Most people at some time or another will need to access funds in a hurry. You might have seen a fantastic bargain in a sale, or maybe you need to visit a sick family member at the other end of the country but if you don’t have money in your bank account and don’t have the time to wait for a bank loan decision, then you will have to look for alternative sources of money.

1. Log book loans

If you have a car, or even a boat and it’s less than ten years old, then logbook loans are a useful source of alternative borrowing. You will be offered a percentage of the value of your vehicle and, providing it’s in good condition, you can borrow from £500 to £100,000.

The funds will be in your account within an hour once your loan is approved. You will not have to pay back the sum in a single repayment; the loan can be repaid, with interest, in small weekly or monthly segments. This source of finance is also useful for those with a less than perfect credit score.

2. Credit card borrowing

If you have a credit card you can ask to extend your borrowing limit, in an emergency, and if your repayment level is good, this request should be accepted. It’s important that you try to clear your credit card debt at the end of each month, as interest charges can put you deeper in debt.

3. Ask your boss

The Money Advice Service suggests that if you are in work you could ask for a company loan. Most companies should look favourably on this request as they can simply deduct the loan from your salary. It’s possibly not such a great idea to put down the necessity of some brand new Jimmy Choos as your reason for asking for a loan, and you might want to think about whether it’s really worth getting into debt for a new pair of shoes.

4. Selling stuff

If you’re lucky enough to have some unwanted possessions, then see if you can sell them. Books and records are always in demand by second hand dealers, and you’ll be given the cash straightaway.

Vinyl is back in fashion, so rather than throwing away your old LPs, ring up a local record dealer and see if they might be interested in your collection – you don’t want to lug your vinyl into town, only to find that your records are too scratched or unsellable.

There are also an increasing amount of vintage clothes shops on the high street, if you have some good quality clothing, a designer label will help, then you should be able to sell your discarded wardrobe.

Finally, if you want to use your possessions as collateral, then your local pawnbroker should be able to help you. The age-old stigma of this ancient trade no longer exists and according to an article in the The Daily Mail even members of some of the UK’s most prestigious families have found this facility useful, as a source of emergency cash.

Get your free 1% at a time printable

This simple trick helped us to clear £15,000 worth of credit card debt. Simply take your savings goal and divide it by 100 to get your 1% at a time. Once you have saved or earned 1%, cross it off. Download this free printable to keep you on track.

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