Four Options For When You Need Quick Cash
Posted on: 24 October 2016
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Need cash in a hurry for an emergency or unexpected bill? When things come up and you're broke, you may stress out as you scramble to find funds to cover the expense. Before you begin to panic, take a few minutes to read through these options that can help you raise the cash you need quickly.
Option #1: Make a deal
Your first option is to try to make a deal, with either the company you owe money to or a different one. Begin by asking if there are any payment arrangements or delayed payment options available for the unexpected expense. If there aren't, then call another one of your creditors to see if you can delay your payment to them. You can then use these freed up funds to pay the first expense. Of course, this only works if you will have the cash to catch up with the payments later.
Option #2: Take a cash advance
If you have certain financial products, you may have a cash advance option. Credit cards often provide this option either via a PIN through an ATM or via checks that they send you in the mail. Keep in mind that the cash advance often carries a higher interest rate than normal charges. You may also be able to borrow against a retirement account, but this must be paid back or there will be a major tax penalty. It's usually only a good idea to do this if you have no other options.
Option #3: Pawn something
A pawn shop can provide you with instant cash if you have something with enough value. Musical instruments, electronics, power tools, and jewelry are viable options that are usually well received at pawn shops. You will be provided with a certain time frame in which to repay the money you borrowed plus interest or a pawn fee. If you fail to pay back the money on time, the item will be forfeited to the pawn shop.
Option #4: Get a payday loan
Payday loans are small loans designed for these sort of emergencies. These loans must usually be paid back on your next payday so they are for short periods, often no more than two weeks. Qualification is also usually easy, requiring no more than proof of income, proof of address, and a bank account. They often carry higher interest rates than traditional bank loans, but they are much quicker and easier to qualify for, which makes them the perfect choice for emergencies.
For more help, contact a payday loan provider in your area.