3 Ways To Gain Financing Without The Need For Approval

Getting a bank loan or credit card is not always the quickest or best solution when you are short of cash and need a fast cash injection for whatever reason. It could be you need cash for your business, money for a holiday overseas, you need new clothes, or congratulations are in order because you getting married. The only problem is that most of us are either already in debt to the banks or worse still some people have bad credit because of late payments or not paying off debt on time.

Well, there is good news here because there are ways to get hold of financing that you should consider if:

  • You are already in debt
  • You do not want to get into debt with the banks
  • You have bad credit
  • You have CCJs preventing you from gaining credit

All you need to do is be a little flexible and open your mind. At the end of the day using any of the options below is down to how important your need for extra cash is.

  1. Sell Items Online

There are plenty of websites out there that allow you to sell items at a fixed price or for auction. We all know eBay is one of the world’s most popular sites to auction pretty much anything. The only problem with eBay is that if you do auction an item and someone buys it at a much lower price than it is worth, then the buyer gains and you lose. The other issue is that you will never be able to get that item back because you are effectively agreeing on the transfer of ownership.

An alternative to eBay is to use physical or online pawnbrokers.

  1. Use a Pawnbroker

This is the best option if you need cash quickly, but you do not want to sell your item on a permanent basis. This is why I always like to use pawnbrokers. I get a reasonable amount of cash, and I have the option to buy it back. If I cannot buy it back, as long as I have agreed on interest rates to be paid monthly the pawnbroker will not sell it. I usually pawn my gold, which most of the time I buy with a purpose so it usually has some kind of sentimental value for me.

There is no limit to what a pawnbroker will buy from you in most cases. If you are given a price, then that price is the value it has for that pawnbroker. Some brokers specialise in different areas of expertise. For example, my friend needed cash before payday, and he took his mountain bike to a pawnbroker who had no use for it as he did not know about bikes. However, what he did do is direct my friend to a pawnbroker that did.

You can also use a pawn shop online too trade items or look for special deals. If you see a bargain from a pawnbroker, then you can buy and sell items.

  1. Downgrade

Depending on how desperate you are, you can always downgrade. Arguably the most valuable and saleable item nearly everyone owns is a smartphone. The main issue with smartphones is most of us get out smartphones free as part of a mobile phone contract. However, this is also an advantage because selling an unlocked phone is worth quite a bit of cash. If you don’t mind downgrading before your contract allows for an upgrade, then before you sell your phone make sure you get it unlocked.

There are plenty of places you can get your smartphone unlocked for around £20.00. Having the phone unlocked suddenly increases its value. If you do not want to sell your smartphone, then pawn it and buy it back later.

Other possessions that you can downgrade include your car. If you need money, then do not be afraid to downgrade your car. Obviously, this comes with some hassles, which is selling the car, waiting for prospective buyers, and then buying a new car. That said, this is usually one of the quickest ways you can get hold of a reasonably large lump sum cash quickly, but it should be a last resort.

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