Many people have gotten to a point at one time or another in their lives when they say to themselves I need money today. Since most only get paid every week or two, they sometimes run out between paychecks. If that is your situation, here are some steps you can take to bridge the gap, in order of effectiveness:

I Need Money Today Options

Get a Payday Loan. This is merely a last resort and you should only do this in an absolute emergency. Many people gobble up payday loans like they are candy and end up getting themselves in a lot of trouble. Here is how payday financing works. First of all, you fill out a quick online application (most times you will actually be using a broker’s site-not the actual lender’s site). There are a few pieces of information they are looking for:

• Your age
• Your checking account and how long it has been open for
• Who you work for
• How long you have been working there

They will ask you for things such as where you work, how long you have been employed there, when your next paycheck is coming, how long your checking account has been open for, and your age. Basically, they just want people that have a steady source of income. This way, they are more likely to get paid back. They do not look at your credit score.

Assuming you meet their criteria, they will then wire you money within 24 hours. Generally, the amount you can get ranges from $100-1500. The reason they are so willing to give you money this fast and without seeing your credit score is that they have your paycheck as collateral. Then, as soon as you get paid, they will automatically debit the money they lent you out of your checking account, plus the interest rates.

In other words, it is essentially a cash advance. After all, they know you are getting paid soon. In most instances you have to pay the money back immediately upon receiving your next paycheck. If you have been saying “I need money today” then this is an option-but think twice about it.

Why these loans are dangerous

Basically, the interest rates are extremely high, and in most instances you can expect to pay interest rates of 20% or more on top of the principle amount. Therefore, if you asked for $100, you would then have to pay $120 back as soon as you get your next paycheck. For this reason, they will usually never lend you more than 80% of what your next paycheck is worth, because they are leaving you room to be able to pay back the interest rate.

Of course, if you do not have enough money in your bank account when they try to debit it, then you will have even deeper problems. Now, the company will probably talk you into getting another payday loan to cover the initial one. This new financing comes with those same high interest rates, which are stacked on top of what you already owe.

This starts you down a slippery slope.

Some people have actually gone bankrupt from taking out too many payday loans, so you need to tread very cautiously here. Sure, it can give you the quick money you need. However, more often than not, it will actually get you into even worse trouble than you are already in. For this reason, only go this route if (a) it is an absolute necessity and (b) you have exhausted all other options.

Other I Need Money Today Options

Do some freelance work

Offering to perform a service for somebody will net you some instant cash. For instance, if you go on Craigslist you will probably see a list of temporary services that people need performed. They will usually pay cash on the spot to the person who does them. It might not turn into anything long term, but it can provide the instant money you need.

There are also plenty of online freelance brokers that you can use if you are good at a skill that can be performed over the computer. For instance, if you are a good writer, you can find tons of sites where people will post writing jobs they need performed. Other writers will then usually bid for the job. These can be excellent sources of instant income if you have been saying “I need money today” and can even provide a long term income source if your first project goes well.

Sell something

If you absolutely need money today, then you probably have some valuable items worth selling. If you happen to have any older items that could potentially be antiques, then call the local antique picker and have them come out and take a look at them. You can often find these people by looking in the classified ads.

However, you need to remember that these pickers want a good deal for themselves. They certainly are not there to make you rich. In many instances they are simply going to turn around and sell the item themselves, and therefore many times people are surprised at how little they are offered for their antiques.Therefore, make sure you go on eBay and see if other people are selling similar items. If so, then look at the recently completed listings and see what they are going for. Just go to the home page, click on the Advanced tab to the right of the search box, and then check the Completed Listings tab under the Search Including section. This will give you a good bargaining point. Then, if the picker offers you significantly less than the average price on eBay, you can show them the item is more valuable. If you have been saying “I need money today – what do I do” then selling an antique is a smart option.

Ask family and friends for money.

Obviously it is embarrassing needing to ask for help. However, in some cases it is necessary if the previous 2 options did not work.

If you are saying to yourself I need money today – what should I do? – there are a few options at your disposal. Look carefully at these options and you can get the money you need very quickly.