An unexpected bill, vehicle repairs, or even a costly weekend out with friends can all leave you in an impossible financial position, unable to cover everyday costs. While you might assume you won’t be able to make ends meet, you have more options than you think. From relying on your support network to requesting a payday loan, here are five effective ways to make money fast in Canada.
Payday Loans
A payday loan from a highly regarded loan provider like My Canada Payday might be the solution you’re looking for to solve your temporary money woes. Rather than selling a precious asset or going without life essentials, you can apply for a short-term loan to cover your necessary costs.
When you receive your regular paycheck, you can pay back the loan with a fee and get your financial situation back on track. There’ll be no need to go without if you consider this fast and easy borrowing option.
Sell Possessions
As hard as it can be to part with a much-loved possession, such as a movie collection or golf clubs, it can sometimes be necessary when you need money fast. You can advertise your goods on social media marketplaces or auction sites and receive cash in a matter of days. The more competitively-priced the item, the faster you can sometimes expect to sell it.
Pawn Shops
Selling something you love and never seeing it again can sometimes be too much to bear, even when you’re in a dire financial situation. Rather than sell your prized possession, consider pawning it. Pawnbrokers offer cash for personal items, typically up to 25% of their value, and provide you with a timeframe to collect them and pay back the loan. If you decide not to repay the loan, the pawnbroker can sell your items in their retail store and make a profit.
A Second Job
If you’re under increasing financial pressure, as many Canadians are, you might find that a one-off loan is not enough to solve your problems. In that case, a second job might be how you plug financial gaps. While it might not be an instant cash option, you can earn more money with two jobs than you possibly could with one. There are also plenty of job types to choose from, such as dog walking, house sitting, babysitting, and online freelance work.
Friends and Family
Borrowing from friends and family is typically a last resort. Still, it might be an option you consider when you know you’ll be able to pay them back when you receive your next paycheck. If you explore this money-making route, ensure you outline the loan terms in writing. Detail who the loan is with, the deadline for making payment, how much you owe, and any interest the friend or family member would like to charge. Having this information written down might avoid any problems when the time comes to pay back your loan.
Making money fast can be necessary when you can’t cover everyday costs due to unexpected expenses. Rather than going without the necessities of life, explore some of the options above. It might be easier than you think to solve your temporary financial woes.
