Sometimes people reach a point in their lives where they need to raise some cash as quickly as possible in order to pay for the rent, their bills, or even their food shopping.
There are many reasons why people might get to such a stage; for example, they recently started a new job and have to wait until the end of the month to get paid, or an unexpected bill has completely wiped out their bank account until payday.
If you are currently finding yourself in this situation, here are some simple yet effective ways that you can raise some cash quickly.
Ask your bank for an overdraft or loan
Should you have a good credit record, you should firstly ask your bank to lend you some money in the form of an overdraft or a loan. They are more likely to lend you money if you can prove to them that you will pay it back within an agreed period of time, so if you have a history of paying your bills late, you are likely to get declined.
Pawn your jewellery
The idea behind a pawnbroker is simple; you simply give them valuable items like gold rings or other jewellery, they will assess its value and lend you some money (normally a percentage of the value) against them.
You have a certain period of time with which you can repay the money – plus interest – otherwise they will keep your jewellery. In an emergency situation, this is typically a good way of raising cash fast, but you end up paying a lot of interest for the privilege.
Sell your car
Should your car be worth a decent sum of money, you might want to consider selling it. You are likely to get the most amount of money for it if you sell through a classified website or in your local newspaper, but there’s no guarantees as to when you will sell it.
An alternative would be to sell your car to a company that buys cars for cash. Granted, you won’t get as much money for your car, but you will be able to sell it quickly.
Get a payday loan
Most of the time, people need to borrow some money to get them out of a temporary financial problem, and they usually pay the money back in full when they next get paid. Payday loans, such as those offered by companies like Ferratum, are a great way of obtaining cash within a matter of minutes.
If you apply for a payday loan and get approved during business hours, you can typically expect to have the money in your bank account within an hour or so! Although the interest rates can be high on some payday loans, they offer an excellent solution for those with a less-than squeaky-clean credit record, or perhaps those with no history of prior borrowing.
Borrow the money from a relative
Alternatively, if you have a relative that is willing to help you out, you could always borrow the money off them! It’s ideal because the arrangement is informal, and you won’t have to pay any interest (although you might want to buy them some beers to say thank you)!