No matter how financially secure you are, everybody hits a bump in the road eventually. It might be an expensive medical procedure that your insurance won’t cover, or you might need to replace your car much sooner than you expected, but it’s not always possible to have enough money in the bank to cover every possible contingency. When that happens, you need to know how to procure money quickly, and most importantly you need to safeguard your financial health when you do so.
Look for Things to Sell
If you are looking to make some extra cash quick, one of the easiest methods is to sell something. It may be enough to just sell things that you don’t use very much; lots of people have valuable things lying around that have fallen into disuse because they overestimated their needs or the utility of the items in question. Bread machines and coffee makers both fall into this category, and depending on the models you own you could get anywhere from $20 to $50 or more if they’re in mint condition with their respective instruction manuals.
If you have good credit, you are almost guaranteed to get a good deal from a local bank or credit union. Credit unions can prove especially valuable in this regard because they are an integral part of their local communities. If you take the time to form relationships with the people who work at and run a local credit union, they are more likely to give you a short-term loan that offers you more cash at lower interest rates with more flexible payment plans than any corporate bank can offer. Local banks can sometimes offer the same privileges, but regardless of where you keep your money, banks and credit unions provide the safest way to get immediate cash.
If banks aren’t an option and you have nothing to sell, you will need to take out a payday loan or something like it. The important thing to remember with these is that they’re offered on an incredibly short-term basis, often to the extent that you have to pay them back on the day you receive your next paycheck. They also carry extremely high interest rates due to the risks involved with the clients they lend to; remember that a good portion of people who borrow from them will never pay the loans back, so the costs get passed onto other clients.
You can help mitigate this by showing payday lenders that you are reliable and (mostly) financially stable (remember–you are asking for emergency cash). Presenting bank statements from the last year or more will prove that you have a steady income and that you have just hit a bump in the road. This may enable you to negotiate for terms where you can pay off the loan a month from the date it was issued, and you might even get a two or three month grace period. Interest rates will always be higher than with conventional loans, but if you keep your finances in order and you’re sure that you will be able to pay it off on the day it’s due or shortly after, then a payday loan is an excellent choice to help you out of your current situation.
If you’re looking to cover an emergency or you want something to permanently bolster your bank account, remember that there are plenty of ideas out there. In addition to the ones presented above, don’t rule out selling crafts online through eBay or Etsy, or moonlighting as a freelance writer, artist, or Web designer. Having a financial emergency does not mean that you are out of options–it just means that you get to be creative! Brace yourself against the hard times by choosing to sell unwanted belongings or taking out a short term or payday loan.
James Manchester write financial tips from his home in Ohio. In the event of a brief financial emergency, he recommends getting loans for a month as a convenient solution to your short term problem.
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