Almost everybody has moments when they need to get some cash quickly. If you’re in this position, it can be frustrating or even scary to not have money that you need.
Whether it’s looking at effective ways of selling things, how to get a fast loan or finding other inventive ways to make money, we’ve got you covered:
- Working? Ask for an advance
You may or may not feel comfortable doing this, but if your lack of money is hindering your ability to get to work it can often be in everybody’s best interest to talk to your employer first. Payroll departments often have the ability to pay an employee an advance and it can sometimes be repaid over more than one payday, giving you time to get back on top of your finances.
- Get a fast loan
Be warned, not all loans are created equal, so be careful to ensure you’re going to a reputable lender whose product is not going to damage your credit rating. There are online comparison tools you can use that will compare loan providers before you’re credit checked, so you don’t have to worry about doing a lot of legwork or lots of applications impacting your chances.
Ensuring you can repay any loan is absolutely vital – meaning this is a good option if you’ve been impacted by a one-off cost. On the other hand, borrowing repeatedly to get you to the end of the month can start a dangerous cycle that’s very hard to escape. Use with caution.
- Sell some stuff
If you’ve got items in house that you’re not using they can be turned into cash pretty quickly, especially if the price is attractive. Using online selling resources is a great way to advertise – look for local selling groups on Facebook and list your items on classified sites like Gumtree. There are no selling fees so everything you make goes into your pocket.
You can always offer to sell things for other people too. It can be off-putting dealing with messages, people coming to your house to pick things up or arranging delivery – so if you’re willing to put the time in, then people will happily give you a cut of the profit. Agree it up front, if things don’t sell, you haven’t lost anything.
- Call in some debts
If you’ve previously let people borrow money it can be extremely frustrating not to have it back when you’re in desperate need. Pick up the phone to people who owe you and ask for it back, you can appeal to people better nature by explaining your difficult position – or alternatively you can offer them a reduction if they pay you soon. It’s sometimes better to get half when you really need it instead of all money owning when you’re comfortable.
- Sell your skills
Selling items on online marketplaces isn’t the only option, if you have a skill you can sell that too. Think broadly, you don’t have to be a qualified professional offering labour, perhaps you could do odd-jobs? Help an elderly or disabled person with a one-off task they can’t manage alone? Could you offer someone a dog-walking or pet-sitting service? Or could you offer to iron clothes?
People are often short on time or people to turn to when jobs need doing, so making yourself available can see you bringing some money in quickly.
If you’ve got space, you’ve potentially got money. A spare room can be turned into cash pretty quickly if you’re willing to take in a lodger or someone travelling. Look for resources online that match landlords with tenants and people looking for short term rooms.
Your valuable space isn’t limited to indoors either! If you’re in a good location renting your parking space or driveway can be lucrative too – and people will be willing to pay as soon as tomorrow if you can advertise in the right places. Got a shed or garage? People will happily pay you to store their items.
Act now to avoid repeats
It’s not a great feeling to be in need of money with an empty bank account. If you find yourself in this position frequently, it’s worth looking at putting together a weekly or monthly budget that will help you to stretch your funds long enough to avoid difficult patches.