This is a collaborative post.
Most of us have been in one of those situations where you need to make money quickly. From broken washing machines and car repairs to unexpected vet’s bills and too many birthdays to contend with in a single month, you could easily find yourself scrambling around for some extra money to tide you over.
Today, I’m sharing a few suggestions that might help you whether you need money today, within the next week or within the next month.
If you need money today
Cex — If you’ve got any electricals, DVDs, CDs or games to sell you can take them down to your local CEX to be paid in either cash or vouchers (your choice, cash will be lower, vouchers will be higher) on the same day. If you’re selling an electrical item such as a mobile phone, camera or computer, they will need to test the item and will probably ask you to leave it with them (you will be given a testing receipt) and return within a few hours to complete the transaction. You can work out approximate pricing by visiting the Cex website beforehand.
Pawn Shop/Cash Converters — If you haven’t got a Cex in your town, you can take the same sort of items to Cash Converters or to your local pawn shop. The selection of items they’ll accept is usually quite broad and you should be able to take things like musical instruments, unwanted jewellery, fishing equipment etc. If you’re unsure, give them a call beforehand to check what they’re willing to take on.
Payday Loans — If you’re looking to borrow a smaller amount ranging from around £50 – £1,500 you might wish to consider payday loans (depending on your salary and affordability). The interest is usually quite high and you will need to make sure you can pay back the full amount with the stated interest on your next payday. Some companies will allow you to spread this across 2-3 months with a smaller payment(s) on the first/second month and your final payment on the following payday.
You should be able to apply quickly and easily online for an instant decision with money in your nominated account in less than an hour.
Overdraft — If your bank account is in good standing, you might wish to ask your bank to provide you with an overdraft facility or increase your existing limit and this can usually be done either online or over the telephone. Do make sure that you check any monthly fees and charges before you proceed and in a lot of cases, the bank’s terms and conditions may state that they can withdraw the facility at their discretion or that the overdraft will be repayable on demand. If agreed, the facility is often made immediately available to you.
If you need money within the next week
eBay Short Auctions — If you’ve got something that you think will sell particularly well on eBay and you’re looking for money fairly quick, stick your items on a 1-day or 3-day auction and ask for immediate payment. Your buyer should then pay straight away via PayPal when the auction finishes and you’ll be able to transfer the money to your bank account for withdrawal. Don’t forget, you’ll need to reserve a small amount from your sale to post your item.
Facebook Marketplace — Gone are the days of copying and pasting your items for sale in a whole host of local buy/sell Facebook groups! Nowadays, you can simply post once through Facebook Marketplace and choose up to 10 groups for your post to be shown in.
Potential buyers have the opportunity to message you directly to discuss payment and collection/delivery and usually, they’ll bring the correct amount in cash with them when they come to pick up the item. Afterwards, be sure to mark your item as sold to avoid unwanted messages.
Facebook Item Specific Selling Groups — If you’ve got something to sell like a collectable or a popular item, try posting in an item specific selling group. For example, I often sell Lily’s used clothes through groups especially for the brand in question i.e. ‘Frugi‘, ‘Little Green Radicals‘ and so on. I’ve also sold some boots through a Dr. Marten’s selling page and I’m currently trying to sell some of my Irregular Choice shoes this way!
Just use Facebook’s search bar to type in the brand name together with ‘buy’ ‘sell’ or ‘BST’ (buy/sell/trade) to find active groups. If you’re accepting payment via PayPal, the group rules will usually insist on a goods and service payment to protect both parties moneywise.
If you need money within the next month
Music Magpie — Just like Cex, Music Magpie is a good choice for DVDs and CDs together with mobile phones and technology and it’s easier if you’re looking to sell things via post rather than finding the time to visit your local town. You can even sell your textbooks now as well!
To get started, you need to add at least £5 worth of items either through the website or, if you download the app, you can scan your items’ barcodes to save time. When you’re finished, complete the order, put everything in an old box and they’ll send over their ‘Pack & Send Guide’ with instructions for the next steps. When your box has been picked up and has been processed (this can take a week or so), you’ll receive your payment the same day.
Envirophone — This service is similar to Music Magpie but specialises in mobile phone recycling. If your phone is damaged, it should still be accepted by Envirophone but you can expect to receive a lower price depending on its condition. They’ll send your their ‘Enviropack’ which will include all of the packaging you’ll need and return postage is free of charge. Again, you’ll receive payment on the same day as your item is processed.
Credit Card — If you’re looking for long-term credit, you might want to consider a credit card. All purchases are protected on items between £100 and £30,000 and it can be good for helping to build up your credit rating if you’re just starting out or recovering from a difficult financial period. Many providers offer an eligibility check to help you work out whether you’re likely to be accepted without damaging your credit rating and in most cases, you’ll receive an instant online decision. If you do proceed, you should receive your card and pin shortly afterwards.