How can I get emergency money?

Question

My bank account has been negative for almost a month now. I bounced a bunch of stuff, and the bank charged me $32 each time. I have payments come out automatically each time I get paid, and it always pushes me back under. Then the bank charges again. I can't take it, I've been charged over $1000 on these fees in the past month. I'm not sure if the bank would reduce the fees, probably not since it's policy. I need to figure out how to get some money before my next payday, because I have a car insurance payment going out Monday and my account is already negative. My parents won't even help (and no, I've never asked for money before).

Answer 1

Of course one possibility would be to talk to your parents -- not to ask them for "money" but to ask them for a loan. Negotiate a reasonable interest rate and a schedule of monthly payments (possibly beginning once you have your feet back on the ground) and stick to them come hell or high water. You will be able to demonstrate responsibility, and your parents will get something out of the deal too. (If they're cool, they should give you the interest payments back once the loan is repaid to reward your diligence.)

It sounds like you need to renegotiate your banking relationship also. Speak to a manager and see if there are other products with lower fees. Get rid of the automatic debits from your account, because you'll keep getting slammed if you don't have enough cash on hand. If you have good credit, you might want to open up an account with a 0% introductory APR to give you an interest-free loan while you're sorting things out -- use this carefully, otherwise you'll end up in even worse debt.

One last thought for immediate cash would be to sell some of your stuff online. Periodically going through your old books, DVDs, clothes, etc. can be healthy because it forces you to think about what you REALLY need. And you should be able to sell a few items pretty quickly, since there's always someone out there looking to buy secondhand stuff.

Good luck!

Answer 2

Here's some ideas:

1. the bank may negotiate but probably not unless you can pay something. Call them and tell them you are working on it and can they stop adding the daily fees. (note not all banks keep adding a fee to overdrawn accounts....try Washington Mutual if you have them near you because they suck less than most banks. If not, try a credit union).

2. Take a look through your closet and garage and look for stuff you can sell quickly. It sucks to do this, but ya gotta do what ya gotta do. If you're female, you probably have a lot of good stuff. Try Craigslist.org to see if they have a site in your city. If they do, the listings are free. I use Craigslist all the time and they are awesome!

3. Call your auto insurance agent, you may have some time before the drop dead date on that payment. If not, be sure the first cash you get is converted to a money order and given to the insurance company. That way you don't have to clear the bank account first.

4. Check craigslist if you have one in your community, sometimes you find job offers there for short term gigs that can pay instant cash - like handing out flyers or stuff. My city has a lot of that stuff, yours may or may not, but it costs nothing to look.

5. VERY LAST RESORT - there are places that do payday advances against your next check. They really suck and their fees are outrageous but in an emergency they may be your only choice.


Then be a grown up...get past today's crisis by taking on a part-time second job so you can pay off your debt fast and put all this behind you.

Then take the effort to learn how to balance your checkbook (I'm guessing someone at the bank or your parents will probably teach you for free), then DO IT!

Also try living on cash for a while. If it isn't in your wallet, you can't spend it. Leave the ATM card and checkbook at home.

If you can master that, you'll have less trouble in the future.

Answer 3

My ex was the same way. I finally started hiding money... $20 at a time in a book that I knew he would never read. That way, when he drained the account, we had a few dollars for groceries for us and the kids. I would always sneak $20 into my purse and be "surprised" when I found it. It's not much but it'll buy a package of hotdogs, a box of mac & cheese, a couple cans of raviolli, and milk. Better that than empty bellies. I know that doesn't help now... now I hope you have understanding family and/or friends that you can ask for help. Otherwise, start collecting cans, dig in the cushions for spare change, or go mow your neighbors lawn/offer to clean their house/etc for a few dollars. Was anything that was purchased able to be returned for refund? Take this as a learning experience. Hopefully you get paid weekly so this will be very temporary. Good Luck

Answer 4

Call my friend Gary Coleman at (866) 590-CASH. He'll put $10,000 in your checking account in less than 24 hours. Payments, about $200.00 a month. Even a financially challenged person such as yourself can afford that! Make the call, get the cash!

Answer 5

I had a great experience with Faircent when I applied for a personal loan recently

Answer 6

Talk to your bank manager... also walking to your parents may help... also, may I suggest a financial literacy class to help you balance your budget?

Answer 7

Try modestneeds.org. They've helped me before.