Whether your financial problems were caused by unemployment or debt, financial hardship is stressful on a family. Short-term solutions for financial hardship include applying for a personal loan, working a second job, and selling valuable possessions. Consider these supplemental income opportunities to make financial problems more manageable.

Personal Loans

Applying for a personal loan puts people further in debt, but it can be a short-term solution when other financial options have been exhausted. Most lenders evaluate creditworthiness based on the credit score of the applicant. A person with a credit score above 690 has a good chance of getting a personal loan. Applicants with a credit score below 630 might be denied for a personal loan or pay a high-interest rate.

One of the best ways to preview interest rates is to get prequalified for a loan. A person with a high debt-to-income ratio, low salary or limited work history might not prequalify for a personal loan. A secured loan is a better option for applicants with a poor or average credit score, but it requires putting up collateral such as your savings account or vehicle. It might be necessary to find a cosigner if your loan application is denied.

People with an excellent credit score might qualify for a zero percent credit card. Many lenders offer no interest during the first year if applicants meet certain requirements. This is only a good option if you can pay off the credit card within 12 months. It’s important to remember to make your payments on time every month to avoid interest charges.

Individuals might consider investing in an Accountant and Financial Planner to prevent future financial hardships. Meeting with an Account and Financial Planner can also be a safer alternative than just simply taking out personal loans, as they want to help you be able to not only pay back your debts, but also make enough to stop needing loans anymore. Many financial companies offer a one-time fee for financial planning services. Financial planners can offer advice for retirement, investments and tax relief.

Retail Jobs

Many individuals with financial problems work a second job at a retail store to earn extra money. Retail jobs do not offer a high hourly rate, but you can make several extra hundred dollars a month working twenty hours a week. Some retail stores offer as much as $10 dollars an hour to part-time employees. You can make more money at a car lot or furniture store if the employer pays commission instead of an hourly rate.

Drive for Uber

Driving for Uber is a popular way to make extra money if you live in a large city. According to Ridester, the average Uber driver makes up to $11 dollars per hour. The amount of money you make depends on your availability during peak hours.

Drivers need to be 21 years of age with three years of driving experience or 23 years of age with one year of driving experience. Your driver’s license, personal auto insurance, and vehicle registration need to be issued in the state you are driving. People are encouraged to purchase commercial auto insurance for Rideshare drivers, but it’s not required.

Uber conducts background checks on all applicants. Your application might be denied if you have a DUI, reckless driving or other criminal charges on your record. Drivers involved in a fatal accident are not eligible to work for Uber.

Freelance Writing

Freelance writing is an excellent way to make money from home. Writing companies such as Textbroker International pay qualified authors to write blogs and website content. The authors can make up to $100 per day and get paid weekly. A degree is not required, and you can choose your own schedule.

There are a variety of magazines that publish work from freelance authors. The pay for magazine articles depends on the publisher. Some magazines pay by the word while others pay a flat rate. Authors often wait several months to find out if an article is selected for publication.

Donate Plasma for Money

Many people donate plasma every month to make extra money. A first-time donor can make up to $300 dollars during the first month of donation. Your first donation appointment can last two hours and requires a physical. A normal appointment usually only lasts about an hour. People can donate plasma twice a week. Most plasma centers do not offer cash payments. Donors are given a reloadable debit card that can be used almost anywhere.

Sell Valuable Possessions

You might consider selling some of your valuable possessions if you need to make money in a hurry. Many antique stores buy family heirlooms that are worth a large sum of money. Pawn stores purchase electronics, jewelry, and weapons. It’s possible to make several hundred dollars selling items at a garage sale or flea market. You can also sell your possessions on websites such as eBay and Facebook Marketplace.

There are a variety of ways to make extra money during financial hardship. Personal loans are a popular way of getting a substantial amount of money in a short period of time. Many people work a second job as a retail worker, Uber driver or freelance writer. You can also donate plasma and sell valuable possessions to make extra money.   

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