Non Loan Options
According to a recent study performed by Circle Housing Group, over 3 million people across the country took out a loan over the past year just to help pay for basic necessities. Economic times are hard for many families, but is taking out a loan your best option? There are many great alternative ways of obtaining money without the need to take out a costly loan. These alternatives provide extra cash in your pocket that does not need to be paid back and does not come with high interest rates. Below is a look at some of the top alternative methods of obtaining money that might work for you.
Sell it
If you are like most people, you probably have plenty of things sitting around the house that you do not use anymore. Try selling them on an online auction site, such as eBay. This can be a fast and efficient way to earn extra money to help offset your expenses. Be careful who you sell to and always make sure you receive the cash prior to shipping the goods.
Start a Side Business
Starting a small business on the side is not as difficult as you might think. This can include anything from providing childcare or dog-walking services to selling a special good or services. Think about your skill set and find a way to turn those skills into cash. Perhaps, you are repair person and can provide those services to others on off hours, or maybe you enjoy making crafts and can set up a small business to sell your crafts. Almost anything goes, so be creative.
Ask for a Raise or Overtime
Often times its just a matter of “ask and you shall receive” if you show some initiative at work and go beyond normal duties, this can only lead to good things. It also makes it harder for supervisors to over look the work and knock back any requests to review wages or overtime.
Consulting or Side Hustle
If you have a skill that can be outsourced, do it. There are numerous websites available like Elance where it is easy to set up an account and start working from home. Not to mention local online classifieds and other digital platforms that promote small business services. In addition, use your own network of family and friends to let others know you are open for side jobs.
Old Accounts
According to the British Banker’s Association, there is £15 billion dollars of unclaimed money just waiting for the owners to claim it. Banks, NS&Is, and building societies are required to turn in money from inactive accounts, so the owner may be able to claim it. The government has set up a national website at MyLostAccounts to make it easy for people to recover their lost money. It is as simple as checking their website to see if you are owned any money from an inactive account.
Benefits
Depending on your situation and need, there are numerous government and non-profit programs which provide various forms of financial assistance. These benefits can come in the form of a low to no interest loan to bill assistance and more. To learn more about benefit options visit our loans for people on benefits page.
All of the methods above provide a good alternative to borrowing money, which depending on the type of loan can be very costly. If you are having trouble paying your bills, you may also want to look for ways to conserve money and lower your expenses. Combined these tips with saving practices and you will be able to get over this rough economic time.