One can be in urgent need of Money due to various reasons. Emergencies like hospitalisations, urgent car repairs, and corporate layoffs can arrive unannounced at any time. And you need money to deal with these issues.

We at Lending Stream, understand that emergencies can happen with anyone at any time. Even if you have a stable job with regular income, you might not have enough savings to meet those emergencies. This is why we consider people for our emergency loans.

A survey by the Office of National Statistics revealed that 4 out of 10 participants reported that they were unable to afford an unexpected expense in 2023. So, if you are thinking I need money desperately, you are not alone. It is possible to get quick cash. But you’ll need to think carefully and take the right steps.

20 ideas to make more money when you are thinking I desperately need money now

1. Shift to a smaller house

The private rental prices in the UK were up by 5.7% in September 2023 compared to the previous year. This is the largest annual percentage change in rental prices since 2016. Your rent / mortgage can be your single highest expense. Rents have become one of the most significant costs and if you can downsize your home, you should be able to save a sizeable amount per month.

Consider moving to a smaller place or to another area in your city where rents are cheaper. You can also look for spare rooms to rent in your area instead of renting an entire house. Lowering the size of your mortgage may help you as you pay interest on the principal borrowed. This will also lower your mortgage payment.

Also read our guide on How To Save For a House Deposit

2. Work overtime

If you often find yourself thinking I need cash desperately, you should prioritize solving your money problems over recreation and rest. If you don’t work on weekends, consider getting an extra shift over the weekend with your employer. This can help with your cash flow if you’re paid weekly. Even if you’re paid monthly the extra cash could be helpful.

3. Ask for an advance

If you need quick cash, you can try for a quick Loan or ask your employer for a salary advance. If you work in a large corporation, contact your HR department. Enquire if company provides any financial assistance. If it’s a smaller company, speak to your boss.

However, make sure that you carefully read and understand the terms and conditions of this contract. Most employers will deduct a fixed amount from your salary every month until the advance is recovered. If you borrow from your employer, it usually won’t impact your credit history. However, like a personal loan, you’ll need to pay it back.

4. Sell what you don’t need

You may have items lying around in your house that you can sell for some quick money. If you have old smartphones, laptops, TVs, refrigerators, etc. you can sell them online to earn some cash right away. You can put it for sale on various websites. This can get your money urgently to cover an unexpected expense.

5. Use your car to earn money

If you can get by without a car for a while, consider selling it to earn some quick money. If you need money desperately then this could be an area to save money. But if you need it for work, then you could be shooting yourself in the foot.

6. Ask your friends and family for help

If you are in a financial crisis, you shouldn’t hesitate to tell your loved ones I desperately need money now. You could borrow some unused funds from your parents, siblings, friends, or relatives and pay them back later. If you get an emergency loan from friends and family, they might not charge you interest. You should discuss this with them first. They may want to charge you, or ask you for help when they need to pay bills too.

Even if it is a financial emergency, it’s important to discuss the terms of the personal loans from friends first. Agree a repayment schedule or the repayment terms. Work out what to do if there are any missed payments.

This way, you won’t feel the pressure of what to do if something goes wrong. Paying monthly instalments to your family is similar to those on bank loans. This can be a great option if you’ve got bad credit or poor credit and need emergency cash.

Do check our guide on Lending Money to Friends and Family – Tips to Remember

7. Cut down your spending

One of the best ways to get out of this situation is to cut down your costs and embrace a frugal lifestyle. If you can’t earn extra cash, can you cut back to save money urgently elsewhere? Review your monthly expenses and find out what you are overspending on. Often money troubles come from excessive spending, rather than insufficient income.

For instance, you could be spending too much on clothes, jewellery, watching cinema, or travelling. Cut down these costs to the bare minimum for a while until you have enough money to get by. For instance, start cooking your own food instead of ordering food or eating at restaurants.

8. Get financial assistance from the government

The UK Government offers financial assistance and other benefits for those who are struggling to make ends meet. Visit this page to find out which Government aid you are eligible for and apply instantly. While not quite the same as emergency cash, it can be helpful if you need money desperately. Remember if you’re entitled to it, you should claim it.

You can get the following assistance from the Government.

• Universal Credit– a payment to support you with your living costs
• Employment and Support Allowance (ESA)- A financial assistance you can get if you have a disability or health condition that affects your ability to work.
• Cost of living payments- A financial assistance for those who have certain benefits or tax credits.

9. Get a housemate

If you do not want to move, consider getting a housemate to split up your rent costs. This will reduce your rent cost to half, and you will have a good amount of money on hand for your needs. Just make sure to think about any application process you might want to have for any potential roomies.

10. Start freelancing

Freelancing is a great way to earn money from home. If you have any marketable skills like writing, editing, proofreading, or graphic designing, you can start freelancing as a side hustle. Sign up on freelancing websites like Fiverr and Upwork and spend your spare time browsing for jobs. Doing these things can help you resolve your financial situation, and works around your current job.

11. Take a credit card cash advance

Your credit card company allows you to withdraw cash using your credit card as an advance. You can take out cash up to a fixed percentage of your credit limit as emergency funds. However, your card company might charge a percentage of the cash advance as interest for the service.

12. Take online surveys

Companies conduct market research surveys online to collect data about customer satisfaction and customer experience. You can sign up on websites like YouGov and Swagbucks to participate in those surveys. Sometimes you get paid in coupons or discount vouchers from online stores like Amazon. You can use these discounts for your household and clothing expenses.

13. Rent out your garage

If you have a garage, you can rent it out to people who need space for parking their vehicles or for storing their extra belongings. If you have sold or leased your car as we suggested above, you could make use of the extra space in the garage to earn money.

14. Consider tutoring

If you are good at coding, mathematics, science, English, foreign languages, etc. you can earn some extra money via tutoring. You can become a home tutor where you visit your students at their homes on weekends and provide personalised service. You can also offer tutoring services via video conferencing or through recorded videos.

15. Start babysitting or pet-sitting

Send a message to your friends, family, and acquaintances letting them know that you are available for babysitting or pet sitting for a few hours every week. This is a great way to earn some extra money on the side. You can also take your freelancing or other work to your babysitting or pet sitting place and get it done while looking after their children and pets.

16. Sell your gift cards for cash

Search through your belongings to find any unused gift cards that you haven’t used yet. You may have received them as gifts or as rewards for your purchases. You can use them to make some extra money on websites like Cardyard allows you to sell your gift cards for cash.

17. Return what you don’t need

Online shopping often makes us shop for things we don’t need. Have you recently made some online purchases that you don’t need? Check if they are still within the return period and send them back to get refunds. You can use the money for necessary expenses like groceries instead.

18. Sell your jewellery

As a last resort, you can sell your gold and silver jewellery to earn some quick money during an emergency. Especially if you have any antique ornaments or vintage jewellery pieces you can get a good price for them. You can sell these valuables at a local shop or you can sell old jewellery online on websites like Vintage Cash Cow.

19. Take payday loans (from a trusted lender)

This should be your last resort when you are thinking – I desperately need money today. But if you see no other option, you can borrow money through a payday loan to temporarily cover your financial needs. Many payday lenders offer same day loans or emergency loans to those in need. However, make sure that you borrow money from a direct lender like a well-known bank, trusted online lenders, or a credit union, without falling for scams.

20. Participate in clinical trials

You can get paid for participating in clinical research trials of drugs, cosmetics, and other products. Some companies pay participants on a daily basis and also cover their travel costs. However, you may need to show up for follow-up sessions and check-ups periodically. They may also put restrictions on what you can and cannot do while the trial is going on.

How to avoid getting into a similar situation again?

By applying the steps listed above, you can get through this crisis. However, you must ensure that you do not find yourself in a similar situation in the future. Here’s what you can do to avoid being in a financial crisis once again.

1. Spend according to a budget

Create a spending budget according to your monthly income. Divide your expenses into categories like rent, food, groceries, entertainment, utility bills, and so on. Write down what amount you will spend on each in the upcoming month based on priority. For instance, your first priority should be paying your house bills, your rent, and your food. Keep recreation and entertainment at last and prioritise savings over these activities until you have a good amount of spare cash.

If you are unsure about how to create a budget, consider implementing the 50:30:20 rule.

2. Pay your dues on time

To avoid being stuck in a vicious cycle of debt, make sure that you pay all your liabilities on time. This includes your utility bills, mortgage payments, other loan instalments, and credit card bills. If you clear your dues on time, you can avoid paying late payment charges, fines, and penalties.

Also, paying your liabilities on time is a good financial habit that will help you strengthen your credit report. You can get loans at a lower interest rate in the future if you have a good credit score.

3. Create an emergency fund

If you ever find yourself saying I desperately need money today, you should have funds of your own to handle the situation. Start saving a fixed percentage of your monthly income to create an emergency fund. Keep this fund in a separate bank account and only access it when you have no other option left. This would definitely be your saviour during emergencies like layoffs, job switches, high credit card bills, and sudden medical expenses.

Bottom line

If you are tired of constantly worrying about, I need money desperately, it’s time to take proactive steps and take yourself out of the situation. Instead of spending your day panicking, you can spend your time doing everything possible to control the situation.

If you are in a financial crisis, implement the steps given above to earn some quick money. Also, ensure that you imbibe healthy financial habits to avoid getting into a similar situation in the future.

Always remember ask for help. Speak to your credit unions, your direct lenders, or other creditors. If you’ve got financial emergencies going on, they could help. Financial troubles are nothing to be ashamed of. If you’re a Lending Stream customer, going through a financial difficulty and need help, please contact us. Refer to our money worries guide here at Lending stream

Frequently asked questions

Disclaimer: The information given above is provided for reference only. This is not financial advice. Also, we are not affiliated to any brands or websites mentioned. They are provided for reference only.

Related guides:

I Need A Loan But Keep Getting Declined

Short Term Loans vs Payday Loans

Payday Loans vs Instalment Loans