Using of/for with need

When using "need" is it of or for

For example:

no need for extra money

or

no need of extra money

Which one is correct and why?

1. The usage is slightly different, e.g. "I am in need of money" versus "I have a need for money"

The phrase "in need of" can be considered a unit.

The phrase "a need for" can also be considered a unit.

"I am in need of money" means that I need money right now.

"I have a need for money." means that I like money and I always need (want) it.

The same distinction is true for "No need of/for"

There are exceptions, as I am sure others will point out in the comments.

2. I would say that "need of" is somewhat old-fashioned. This seems to be confirmed by the following Google Ngram.

https://bit.ly/2ZB5Xbu

How do we say it these days? I need money.

The short answer is “There is no real difference.”

The long answer is “There is a difference of nuance caused by the etymology and history of the prepositions and grammatical cases in Old English.”

To understand the difference it is also necessary to understand that “to have the need for/of” is a delexical verb. The verb “have” has no meaning without its object noun (extra money.)

Thus “He has no need for/of extra money” = “He does not need extra money.”

(Compare “took” in “I took a shower” = “I showered.”)

The distinctions in prepositions are notoriously difficult to describe. For and of both imply different aspects of the dative of association.

For describes its object as passing from one person to another – “He bakes/buys a cake for her.” The cake passes from him to her.

Of is a cognate of “from” and describes the origin of its object. “The outlaw is Robin of Nottingham” = “The outlaw is Robin from Nottingham” = “The outlaw is Robin whose origin is in Nottingham”

(Compare The blade was of silver > the origin of the blade was the metal we call silver.)

He has no need for extra money – “for extra money” is an adjectival prepositional modifier – it tells you that there is {no need} that is passing from him to whoever it might be who would be giving it to him.

He has no need of extra money – “of extra money” – it informs you that there is not a need that originates in money