What are the easiest ways to get money quickly?



From time to time, all of us need a quick cash injection. After all, no-one can avoid the odd unexpected expense, like car repairs or higher-than-expected bills, so it’s always good to know what your options are just in case something crops up. With that in mind, I’ve put together a quick guide to some of the best options for getting cash quickly.

Borrowing from friends and family

If you’re in a fix, one option is to turn to your friends and family to help you out. This is a choice that often divides people, since it has some quite significant pros and cons:
• Pro: You can sidestep any official application process (which you’d go through when applying for a bank loan, for example). This means it doesn’t matter if you have a poor credit history, and it can also give you the chance to get your money that little bit faster.
• Pro: You might be able to borrow exactly the amount you need, rather than less or more.
• Pro: There won’t be a fixed deadline you have to pay the sum back by, which makes it a more flexible option.
• Con: Owing money to friends and family can fast become complicated. For example, if you can’t pay the money back as quickly as you thought, you need to borrow more or your lender deems you to be spending your money unwisely, it can easily lead to friction. So, sometimes it is simpler to avoid this altogether.
• Con: You might not want your friends and family to know about your financial difficulties or the purchase you are making (for example, the money you borrow could be to fund a surprise).



Bank loans

One of the most obvious ways to boost your finances short-term, bank loans are quite an obvious route to go down. There are a couple of things to consider beforehand, including:
• You will need to successfully pass a credit check.
• You may not be able to secure the full amount you have applied for.
• You will have to repay the loan within the required period.

Bear in mind these payments will typically need to be made regularly, rather than in a lump sum on the deadline date, so you should make sure you can stick to the plan outlined and pay the interest.

Another thing to be mindful of here is that bank loans can take a little while to be approved and the money sent through to you, which means you might receive your cash a little slower than when using other means.



Taking out loans against your possessions

If you own any valuables, such as expensive paintings, precious gems/jewellery or luxury cars, it is also worth considering taking loans out against them. Borrowing services like this will typically assess the items in question (using an expert in valuation) before letting you know whether they will offer you a loan or not. Some advantages of doing this are:
• You will not need a credit check.
• If your loan is approved you will usually receive your cash within 24 hours.
• Provided you repay the loan, you will keep your items (this is particularly good if your valuables hold sentimental value, giving this kind of a service an edge over selling your possessions outright).

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