Nobody knows when they will face an emergency that requires them to raise substantial funds. Maybe a mature relative becomes ill with dementia, and you need to pay for professional care? Putting people in care homes can cost thousands of pounds, and so you’ll need to find the money fast. Perhaps your house suffers significant weather damage, and you need to pay for repairs before you can move your family back into the property?
Whatever might happen, the strategies listed below should help you to get the cash you require. At least one or two of these ideas should work for you, and so you just need to read this post and utilise the most suitable suggestions.
Apply For Credit Cards With High Limits
Unless you have a terrible credit score, most people can apply for credit cards to raise some of the money their require. There are hundreds of different lenders out there, and so it’s always sensible to use price comparison websites to identify the best deals. You just need to search Google for domains of that nature and then enter your details.
The system will then highlight all the companies willing to offer a credit card, and it will also let you know the ins and outs of the deal. You should opt for the card with the highest borrowing limit and the lowest interest rates for the best outcomes. There are even some firms willing to lend to people with low credit ratings if you take the time to look around.
Some of the most popular credit card providers out there today include:
Get A Long-Term Loan From Your Bank
If your bank accounts are in good standing; you might consider visiting your local branch and asking about long-term loans. Most banking institutions offer the lowest interest rates on the market to their clients. That means you should manage to find a decent deal that will provide you with all the money you need. Still, it’s sensible to read the small print and ensure you can meet the repayment schedule.
Missing payments on your loan could damage your credit rating, and it could lead to you losing your home in extreme cases. So, make sure you never borrow cash from anywhere unless you’re 100% confident that you earn enough each month to make the repayments. If your bank turns you down; just visit another!
Benefits of bank loans:
- Low monthly payments
- Low interest rates
- Loan insurance available
Drawbacks of bank loans
- Missed repayments could lead to the loss of your assets
- Considerable late fees if you fail to make payments
- Potential to damage your credit rating
Remortgage Your Home
People who’ve paid their mortgage for more than ten years have a lot of equity built up in their homes. That means it’s possible to remortgage the property and get a lump sum of cash in your bank account. Just remember that the mortgage term will begin all over again, and so you will have to make payments for much longer than you otherwise would have done.
Still, if your family faces an emergency and there are no other options on the table, remortgaging your property could provide you with a financial lifeline. Again, there are price comparison websites you can use to ensure you get the best deal available. You just need to enter your details and then take a look at the results. With a bit of luck; you should manage to raise thousands of pounds if you walk that path.
Downsize Your Home
If you think that selling your home and downsizing is a suitable solution; there are lots of ways you can go about achieving that goal. You could place your house on the market and wait for your estate agent to arrange viewings. However, that is probably not the best strategy if you need cash fast. Thankfully, lots of companies out there will buy your home in a matter of days.
They’ll never pay the full value, but that doesn’t matter if you face an emergency at the moment. Just search Google and then visit any website that appears on the first page of results. Take a look at the offer on the table, and then work out whether or not it will solve your financial issues.
Sell Your Car
Lots of families have two cars these days, and that is usually convenient. That said, it doesn’t make sense to have more than one vehicle in your driveway if you’re attempting to raise lots of capital. Consider selling the most valuable automobile to help achieve your fundraising goal. For the best price; you’ll want to sell the vehicle to a private individual, but that can take a few weeks. So, think about handing the keys over to a dealer or a professional salesperson.
Again, you won’t get the full value, but at least you will leave with some cash in your pocket. The best strategy comes down to how much money you require and how much time you have to get it.
If you want to sell your car in the fastest way possible; you should consider searching online for companies that will make an offer and purchase it on the same day. Websites like WeBuyAnyCar have become exceptionally popular during the last few years, and they could provide you with a lifeline.
Take A Loan Out Of Your Business
People who own small businesses have more options than most when it comes to raising funds. In many instances, it’s possible to loan some money out of the company and pay it back at a time that suits you. You just need to get in touch with your accountant and let them know that you need some cash right now. They will then take a look at the position of your business before making recommendations.
You could get the money in your account the same day if your accountant says it’s possible. Just make sure you don’t hinder the progress of your operation if you rely on the money to pay your bills each month.
Sell Your Valuables
Maybe you have some gold and silver jewellery at home that you could sell to specialists? Perhaps you have some artwork hanging on the wall that’s worth a lot of money? Either way, selling your valuables is an excellent way to get a cash injection when you need it most. You can use online auction websites to list your items in most instances, but sometimes it’s best to use niche domains. For example, there are specialist auction sites that deal solely with memorabilia.
So, if you have some original Star Wars figures still in the packaging; you should get the full value when using those niche domains. It’s all about finding the right market and listing your possessions at the best times.
Make Smart Short-Term Investments
Let’s presume you have half of the money you need to cover the cost of your emergency. Well, it’s possible that you could double your funds overnight if you start making smart investments. Anyone can trade on the stock market these days, and there are lots of smartphone apps that remove all the hard work from the process. You just need to conduct as much research as possible and then put your newfound knowledge to good use.
Try to find companies that are just about to hit the big time, and then invest a few days before that happens. Your share prices could double or even triple in a matter of hours if you get things right.
Crowdfund For The Money You Need
If all else fails; you could always try crowdfunding for your emergency. That strategy might work well if your problems relate to a sad or unlucky string of events. For instance, let’s use the same example as before and presume you have a loved one who needs to go into a care home. Telling your story online and letting people know you can’t afford to cover the costs might encourage them to make donations.
Stranger things have happened, and so you have nothing to lose. If you can’t raise the cash you need elsewhere, just launch a page on a crowdfunding website and try your luck. Some of the most popular ones around at the moment include:
At least some of the ideas and suggestions from this post should appeal to you, and so you just need to put your plan in place and start working towards your goal right now. There is a decent chance that you can raise a minimum of £10,000 by the end of the week if you’re smart. Some folks might even manage to find upwards of £50,000 depending on their circumstances.
You just need to use some common sense and ensure your borrowing doesn’t have adverse effects further down the line. Don’t bankrupt yourself! Be smart, and always think of the long-term consequences of your actions. Thanks for reading this article guys, we’ll see you back here soon!