnb takes a 3% service fee, so factor that into your prices.

With the right strategy, Airbnb can help pay for your rent or mortgage.

There are more options like Neighbor, StoreAtMyHouse, and STOW IT for renting out storage space. You can earn $100 to $500 a month renting out a garage, barn, or warehouse. These services make listing and managing your storage easy.

Renting out extra space, like a room, garage, or parking spot, can increase your income. By using the sharing economy, you can turn unused assets into a steady cash flow.

Offer Pet-Sitting Services

Want to make more money with a flexible job that loves pets? Try pet sitting! Apps like Rover and Wag connect pet owners with reliable sitters and walkers. It’s easy to start.

As a pet sitter, you can take pets to the owner’s home or yours. You also set your own prices. Pet sitting usually starts at $10 an hour and can reach $25 an hour. With more experience, you can earn even more.

One blogger started pet sitting in February 2017 and got their first job in about 3 months. By December 2017, they had 7 clients for two weeks, making about $1,500. They earned $2,800 from pet sitting before expenses in the current year, thanks to repeat clients and referrals.

To begin, make profiles on sites like Rover.com, Dogvacay.com, and Care.com. Getting a Pet Sitters International certification isn’t needed but helps. Also, getting public liability insurance is wise to protect your business.

Pet Sitting Earnings Potential Typical Rates
Up to $1,500 per month $10 – $25 per hour per pet
Potential to earn a full-time income $25 – $35 per night

Pet sitting is a low-cost side job to start. It has minimal startup costs and lets you set your schedule. It’s a great way to earn extra cash while enjoying time with pets.

“The side hustle of pet sitting typically costs little to nothing to start, and there’s the potential to earn up to $100 every day by reserving 3 dogs.”

Looking to add to your income or build a pet-sitting business? This flexible side job could be ideal. So, use your love for animals and start pet sitting today?

Look for Unclaimed Money

You might have unclaimed property from the state if you’ve moved a lot. Unclaimed money includes forgotten bank accounts, uncashed checks, and other lost assets. Check your state’s unclaimed property website to find and claim what’s yours.

1 in 10 Americans have unclaimed property, says the National Association of Unclaimed Property Administrators (NAUPA). The average person is owed $427. Use www.unclaimed.org for free searches on unclaimed funds held by states.

Each government agency keeps its own records, so there’s no single place for all unclaimed assets. But by searching for your name across different databases, you might find money that’s yours. Don’t let your money go unclaimed – take the time to claim it.

FAQ

What are some legal ways to get free money when you need cash quickly?

There are many legal ways to get cash fast. You can sell old electronics, pawn valuables, or exchange gift cards for cash. You can also take on gig work, seek community help, or ask your employer for a payroll advance.

Consider borrowing from retirement accounts or life insurance, getting a credit card cash advance, or looking into payday alternative loans. Renting out spare space, offering pet-sitting services, and searching for unclaimed money are other options.

How can I sell my used electronics for quick cash?

You can sell your old phone, tablet, or MP3 player on sites like Swappa and Gazelle. Using an ecoATM kiosk is also quick, taking about five minutes.

Can I pawn my jewelry, musical instruments, or other valuables for fast cash?

Yes, pawnshops let you borrow or sell items like jewelry, musical instruments, and recent electronics for cash.

How can I exchange my gift cards for cash?

Websites like CardCash and GiftCash pay cash for gift cards, up to 92% of their value. It might take a few days to get paid, but some cards can be exchanged online for quicker cash.

What types of gig work can provide a quick income boost?

You can earn quickly by driving for Uber or Lyft, freelancing at home, or finding short-term jobs on Craigslist. These jobs are in areas like food service, housekeeping, and general labor.

Where can I seek community assistance for emergency cash needs?

Look for help from local community groups, religious organizations, or nonprofits. They might offer loans or short-term aid for things like rent or utilities. These options usually have low or no interest, unlike payday loans.

Can I delay payments on my bills to free up cash for emergencies?

Some companies like utility providers don’t charge interest on late payments. Check if they’ll accept delayed payments to save cash. For debts like car loans or mortgages, talk to your lender before getting high-interest loans.

How can I get a cash advance from my employer?

Ask your employer for a cash advance on your pay. It’s often low-cost, with no fees, and you repay through payroll deductions. Some companies offer low-cost loans in crises. Apps like EarnIn let you get advances at no interest, asking for a tip instead.

Can I borrow from my retirement accounts for quick cash?

You can borrow from your 401(k) or IRA, but there are rules. With a 401(k) loan, you can borrow up to half your balance, up to ,000, and have five years to repay. But, late payments can make the loan taxable. IRA loans are stricter, needing repayment in 60 days.

How can I get cash from my life insurance policy?

If your life insurance has cash value, you can borrow against it. You have the rest of your life to repay, and the interest is deducted from the payout at death. But, you can’t borrow from term life insurance.

Is a credit card cash advance a good option for quick cash?

A cash advance from a credit card is cheaper than a payday loan if your account is in good shape. You’ll pay a fee, about 5% of the amount, plus interest, which can be around 30%.

What are payday alternative loans, and how do they compare to regular payday loans?

Credit unions offer short-term loans called payday alternative loans (PALs). These have a 28% annual rate, much lower than payday loans’ triple-digit rates.

How can I make quick cash by renting out a room or space in my home?

Use sites like Airbnb to rent out a room or space in your home. This can bring in quick cash, especially in desirable areas. Airbnb is free to list, but takes a 3% service fee on bookings.

Can I earn money by offering pet-sitting services?

Apps like Rover and Wag connect you with pet owners for sitting or walking pets. You can choose to host pets at their home or yours, setting your own rates. Rover says you can earn up to

FAQ

What are some legal ways to get free money when you need cash quickly?

There are many legal ways to get cash fast. You can sell old electronics, pawn valuables, or exchange gift cards for cash. You can also take on gig work, seek community help, or ask your employer for a payroll advance.

Consider borrowing from retirement accounts or life insurance, getting a credit card cash advance, or looking into payday alternative loans. Renting out spare space, offering pet-sitting services, and searching for unclaimed money are other options.

How can I sell my used electronics for quick cash?

You can sell your old phone, tablet, or MP3 player on sites like Swappa and Gazelle. Using an ecoATM kiosk is also quick, taking about five minutes.

Can I pawn my jewelry, musical instruments, or other valuables for fast cash?

Yes, pawnshops let you borrow or sell items like jewelry, musical instruments, and recent electronics for cash.

How can I exchange my gift cards for cash?

Websites like CardCash and GiftCash pay cash for gift cards, up to 92% of their value. It might take a few days to get paid, but some cards can be exchanged online for quicker cash.

What types of gig work can provide a quick income boost?

You can earn quickly by driving for Uber or Lyft, freelancing at home, or finding short-term jobs on Craigslist. These jobs are in areas like food service, housekeeping, and general labor.

Where can I seek community assistance for emergency cash needs?

Look for help from local community groups, religious organizations, or nonprofits. They might offer loans or short-term aid for things like rent or utilities. These options usually have low or no interest, unlike payday loans.

Can I delay payments on my bills to free up cash for emergencies?

Some companies like utility providers don’t charge interest on late payments. Check if they’ll accept delayed payments to save cash. For debts like car loans or mortgages, talk to your lender before getting high-interest loans.

How can I get a cash advance from my employer?

Ask your employer for a cash advance on your pay. It’s often low-cost, with no fees, and you repay through payroll deductions. Some companies offer low-cost loans in crises. Apps like EarnIn let you get advances at no interest, asking for a tip instead.

Can I borrow from my retirement accounts for quick cash?

You can borrow from your 401(k) or IRA, but there are rules. With a 401(k) loan, you can borrow up to half your balance, up to $50,000, and have five years to repay. But, late payments can make the loan taxable. IRA loans are stricter, needing repayment in 60 days.

How can I get cash from my life insurance policy?

If your life insurance has cash value, you can borrow against it. You have the rest of your life to repay, and the interest is deducted from the payout at death. But, you can’t borrow from term life insurance.

Is a credit card cash advance a good option for quick cash?

A cash advance from a credit card is cheaper than a payday loan if your account is in good shape. You’ll pay a fee, about 5% of the amount, plus interest, which can be around 30%.

What are payday alternative loans, and how do they compare to regular payday loans?

Credit unions offer short-term loans called payday alternative loans (PALs). These have a 28% annual rate, much lower than payday loans’ triple-digit rates.

How can I make quick cash by renting out a room or space in my home?

Use sites like Airbnb to rent out a room or space in your home. This can bring in quick cash, especially in desirable areas. Airbnb is free to list, but takes a 3% service fee on bookings.

Can I earn money by offering pet-sitting services?

Apps like Rover and Wag connect you with pet owners for sitting or walking pets. You can choose to host pets at their home or yours, setting your own rates. Rover says you can earn up to $1,000 a month, but takes a cut of your earnings.

How can I find and claim any unclaimed money that belongs to me?

You might have unclaimed money from the state if you’ve moved a lot. This includes forgotten bank accounts, uncashed checks, and other lost assets. Check your state’s unclaimed property website to find and claim your money.

,000 a month, but takes a cut of your earnings.

How can I find and claim any unclaimed money that belongs to me?

You might have unclaimed money from the state if you’ve moved a lot. This includes forgotten bank accounts, uncashed checks, and other lost assets. Check your state’s unclaimed property website to find and claim your money.

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