Need to make some fast cash? You don’t have to make it a loan
Life is expensive. As you get older, your responsibilities and bills tend to inflate like an angry balloon – it’s no wonder so many of us are hurting for cash. And while there are options available for getting money quickly, not all of them are particularly desirable.
Payday loans, for example, offer immediate cash, but often come with more strings attached than the entire cast of Team America – like extortionate interest rates, and terms that strongly favour the lender to name but two.
For some people, they’re a valid option, but they’re not the sort of thing that should be entered into lightly. And certainly not without thinking about your other options first – like turning some of your unused technology into real money.
We’d wager that a lot of people still have old mobiles knocking around in a drawer or cupboard somewhere in the house. That’s not a gamble that comes from gut instinct – it’s based on research.
Earlier this year, we conducted a study that revealed the average Brit has more than two phones lying around unused at home. Drilling down, we can see that a quarter of 45-55 year olds are holding onto four or more mobiles.
Pretty shocking stuff, right? Here’s something even more eye-opening: we found that Brits were collectively holding onto a massive £13.27 billions-worth of old handsets. £13.27 billion!
They may not be the sprightly, super-phones they once were, but those handsets are still worth money. In fact, they may well be worth much more than you think.
Let’s say you have an old iPhone 6 lying around, for example. That could be worth as much as £265. Or an aging Samsung Galaxy S5 could get you £105.
Money in a hurry
In short, many of us are currently sitting on technology that’s worth real money, and selling it is considerably less risky than resorting to a loan. There’s no interest or hidden terms to worry about – the only thing to lose is a battered old phone you’re not even using.
It’s pretty quick and easy too. Most companies will walk you through what you need to do to send your phone to them, or send you a pre-addressed envelope so all you have to do is take it to the post office. What’s more, many companies that buy your phone, such as envirofone or RPC Recycle, will pay the money into your bank account on the same day that they receive the handset.
Why stop there?
Although we tend to focus on selling your mobile – I mean, it’s right there in our name – there’s probably more detritus round the home that might be worth selling. Some services like Music Magpie don’t just take your handset – they’ll also take old electronics like games consoles, your DVDs, music CDs, games and even books.
Individually, none of these items will bring in the big bucks like a phone can, but cumulatively, you can make quite a lot by selling the stuff you don’t want anymore. Plus you get to clear out a few years’ worth of accumulated clutter – and that can be intensely satisfying.
When they go loan, we go iPhone
All of us could use a few extra quid – as we said right at the start, life is expensive. But mobile phones are expensive too, and they retain value longer than you might think. Leaving your old ones abandoned – even if they’re creaky and clapped out – is leaving money on the table.
That’s money with nothing to repay. Money that you can get in mere days, and money many of us could really use.