Don’t let a lack of funding hold you back from pursuing a hot new business idea or paying down a debt that’s prohibiting you from getting credit. Try any or all of these 5 ideas for raising money FAST.
1. Cash in on Your Life Insurance Policy
You probably thought you had to die in order to receive funds from your life insurance policy. Nope – not always true. If you’ve already invested in a life insurance policy, you might be able to cash it in early in certain circumstances. The catch is that you will not receive the full value of what the policy would pay out if you were to die. However, there’s still probably a sizable amount of cash sitting there on the table. You can read more about life settlements at the Mason Finance website.
2. Have a Yard Sale – Or Use Craigslist
Maybe you have a whole bunch of stuff hanging around your house that you no longer want or need. Do you have textbooks from a class you already passed, DVDs you’re bored with, clothes your kids have outgrown, musical instruments you’re never going to play, kitchen gadgets you never touch, or any other items you no longer care about? If so, it’s time to pass these things along to someone who will use them in exchange for cash.
There are bunches of venues you could use for this purpose. Craigslist and yard sales are probably the easiest approach if you have heavy things like furniture and appliances that would be of interest to local buyers. If you have designer clothing that you no longer need, try using Poshmark, Thredup, Tradesy, or TheRealReal. The more stuff you can clear out, the more money you’ll raise – and you’ll also benefit from having a freshly decluttered home, too.
3. Use a Fundraising Website
4. Get a Loan
If you have a solid business plan, you may qualify for a small business loan. You may also be able to get a personal loan. If you’d rather not involve a financial institution in your affairs, peer-to-peer loans are a possibility. You’re likely to be able to get better rates and/or better terms by using a peer-to-peer platform instead of a bank.
5. Rent Out a Spare Room or Other Property
If your place is in a popular tourist district, you could raise some quick cash by renting out a spare room – or, if you have somewhere else to temporarily go, perhaps even renting your entire place. If you own a guest house, RV, or boat, it’s also possible to rent those out for quick cash.
According to Entrepreneur, renting through AirBnB.com offers one of the most lucrative possible side hustles. The median earnings others are making are in the range of $440 per month.
Hopefully, these ideas have inspired you to realize that it’s possible to raise the funds you need to launch or run a business – and raise them FAST! We wish you all the best with getting funding for your endeavors.Opinions expressed here by Contributors are their own.