Not everyone has access to unlimited funds, sadly. While many wish to win the lottery and can dream up wild and whimsical ways to spend our new millions, the fact is more and more people in the UK are living paycheck to paycheck, and as such, disposable income is at an all-time low.

Finances for many households were undeniably stretched tight before the covid pandemic – pre-March 2020, but since more households rely on benefits, food banks and the generosity of friends and family to help them get through.

From time to time, unexpected expenses can rear their ugly head, and quite often, this is the one bill that brings the precariously balanced finances to its knees. Unfortunately things do go wrong; household appliances break, cars need repair work, or your children outgrow their shoes and need replacements asap.

So when it comes to the pinch, how can you raise funds fast for unexpected emergencies?

Secured Loans

Secured loans are loans that lenders will allow you to borrow and are secured to something you own. This is usually property. Homeowner loans allow people to borrow money fast when they need it for various reasons, and your property backs the loan.

If you fail, your home may be at risk to repay the loan, and the lender will seek to recoup their losses by selling your home.

Alternative secured loans can be taken out using cars or Simple loans secured by your luxury watch such as a Rolex, Omega, Cartier. This works in the same way as a home loan, and if you default on your repayments, you could lose the item you took the loan out against.

Unsecured Loans

You must be aware of your commitments when taking out loans. Make sure you can afford the repayments easily without sacrificing your quality of life. While it is an easy way to make money fast, providing you have a good credit rating to gain favourable rates, plunging yourself into more debt can make the problem worse and, as such, should be considered carefully by committing to paying it back.

Unlike a secured loan, there is no guarantee of equity attached to this type of loan, meaning if you default, the loan company will chase you for your payments, and your credit rating will be negatively affected.

Liquidate your Assets

Do you have a jewellery box full of items you no longer wear? Unwanted jewellery can be sold to make cash quickly, as can treasures that are hidden away in your wardrobes, such as a special bridesmaid gown or an inherited great-fur aunt’s coat. Use online marketplaces or local selling sites that will pay cash for your clothes. Alternatively, you can sell your clothes on eBay.

Sell recent-model gadgets, such as big-screen TVs, tablets, phones, computers, and game consoles, as well as media, such as DVDs, CDs, books, and games, to make fast cash. Gumtree, Facebook MarketPlace, Vinted, Shpock and more are all great places to list unwanted items to quickly liquidate your assets and get the cash you need quickly.

Depending on the times you sell, you can quickly make a lot of money, but try not to sell everything you own. Some items can be more expensive to replace later down the one when you are back on your feet, for example, TV’s, current mobile phones etc.

Side Hustle

Taking on odd jobs or creating a side hustle can help you to earn more money quickly. Car washing in your local area or providing valet services, dog walking, handyman services, or even taking a paper round may not be high paying job roles. Still, they can provide you with an income to squirrel away for when you need it.

Alternatively, if you have a hobby or craft, you enjoy checking if there is a market for it and consider selling what you make. Be it unique jewellery pieces, baked goods, art, crochet or making clothing. If you have the talent and creativity to provide a product to the consumer, this could be the best way to make money fast. 

Second Job

Although not a quick way to make money, adding an extra wage to the household can provide you with some disposable income to boost your funds and allow you to pay for what you need.

Weekend work in a local pub, cashier work at your local shop or supermarket or serving tables at a cafe are all options that can have weekend or evening work available for you around your current employment. If you are wary of starting a side hustle or offering your skills online as work isn’t guaranteed, then taking on extra employment could help you in the short term until you rectify the financial issues you are having.

Family and Friends

If you are struggling to come up with the funds you need quickly, then it may be you need to swallow your pride and ask a trusted family member or friend. If you are confident you can pay back what you have borrowed, approach it directly with a repayment plan and deadline for paying back the money.

Failing to pay back money family or friends have lent you can cause considerable strain on your relationship. As such, many people try to avoid this option because something could put a spanner in the works and affect their repayments.

Reward Schemes 

There are plenty of cashback sites that enable you to get money for doing relatively normal transactions, such as changing your energy supplier or car insurance. Many deals come with really enticing rewards, and by making some simple swaps via this method, you can not only save money, but you can make money too.

All you need to do is sign up to your preferred cashback or reward site. Complete the required task and wait for the allotted time scale to pass before the reward is yours.

Sell your Skills

Selling anything you can do online is a great money-spinner. Are you good at video editing? Then advertise your services to social media managers and influencers in your local area for a fee. A keen eye for photography? Then selling your images for royalty-free use can be an option for you too.

Become a virtual assistant by putting your organisation expertise to work for freelance clients, or maybe you can earn some money as a social media manager or advisor selling your tips and tricks to getting followers and those all-important views online.

Rent Out a Room

If you have a spare room, renting it out to help you make a little bit of extra money can be an ideal option for you. Choose a time period, either long or short term, and lay down some ground rules regarding what is included, what isn’t, what is acceptable in your home, and the duration of the agreement.

Renting out a room isn’t for everyone, but it can provide you with a quick way to make money immediately if you are struggling for money.

Hire Out Your Driveway

Driveways are a saleable commodity these days, especially if you live in highly congested areas such as London or live close to busy town centres where parking premiums are high.

If you don’t have a car, then space is simply sitting there doing nothing. Renting out your driveway to someone who works locally can not only make you money but save someone money on parking expenses. Check out what type of people frequent your local area, how much people generally pay for parking and work out at a reasonable rate.