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The Official Student Publication of University of the Philippines- College of Management, Iloilo City

20 Ways to Raise Funds

by: Jale Xanders

1.Borrow from family and friends. Or better just ask for money.
Your family and friends may be compelled to help you either by giving you cash, or loan you some money – just just need how to do the talking.

2.Ask from the Government.
In some countries, the government is giving away unemployment benefits, food stamps and social security benefits. So check out if you qualify.

3.Ask your employer.
Ask for a salary loan or borrow from your employer. Most companies have policies regarding salary advances and employee loans with interest rates lower than commercial banks.

4.Unclaimed money.
You may have money or deposits in old accounts which you have forgotten about and gets wound up with the treasurer of the state. So check if there’s any:

5.Tax refund.
Check you taxes. Perhaps you have been paying more tax than you should or you have some tax exemptions. Update your status – you could already be the head of the family or you have additional dependents.

6.Auction your items.
Auctioning off your extra or unused items on auction sites such as eBay, Sulit, or Auction could turn items of no value or use to you into cash. If you got antiques, try getting them appraised first to avoid selling at rock bottom price.

7.Garage sale your items.
Another way to sell off items you don’t need. There could be too much haggling and you could end up selling your items like you’re just giving them away, but at least you save yourself on the hassle and costs of packaging and delivery. Besides, buyers pay cold cash so there’s no risks of fraud.

8.Pawn your items.

If you got items of value, you may consider pawning them. The benefits of using the pawnbroker is you could redeem your items later on when you have the cash to pay the pawnbroker. Also, comparing to an auction, you reduce the turn around time because you don’t need to wait for a buyer and the transaction to complete to get the money. But the risk – is that pawnbrokers can sell your items to others at the moment of embargo.

9.Borrow from credit unions.

Credit unions are non-profit institutions established to help their members. Members of the credit unions usually pool their savings and lend it to each other for buying houses or cars. It could be easier to borrow from credit unions over banks because they have less stringent requirements.

10. Borrow from banks.
Banks are in the business of lending money. However, they have stringent requirements. Your credit score, collateral and income level play a role in approving or declining your loan application.

11.Arrange for overdraft.

If you have a current account, you might be able to arrange for a temporary credit line and overdraw your account. This could easily be achieved by liaising with the bank manager over the phone.

12.Refinance your real property.

You need not sell your home to tap into your house equity. You could easily tap into your real property equity by refinancing your property. The bank lends you the money. You use your property as collateral. You still retain control of your property.

13.Borrow from your life insurance policy.
If you have bought a life insurance policy that comes with a savings element, then you could borrow against it. The savings element is known as the cash value. However, if the cash value is not fully repaid upon your death, then the financial compensation for the beneficiary will be much less.

14.Borrow from your retirement savings.
In many countries, employers and employees are required to contribute to a retirement savings program. Because you are borrowing from yourself and from something you already own, therefore there is less requirement for approval. The disadvantage here is that you may interrupt the growth of your retirement savings.

15.Borrow from your credit cards.
Almost all credit card issuers allow the credit card holder to withdraw cash advance from the ATM using their credit cards. The amount available will depend on the balance of credit line available on your cards.
This is a very expensive form of borrowing because the interest rates are high. However, in an emergency sometimes you just have no choice but to resort to borrowing from your credit cards.

16.Sell sperm, egg and plasma.

If you are not the faint-hearted, then you could raise cash by donating sperm, egg and plasma.

17.Become a medical subject.
Some universities may pay you for being a medical subject for their research if you fit the profile they are looking for.

18.Become a focus group member.
Marketing research and analysis firms constantly carry out surveys and if you fit into the profile you would be roped into the focus group. Assignments could range from answering simple survey questions to testing sample product and giving feedback.

19.Become a baby sitter or pet care giver.

Fancy walking your neighbor’s dog and get paid for it? Or become a baby sitter? Or giving babies a bath.

20.Joining Online Money Making Opportunities

You may join pay per click sites, blog posting site, or mainting your very own blog and monetize it with advertisement.

Filed under: Money Matters



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