With a lot of people currently struggling to make ends meet as a result of a poor economy and rising costs for basic essentials, many people find themselves facing a tight period at the end of the month or when they are waiting for their next pay check. Just one unexpected expense, for example repairs on your car or a bill that has ended up being higher than you thought it would be can leave you in dire financial straits temporarily while you wait for money to come in, and options like unsecured payday loans can seem like expensive, predatory options best saved as last resorts!
If you are currently very short on cash and need to find a way to pull things together until your next payment comes in, here are some ideas that might help you find the money you need.
Sell Something
In the past when we all had houses full of CDs, DVDs and other things that were easy to trade in for a few dollars when you needed them, people were quite used to the idea of selling things when they had to make a bit of fast cash. However, now most people have all of these things in digital libraries it can often be hard to think of anything you might have that can be sold quickly and legitimately and is worth anything. In actual fact, using services like eBay it is possible to sell all kinds of items, so if you have a few days until you need the money, listing items like clothes, bags and accessories that are in decent condition and from good brands, or any kind of electrical items like old cellphones you have sitting around in drawers can often be a quick and easy way to make some money. You may be surprised what you have that other people want. Jewelry is also an easy thing to sell, and while gold prices aren’t at the high they have been, you will still get a fair price for old gold pieces by weight, so even broken jewelry or things like single earrings where the other in the pair has been lost can net you some money.
Collateral Loans
If you need money faster than you can get it by making sales on eBay, you can look into taking out a loan against the value of something you own. Usually people do this with their cars, taking out auto title loans where you get the money you need but if the loan isn’t repaid your car serves as collateral. If you are only waiting for some money to come in and are confident you can repay the loan, then this can be a vastly better deal than a ‘payday’ type loan in terms of interest, because you have something of value to secure the loan against. In a way it is similar to pawning an item however you still get the use of your car for the duration of the loan agreement, rather than when you pawn something and it stays in the shop until you repay the loan.
About the Author: This post has been contributed by Jake Strands, a financial consultant and a father of two. He is a diligent employee and he enjoys spending his free time with his children.
