Short of Money? Here Are Some Quick Fixes
Have you ever found yourself in a financial emergency where you need to spend the money meant to see you through to the end of the month? You are not alone. Many people find themselves in this situation each year.
No one sets out to run out of money, but when it happens, they usually need cash quickly, and just enough to tide them over until they get their next paycheck. Here are some solutions that can help you access fast cash
Secure a payday loan
When you need money quickly, one of the easiest ways to access it is through a trusted payday lender. A sick family member who needs medication, an urgent trip to see your family that lives far away, or a broken dishwasher are only a few instances where accessing some money without delay could be appropriate. If you cannot borrow the money from a friend or family member, you could consider a payday loan.
Today, you do not even need to leave the comfort of your home to apply for a payday loan as online applications are also possible. Online lenders require applicants to fill in some forms and submit them.
Afterwards, the payday loan is paid into your bank account after a few clicks. People with poor credit can benefit from payday loans because some lenders don’t run credit checks before approving a transaction.
Getting through the payday loan process is relatively simple and most online lenders offer you choices. A straight payday loan is an advance on your next pay cheque. A cash advance works much like a payday loan, but the repayment does not always have to come from your next paycheck.
Some online lenders offer installment loans, which function like personal loans and require a weekly or monthly repayment. Additionally, if you use a payday lender comparison site, you can view options from an extended network of lenders that charge different interest rates. This allows you to look for the best payday loan deal that suits your needs and budget.
But approach lenders with caution
If you go to a payday lender to secure a loan, there are a few more formalities, such as submitting documentation, including your identification to prove that you are over the age of 18, and proof of income and a current account. Some of these lenders do run credit and background checks, and so a bad credit history could see the company rejecting your application.
Request a credit card advance
If you have a credit card and are in good standing with the issuing financial institution, you can request a cash advance on your card. This can present a short-term solution, although it could become a long-term problem.
When you use a credit card, you are charged interest as part of the repayments. Instead of paying only the minimum installment each month, try to settle the debt from your credit card cash advance as soon as you can.
Keep track of credit card repayments as they are an important factor in your credit history and score. One missed payment can have a negative effect, which is why credit card installments should be among your top financial priorities each month when you set out a budget.
Visit the pawnshop
Many people will pawn some valuables to get the money they need to tide them over to the next paycheck. Once they have their money, they can retrieve their things from the pawnshop by paying back what money they received. Some pawnshops even allow customers to make monthly repayments.
The other alternative is to sell your valuables so that you can get the money you need without having to worry about paying it back. There are plenty of sites and platforms to advertise your items for sale online and negotiate directly with potential buyers.
If you have many extra things that are no longer necessary, a garage sale could earn the extra money you require. Make sure to put up signage to attract potential buyers. Old bicycles, laptops, cellphones, and furniture can bring in good money. When it comes to these sales, always set your price a bit higher than what you feel is the ideal price. You can negotiate down, but not up.
