Need some extra cash in a hurry? Most people turn to loans, credit cards and pawnbrokers as a means of borrowing money in an emergency. Whilst these can be convenient ways of accessing cash you wouldn’t otherwise have, there are drawbacks to taking out loans.
You have to be able to pay back the money you borrowed with added interest, and if you fail to meet payments on time there can be penalties such as extra charges and damage to your credit score. This may not be a problem for strict budgeters, however for many people keeping up with loan repayments can be difficult.
Fortunately, there are alternatives to loans when you need money in a hurry. Here are just five other ways to earn money in a hurry when you need to pay for emergency costs.
Sell Unwanted Possessions
Many of us have valuable possessions in our home that we don’t want or need. This could include old clothes, books, electronics, toys or even remnants of past hobbies such as gym equipment or musical instruments. Rather than letting these possessions gather dust, consider selling them to someone else. This could be a great way to make some extra cash fast without the need for debt.
There are lots of places to sell used items. Online sites like Gumtree can be a great place to advertise items to local people in your area. You can also try the likes of Amazon and eBay for connecting with buyers around the world – you will have to pay for postage and packaging in such cases, but it could useful for selling more obscure items in which there may not be buyers locally. Physical stores are another option when selling used goods, although you’re generally likely to get less money in return than selling online. Other options include flea markets, garage sales and local newspaper advertisements.
Take up Odd Jobs Online
There may be ways of making some extra money quickly online. Sites like Fiverr are great places to trade digital skills for some quick cash – this could include blogging, photo editing, accounting, graphic design or programming. There are also jobs that require minimal experience such as search evaluation, transcription and website testing. Some of these jobs can pay you within 24 hours of completing them.
Consider a Legal Claim
In certain cases, you may also be eligible for legal compensation. This is often the case with injuries caused by someone else such as car accident injuries, medical malpractice, dog bites or falling over on a wet floor. You’re best off seeking the help of an injury lawyer who will be able to help argue your case – by searching online, you’re likely to find quality legal representation within your reach. Legal compensation may be eligible in other situations too involving the negligence of others.
Consider an Equity Release
If you own a property and have done so for some time, it’s likely the property will have risen in value. An equity release could allow you to access this extra value that your home has gained. If you’ve paid off most or all of your mortgage, an equity release could give you lots of cash to use for your own leisure. This can be a useful way of raising large amounts of money in an emergency. This money does need to be paid back, but usually not until you’ve sold the property or passed away.
Borrow from a Friend/Family Member
Many people are too proud to borrow from friends or family when sometimes it can be the best option. Technically this is a form of a loan, however it may offer more flexibility than approaching an official lender. When borrowing from a friend or family, you won’t (usually) have to pay any interest and you may be able to negotiate a better payment scheme to suit your needs. It could be useful if you have a poor credit score. Just make sure that you don’t take advantage of this opportunity, as it could put a strain on relationships with people close to you.