Do you ever find yourself in need of a little extra cash?
Maybe you are in this place now?
You need extra cash for your kid’s team or college education. Maybe you need cash for a trip. Or, possibly you just need a little extra to pay the bills.
Some people choose to take out a loan. Taking out a loan can be an easy way of accessing money fast when you’re low on funds. However, there are downsides to getting yourself into debt.
If you take out a loan, you will need to be able to keep up with repayments. This could be a struggle if you’ve already got lots of bills coming in. In addition, you could get stuck with high fees and interest rates.
So, what can you do instead of taking out a loan?
7 ways to earn extra cash fast without taking out a loan
Fortunately, for those that need to raise extra funds fast, there are some great alternatives.
Here are just a few of those alternative options to consider.
These are 7 ways to earn extra cash fast without taking out a loan:
First… Sell your unwanted possessions.
Most of us have unwanted possessions in our home that could be of value to someone else.
Selling these items could allow you to make some money that could be enough to raise the funds you’re after. Clothes, books and old electronics are just some examples of items that people are willing to buy.
You can sell these items independently, or you can sell them to a second-hand store – you’re likely to get more money for the former option, however, the latter option can be easier.
You might consider online options such as Facebook and Gumtree. Or, you might try options such as taking part in a flea market or having a garage sale.
Second… Take up odd jobs online.
There are lots of ways to make money fast online. If you’re looking to make a lot of money, consider whether you could sell a skill via a site such as Fiverr.
Skills like web design, copywriting, photo editing, audio mixing and accounting can all pay very well.
Third… Seek help from investors.
If you’re looking to start a business or want to host a community event but don’t have enough money to fund it yourself, seeking out investment could be an alternative to taking out a loan.
This involves persuading other people to invest in your idea in exchange for a slice of future profits.
You may be able to find a wealthy individual or a business that can invest in your cause, or you could try raising money through multiple investors using crowdfunding.
Fourth… Claim legal compensation.
If you need money to pay for an emergency that was caused directly by someone else, consider whether you should file a legal claim to pay for reparations.
For example, if you’ve been in a car accident and need money for repairs or even medical treatment, you could be entitled to a legal claim.
By hiring an injury lawyer, you can receive fair compensation for your car accident injuries.
Fifth… Seek help from charities.
If you’re having real financial difficulties and you’re struggling to afford basic living costs, it’s possible you may be able to seek funding from a charity.
There are charities, churches, and ministries out there that will pay for medical bills if you are uninsured and can’t afford treatment. In addition, there are charities that can help pay for emergencies such as veterinary treatment or funeral bills.
Don’t discount these services if you think you may be eligible.
Sixth… Access your 401k.
Although not recommended, it is possible to dip into your 401k early when you get into dire straits. This can allow you access to large amounts of money that are technically yours to spend anyway.
Accessing your 401k early does have its pitfalls – this is money that is supposed to be reserved for your retirement and you could have less to live on when the time comes to quit work.
There are also extra fees attached. As a result, this should only be an option reserved for emergencies.
Finally… Release equity on your home.
If you own a property and have lived in for a long period of time, it’s possible that your property may have gained value in that time.
If you have no plans of selling in the near future, you could access this extra value (which could total thousands of dollars).
Some people release equity as a way of funding retirement, starting a business or even traveling the world. If you do sell your home, you will have to pay this money back so bear this in mind.
These are just a few options for those in need of quick cash. Additionally, we would recommend that you pray over these options and any others you might consider.
Don’t rush in and do anything too quickly.
Instead, take the time to prayerfully ponder all of your viable options.
“Do not be anxious about anything, but in every situation, by prayer and petition, with thanksgiving, present your requests to God.
And the peace of God, which transcends all understanding, will guard your hearts and your minds in Christ Jesus.”
Philippians 4:6-7, NIV
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