There comes a time in all our lives where making ends meet simply proves too difficult and we need a little help. There are many reasons and scenarios as to why this happens. Some things are planned, some things are completely unexpected, but regardless of your reasoning and personal situation, the sources you turn to will ultimately be the same. In short, you need to know what your options are should the situation arise which is what we’ll endeavor to cover today.
This article is by no means a complete guide, there are literally hundreds of ways to generate money but if a quick cash injection is what you’re looking for then hopefully this article will provide some food for thought.
Credit Cards and Loans
Making use of the traditional lines of credit is going to be entirely dependent on your financial situation and ultimately your credit rating. The loan and credit card market is extremely competitive so even if your previous credit history is grey at best there is still a high chance you will get accepted for at least some form of credit. Whether this will be enough to satisfy your needs though will obviously be determined by the amount of credit you’re able to get.
Obviously for this option you’ll need to own your own home and have equity within it. If you are lucky enough to have this as a viable option then the amount of money you can generate and the interest you’ll pay against it will be minimal in comparison to other credit lines. But of course this isn’t for everyone and very few of us will have enough equity in our homes to make use of this.
Typical asset sales would be your family car, stuff from around the house such as furniture or fitness equipment or even power tools, computer hardware and musical instruments. Anything that will sell quickly via a cash sale should be considered. Again what you have the ability to sell and whether or not the potential income will be enough to cover your requirements will depend on your financial situation.
Selling your property is a big, bold move but sometimes it’s the only option if you need a significant cash injection and you’re not able to make use of any of the options listed above. For this, you essentially have two options. You can go down the traditional route of having your property valued and listing it on the market. Or you an sell your house fast via cash buyers such as quick move now. Your situation will dictate which of these options are the best. Obviously if you can afford to wait around for the right buyer then it’s better to sell your home in the traditional manner. However if you want cash and you want it right now then selling to a cash home buyer might be a better option.
Borrowing from Friends/Family
Some people consider their friends and family their first port of call if they’re in need of money. Some won’t even consider such a thing. I guess that’s down to personal preference. Friends and family can be a fantastic way of getting your hands on the cash you need without having to go through the official process of getting a loan etc – and hopefully the interest won’t be as much either! Be warned though, money is the cause of a lot of relationship break ups so make sure you do intend to pay them back in full!
Depending on how much money you need to lay your hands on, you could simply ask for an income advance from your employer. If you have an employment contract of sorts and your boss is reasonable, having your monthly salary paid a couple of months in advance should pose no issues. But again this is going to depend a lot on your personal situation and circumstances.
Lots of people have vast amount of money tied up in various pension schemes yet they seldom look at it as a viable source when it comes to a short term cash injection. Perhaps this is due to lack of understanding or perhaps it’s because they’re worried for their future. Regardless, if you are in a jam and need to get some cash in your hand quickly then it’s definitely something you should look into.
Some of these options should only really be considered as a last resort and obviously the amount of cash you can generate via each method will vary wildly and be entirely dependent on your own personal financial circumstances. With that said however, all of the methods covered are viable options for those of you trying to come up with ways to raise some money short term.
Like with anything in this life, you need to carefully consider your options and decide which path is right for you and your family. Having quick and easy cash at your disposal might seem like a good idea today but you could run into issues tomorrow if you don’t carefully plan out the entire process.