Four ways for getting money when you need it

Before making a decision, take some deep breaths — and weigh your options.

Money. Cash. Scratch. Sometimes there just isn’t enough of it to make ends meet. When the going gets tough, avoid being impulsive (easier said than done in moments of desperation) and take some time to consider the pros and cons of your approach.

Get a side gig

If you have even a little bit of time, you may be able to find a job to earn some extra dough. In the midst of our chaotic time, there is increased demand for delivery services. Two popular categories include grocery/supplies (like Shipt or Instacart) and food (like Grubhub or Uber Eats).

Pros: You don’t have to pay it back; it’s your money to spend.

Con: It may take some time to find the right opportunity.

Consider a home equity loan or home equity line of credit (HELOC)

Both of these options hinge on the same basic idea: You owe less on your house than what it’s worth. The differentiator between the two is that with a home equity loan, you receive a lump sum; with a HELOC, you can draw money as you need it.

Pros: Interest rates may be lower, and interest paid may be tax deductible.

Cons: You may face foreclosure if you can’t make the payments, and you’ll need a decent credit score to qualify.

Take out a personal loan

In recent years, companies have begun to leverage crowdfunding as a model for personal loans (also known as peer-to-peer lending), resulting in more competitive interest rates and opportunities — even for less-qualified borrowers. This makes it a popular option for those looking to take out money for upcoming expenses as well as those who want to consolidate existing (higher-interest) debt.

Pro: It typically offers a lower rate than most credit cards.

Cons: You’ll have to pay it back — with interest — and eligibility varies.

Apply for a credit card

Most people are familiar with credit cards. But beware, companies often play up discounts or use other perks to lure you in before you have time to notice the crazy high annual percentage rate (APR). Do your research before committing to a card — you definitely have a lot of options to choose from — and your due diligence could save you lots.

Pros: You have instant access to funds, and it can help you build or restore credit.

Cons: You must be deemed creditworthy to qualify, and cards may have high fees or APRs.

comparison of cost of borrowing and length of time to get funds from credit card, personal loan, HELOC and side gig

Whichever option you choose, Nimbl can help you get out (and stay out) of debt. Download the app today to get started.