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Need Money Fast? Here’s What You Should Do

3 May 2017 No Comment

There will come a point in your life when you are handed an unexpected bill or the car breaks down a week before payday. It’s times like this when a robust savings account comes in very handy, but all too often we don’t have the spare cash to tide us over and life becomes rather stressful. The good news is that all is not lost. There are plenty of avenues to try if you need some cash quickly.

Ask a Friend or Relative

The first thing to do is ask a friend or relative to help you out. It is never nice going cap in hand to a loved one and asking for an emergency loan, but it’s the best way to secure funds. If they love you (and can afford it), they should be happy to help you out, but if there is nobody you can ask or they say “no way”, let’s move on to the next option.

Take Out a Short-Term Loan

Short-term loans, also known as payday loans, are not usually recommended, but for an emergency cash advance, they can be useful. As long as you can pay back the money within a week, it won’t cost you too much in interest. The advantage of short-term payday loans is that very few questions are asked and very few people are refused a loan.

Apply for an Overdraft

If you have good credit, it is worth asking for an overdraft on your account. An arranged overdraft is often free to use, depending on the type of current account you have. Be aware, however, that if you go overdrawn without permission, there will be some hefty bank charges levied on your account.

Cash Advance

Are you expecting some money to hit your bank account in the next few weeks? If so, a cash advance could tide you over. There are companies that specialize in providing cash advances. Look for a sell structured settlement service. These give you a cash advance against future lump sum payments, such as an inheritance, an insurance payout, or even a lottery win.

Garage Sale

Do you have items you no longer need and are worth some money? If so, hold a garage sale. It’s amazing what people will buy from a garage sale. Just because it looks like junk to you, it doesn’t mean that someone else won’t find your junk useful. For best results, advertise your garage sale on social media and don’t price items too high. The more you sell, the more money you make, plus it frees up valuable space in your garage.

Pawnbrokers

Do you own anything valuable, like jewelry or antiques and collectibles? If so, you may be able to secure a cash advance from a pawnbroker. A pawnbroker lends you money according to the value of the item. If you repay the ‘loan’ within the specified period, you can take the item home. If not, the pawnbroker sells the item to recover the loan.

Don’t despair if you need cash fast – there are always options.

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