We can all face financial difficulties from time to time. Not everybody is prepared for unexpected expenses, and there are times when we need access to funds quickly.
Unexpected bills crop up, that’s just part of life, and when payday isn’t just around the corner, it can be a worrying time. But don’t worry, if you need cash fast, we’re here to share some ideas to help you generate that cash quickly.
Below are 14 ways you can get money fast — some ideas will give you instant cash, and others will generate cash over a slightly longer timeframe.
1. Sell your electronic devices
This is no doubt one of the best ways to get cash quickly. There’s always someone on eBay waiting to buy phone parts. If you’ve got any old phones lying around your house, charge them, backup data and wipe them ready to be sold.
Alternatively, you can take your electronic goods to places like CEX, where they’ll buy your devices instantly (if it’s in a reasonable condition). And voila, you have cash the very same day.
2. Rent out stuff you don’t use
If you’ve got a car or a campervan, this one’s made for you. Did you know renting your car is becoming an increasingly popular option? Particularly for those living in a city. Use sites like Hiyacar and Getaround to rent your car to professionals in the area to make quick cash.
What else could you rent out? If you own your property, you could consider renting your spare room. Properties in London can charge up to £721 a month for a room.
3. Start a side hustle
If you work full-time Monday to Friday, you can still work evenings and weekends to generate income. From tutoring to food delivery, there are plenty of side hustles you could consider for fast cash.
- If you’ve got knowledge to share, consider creating and selling an online course on platforms like Udemy. Courses vary from health and fitness to IT and software.
- Or, if you have access to a car, bike, or motorbike, you could become a food delivery driver for platforms such as Deliveroo — data suggests Deliveroo drivers could make between £2 and £20 an hour.
4. Use Cashback sites
Sites like Quidco and TopCashback can help save consumers hundreds of pounds each year, and they’re free for you to join. Once you’ve purchased something through one of their retail partners, they share the commission they’ve made with you, so you can build up your earnings, withdraw and spend on whatever you like.
You can get cash back on things like insurance products, utilities like Sky or BT, travel booking, department stores, food and drink and more.
Related article: The Top 10 Money Saving Websites to Check Out in 2022
5. Sell stuff on eBay
If you don’t already have an eBay account, it’s free to set up and straightforward to use. Simply list new products for sale and watch as users bid or offer money for your items. Always consider postage and packaging when trying to maximise your sales on eBay — try and factor this into the product’s price, so you’re not out of pocket.
Some of the best things to sell on eBay include:
- Electronics
- Video games
- Clothes (although Vinted and Depop could be better for these items)
- Home and garden furniture and accessories
6. Switch bank accounts
Comparing bank accounts can help you find banks with monetary incentives for switching. For example, you can use the ‘switch incentive’ filter on Money Supermarket to weed out the bank accounts offering £150 as a joining bonus.
Comparing companies can pay off, and before you know it, you’ve already bolstered your bank balance by an extra hundred pounds.
7. Start freelancing
You can sell your skills online if you’re skilled in graphic design, software development, administration/PA work, writing, or marketing. There are plenty of freelancing platforms you can sign up to for free to get started making money, platforms including Fiverr, Upwork and People Per Hour.
Although well-paying gigs might seem few and far between on these platforms, they can help you get your foot in the door when it comes to freelancing, giving you a chance to learn how to handle client relationships and build your portfolio.
8. Ask friends and family
Instead of applying for a loan and getting yourself into debt, it’s a good idea to approach friends and family for the money you need, particularly if you just need it in the short term or the amount you need is relatively small. When you repay them, it likely doesn’t include interest, too! So that’s a nice bonus.
9. Use a savings app
11.5 million in the UK have less than £100 in savings, so if you struggle to save money, you’re not alone. But here’s where artificial intelligence can help you out, apps like Plum learn your spending patterns and save small amounts of money for you throughout the month. Because it saves such small amounts, you don’t realise you’re saving money — before you know it, you’ve saved a bit of cash.
Related article: Five Budgeting Apps to Keep on Top of Your Finances in 2022
10. Sell your car
If you live in a city or could comfortably do without a car, you could consider selling it through companies like WeBuyAnyCar or Money4YourMotors. Companies like these buy cars in various conditions, and getting a quote is free. If you accept their quote, you could have the money in your bank account in a matter of days (sometimes hours).
Swap your car for a bike and lower your carbon footprint while generating cash fast!
11. Compare insurance products
Comparison sites save you time, and they can also save you money. It’s worth comparing home insurance and car insurance products just to see if there’s a more affordable option out there, then already you’re saving money each month with your expenses.
Follow Money Saving Expert — they regularly part with tips and guidance to help consumers save money.
12. Consolidate your debt
If you’re currently repaying more than one debt, have you considered consolidating it into one monthly payment? Consolidating your debt means you have just one amount leaving your account each month. By using a debt consolidation loan, you can usually access better interest rates, so you’re ultimately saving money on monthly repayments.
13. Make food from scratch
A Tesco meal deal costs £3, and a White Americano at Costa costs £3 per day (when this was written). That’s potentially £6 a day you could be saving, which adds up to £30 over five days a week and £120 each month.
To save money on your weekly lunches and coffee purchases, consider buying a travel cup and making your coffee at home each morning, along with your lunches. Also, make sticking to your new plan easier by bulk prepping your lunches each weekend.
14. Take out a same-day loan
Lastly, you could consider taking out a short-term loan if you still need quick cash. These loans are designed for emergencies only — i.e. if your boiler breaks, you need to pay vet bills, or you have to get your car fixed last minute.
You should only apply for a loan if you can comfortably afford to repay the amount in full, including interest. If you’re struggling with debt, you can get free and impartial advice from MoneyHelper.org.uk.
At ThisLender, we help consumers find suitable lenders from £50 loans up to £5,000, with flexible repayment terms between three and 36 months.
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