Loans can often be the fastest way to raise funds when you need cash quick, but they’re not always the best option. Loans have to be paid back and they often have interest fees attached, which can make them a nuisance in the long run.
On top of this, not everyone can take out a loan – if you have a poor credit score, you may find that lenders are unwilling to take you on. Fortunately, there are many other ways to raise funds quickly when you’re short of cash. Here are just a few alternative ways to raise money quickly.
Make money online
There are lots of ways to make money fast online including answering surveys, writing paid blog posts, reviewing people’s websites and even doing people’s online shopping for them. Not all of these methods will earn you a lot of money – if you’ve got a skill to lend online you may be able to make a little bit more. Well paid odd jobs that you can pick up online include transcription writing, graphic design, web development, accounting and translating.
Sell your clutter
Many of us have unwanted possessions lying around in our homes that others would pay for. This could include old clothes, old toys or inherited possessions. You can sell these items online or you can sell them to a local second hand store. You may even be able to host a yard sale or take part in a flea market.
Become a guinea pig
Research companies and colleges often advertise clinical trials and experiments in which members of the public are needed to be tested on. Whilst some are voluntary, many of these trials are paid. Always weigh up the risks before taking part in these trials – many trials have no risks attached, but some may do (generally the higher paid ones).
Access your 401K early
It’s possible to borrow money from your 401k. This does have its cons. As, this is money that is supposed to be reserved for your pension. Taking it out early can have extra fees attached. However, it can be a convenient way of accessing large amounts of money you may not otherwise be able to access.
Release equity on your home
If you own property and have done so for a few years, it’s possible that your property may have gained value in that time. An equity release allows you to access this added value. The money doesn’t need to be paid back until you sell your property. This could mean that you have less money to then buy another property – as a result it’s often a strategy used by homeowners that don’t plan to move any time soon. Releasing equity can grant you access to large funds which could be useful if you need to raise a lot of money quickly.
Look into charity aid
If you’re financially struggling and on a low income, you may be able to apply for charity funding in certain situations. There are charities that can pay medical treatment, vet bills and even some charities that will put money towards funeral bills. These could include national charities or local charities.
