Unfortunately, when a financial emergency occurs, we often find ourselves completely unprepared. Whether it’s an unexpected home repair, car breakdown, pet care expenses or it’s just been a tough month, you may find yourself needing cash fast.
As is the case with most emergencies, time is of the essence, and you often can’t afford to wait for the next payday to manage essential financial obligations.
However, when you’re strapped for cash and need to cover urgent expenses, where do you turn?
Fortunately, there are still many ways you can access emergency funds when you need them the most.
In this article, we’ll explore different ways to obtain emergency funds when you’re cash strapped. With these strategies in mind, you can access the funds you need and take back control of your finances.
1) Borrow from Friends or Family
Whilst borrowing money from friends or family isn’t always ideal, and sometimes not possible, it’s often a good place to start, depending on the amount and situation. It’s best to be honest about your financial situation and explain exactly why you need the financial support.
Once you share your struggles with others, family and friends are often more willing to help and offer financial support than we think.
When a loved one lends you money, it can put a strain on your relationship, especially if you’re unable to pay it back quickly. To avoid this, try to agree on a repayment plan together to put their mind at ease and demonstrate your commitment to repaying them as soon as possible.
Depending on your circumstances, remember it’s okay to lean on your loved ones occasionally and ask for their assistance when you require it. This is usually the best place to start as most of the time there won’t be any interest to pay.
2) Take on Extra Work
It’s not easy to juggle multiple responsibilities, especially during stressful times, but even small amounts of additional income can make a big difference. Taking on extra work is an effective way to boost your income, especially when money is tight. This may not be possible in all jobs, but if you have a spare few hours a week and need the cash, it may be worth the conversation with your employer.
Alternatively, look for a side job that aligns with your schedule, such as temping opportunities, pet-sitting, or delivery jobs. The ideal side jobs are those that pay quickly, only require time, and allow you to meet your urgent financial needs.
If you’re not making enough money from your full-time job or are particularly strapped for cash, taking up odd jobs is also worth considering. These jobs can help supplement your income and provide you with the money you need during difficult times.
3) Emergency Loans
If you find yourself strapped for cash, an emergency loan can be a helpful tool you can rely on to borrow small amounts quickly to help manage those unexpected expenses. Whilst not always the right option for you, due to having to pay back the interest, it’s handy to know you have a fall back option.
Emergency loans are designed to provide you with cash quickly so that you can effectively manage time-sensitive expenses and get back on your feet faster. Whether it’s a broken window, boiler repair or car break down, an emergency loan can provide immediate support to address pressing expenses.
As an alternative to a traditional loan, Salad Money’s emergency loans don’t involve a traditional credit score check, making them accessible even if you have a less-than-perfect credit score.
4) Sell Unwanted Belongings
Whether you’re guilty of living beyond your means or are someone who values living frugally, most of us are secret hoarders when it comes to things we don’t necessarily need anymore. One of the ways you can make some money when you’re strapped for cash is by selling the things you no longer use or need, whether it’s old gifts, clothes or toys.
Take this as an opportunity to declutter your home for any books, electronics, collectables, clothes, toys or furniture that you’d be willing to part with. Next, take some clear pictures of the items and list the items on online resale websites or apps. You’re likely to make more money on high-value items such as electronics, collectables, and designer-brand items.
Whilst this may not be the quickest way to raise cash, it’s low-effort and a great way to make some space in your home.
5) Ask for a Salary Advance
If you’re employed and comfortable speaking to your employer about your financial worries, consider asking them for an advance on your salary. Many workplaces understand that emergencies happen and may be willing to pay you earlier to help you get on top of your finances.
Whilst it can be difficult to bring up your financial struggles at work, being open about your situation might help you receive more support. With a salary advance, you can receive the funds you need to manage essential expenses when you’re strapped for cash.
However, don’t forget to adjust your budget for the reduced income in your next paycheck, so you can manage your finances effectively the following month.
6) Take Help from Your Local Council
Your local council can be a great resource if you’re struggling day to day with payments for food, bills, or essential living costs. Reaching out to them might feel challenging, however, you need to remember that these services exist to support people during tough times.
Whilst support may differ across different councils, there’s no harm in a conversation. If you find yourself strapped for cash, check your council’s website or call their helpline to learn about their programmes and the eligibility requirements. Approaching your local council for help may lighten some of your financial burdens and help you get back on your feet.
Choose Salad Money for Fair and Affordable Personal Loans
If you find yourself strapped for cash, you’re not alone. There are still many options available to you.
At Salad Money, we understand that emergencies can happen at any time, often without any warning. That’s why we offer access to fair and affordable personal loans to support you through these difficult times.
As a leading lender in the UK, we support you in getting access to the financial help you need, when you need it the most. Our ‘More Than Your Score’ loans are designed to help you access the money you need regardless of your credit score.
With our Open Banking technology, we analyse your current financial situation to gauge loan affordability instead of just relying on your credit history. We’re an FCA-regulated organisation, so you can rest assured that your financial data will remain secure with us.
To learn more about our personal loans, click here, and to read more blogs like this one, visit our blog page now!
