Looking for Quick Cash? 5 Perfect Finance Options for You

There are various factors to take into account, including how quickly you need the money, whether or not you have an asset to borrow money against, and whether or not you can afford the repayments. Take a look at your options and proceed after carefully weighing up the pros and cons of each of the following…

 

If you want extra money in a hurry and don’t want to get stung by huge charges, then consider asking your bank for an overdraft. If you’ve got a good relationship with your bank, they might be happy to authorise an overdraft on one of your current accounts so that you can get money quickly. You could get as much as £1,000 (or more), and while there will definitely be a fee for dipping into your overdraft, it could save your hundreds of pounds in loan fees and interest rates. 

 

Another great way of getting cash quickly is to apply for a credit card. Some credit cards have 0% interest rates for the first 12 months, so you can get access to an awful lot of money without having to pay any initial fees or interest on it. However, you’ll need to be confident that you can meet the minimum payments on the card, and not end up exceeding your credit card limit either. 

 

If you don’t have a good credit rating, there are still lots of ways you can get access to money in a hurry. One such way is to take out a logbook loan against your car. The way it works is that you secure a loan using your car as ‘security’ (i.e. it becomes the asset that the lender takes from you if you don’t make the repayments as agreed). You’ll also have to pay interest, so make sure that you can afford the terms and conditions associated with borrowing money in this way. The best thing about it, however, is that you can usually get money within a week – so it’s a fast way of accessing cash. Just be sure to go with a reputable lender.

 

If you don’t have an asset like a car, you could take something valuable (such as piece of jewellery, an antique piece of furniture or a musical instrument) to a pawn broker. They’ll temporarily take the item, give you a loan in exchange, and then you start repaying the money they’ve lent you. If you don’t pay it back in full (including fees), you’ll lose the item you’ve pawned; the broker gets to keep it and sell it to claim back the money you owe them. This is a good option if you don’t have a credit score or are worried about making it worse, but be sure to only pawn something that you don’t mind losing. Pawning anything of sentimental value can be a bad idea.

 

Finally, depending on much money you need, selling gold in exchange for cash could be a good idea for you. The value of gold fluctuates (so make sure that you’re cashing in at a good time), but if the market is looking favourable, parting with unwanted jewellery could help to raise some money. Just pick a dealer with a good reputation and make sure you’ve weighed the gold you’re exchanging so that you don’t get ripped off.