You can take a loan on your 401(k) or individual retirement account, but there are conditions. You can borrow from your IRA once a year if you repay the money within 60 days. If your employer allows 401(k) loans – not all do – you typically can borrow as much as half your account balance, up to $50,000, and you have five years to repay it. However, if you don’t make payments for 90 days, the loan is considered taxable income. And if you quit or lose your job, you typically have to repay the 401(k) loan shortly thereafter.
9. Borrow against life insurance
If you have a life insurance policy that has cash value, sometimes called permanent life insurance, you can borrow against it and have the rest of your life to repay it. If you don’t repay, the insurance company subtracts the money from the policy payout when you die. But you can’t borrow against a term life insurance policy, which is the more common type.
If you have a credit card and the account is in good standing, a cash advance is a much less expensive option than a payday loan. You’ll pay a fee, typically around 5% of the amount you borrow, plus interest, which can be around 30%.
11. Look for a payday alternative loan
Some credit unions offer small, short-term cash advances known as payday alternative loans . Federally chartered credit unions legally can’t charge more than a 28% annual percentage rate on PALs. That’s not cheap, but it’s much better than payday loans, which have triple-digit APRs.
12. Take out a personal loan
Some lenders can fund a personal loan in a day ; if you payday loans Mansfeild Ohio have good credit, you’ll probably have many choices. If your credit is a challenge, you’ll need to find a lender that not only delivers fast cash but also accepts poor credit. Rates for borrowers with bad credit from mainstream lenders top out at 36% APR. You may find other lenders offering fast funding without a credit check, but you’ll pay triple-digit interest rates. Don’t fall for it.
13. Rent out a room
Sites like Airbnb aren’t just for people who have vacation homes to rent out when they’re not using them. Many of the site’s listings are for extra rooms – or even shared rooms – in the owner’s house, meaning you could stay put while bringing in some cash, particularly if you live in a reasonably desirable area. Check local ordinances to make sure short-term rentals are allowed.
Creating a listing on the site is free, but there is a 3% service fee when a reservation is made. The company releases payment to the host 24 hours after the guests check in.
14. Moonlight as a dog sitter
Technology is on your side here, too, with sites including and Rover , matching pet owners with dog sitters and walkers. You can choose to host the dog or stay at the owner’s house (and – here’s an idea – rent out your place through Airbnb while you’re gone). Rates are between $20 and $60 a night in most areas, though they can skew higher or lower depending on the location and the amount of work involved. (Not a dog person? See other hobbies that make money .)
15. Become a rideshare or delivery driver
These are jobs you can do in the evenings or on weekends, using your own car and gas. Companies such as Uber and Lyft match you with people willing to pay for a ride, and delivery services such as OrderUp and Postmates pay you to deliver takeout and other items.