At this time Payday loans can be become the perfect solution for temporary fiscal blip.
possibly you miscalculated the month’s financial plan, have an unexpected bill that needs paying, or you need to get the car fixed.
If the debt can be settled at the time of your next pay check, then a payday loan is definitely worth considering.
However, this does not mean that there are no other options – especially if you do not meet the requirements, do not believe that you will be able to repay, that you need more than payday loan offers, or you want extra money. the long term.
Here are 15 alternatives to payday loans that can help you quickly raise cash or make money on a regular basis:
Payday LOAN ALTERNATIVES:
- Use your Credit Card
If you have a credit card that has not reached its maximum, it can be as effective as a payday loan for paying bills or making purchases. As long as you pay the balance in full on the date indicated, you do not have any interest.
If you need physical money, credit cards also offer cash advances. However, these fees are subject to interest charges. So think of comparing them to the costs of a payday loan before making your decision.
- Get An Overdraft
As long as your credit history is not terrible, most banks now offer what is known as an overdraft on their checking account.
This means that you are allowed to use a certain amount of money in the open and that the bank covers all expenses up to this limit.
Just like a loan or a credit card, you will have to pay it back and you may incur interest depending on the conditions.
If you need to borrow money for a longer period or for an amount greater than a payday loan, a personal loan from the bank might be a better option.
A typical personal loan will include a fixed interest rate and an equal amount of repayment monthly.
You will need to have good credit to qualify.
- Borrow From Retirement Fund
If you have an IRA or 401 (k) for your retirement, it is possible to borrow temporarily from this interest-free savings pot, provided you repay the money on the specified date.
Otherwise, you may have to pay taxes and other fees.
- Borrow From Life Insurance
Similarly, you may be able to borrow on your life insurance policy, which will leave you the rest of your life to make repayments. Even if you do not pay everything, it will only be deducted from the rest of the policy.
MONEY RAISING ALTERNATIVES:
- Errands and Odd Jobs
Do your friends and family have any shopping or odd jobs to complete?
Offer to do them in exchange for a small payment.
It can be anything from clearing a garden to painting and decorating, babysitting
- Sell Old Unwanted Items
The era of the garage sale may be behind us, but there are more opportunities than ever to sell your old items.
As long as the items are in good condition and always on demand, they can easily be raised funds via auction sites such as eBay or classified services like Craigslist.
Facebook is another popular avenue for selling your stuff. Search your local city and you are sure to find a “Buy Sell” page.
Simply join the page, post the details of your article with some pictures, and locals will contact you and organise the cash collection.
- Ask For More Hours
Working is obviously one of the most important ways to make money, but if you need a little extra, why not spend more time?
Depending on your work, you may ask questions of others and cover other people’s shifts, or your employer may allow you to work overtime.
As long as you do not need money for an immediate emergency, extra work is a great way to save money.
- Get A Second Job
If you end up with free time in the evenings or weekends, why not consider getting a second job in the service sector or a parallel job related to one of your hobbies?
Handyman, walk his dog, decorate a cake, the list of possibilities is endless.
You can also turn to the Internet to earn money if you have skills in web design, programming, and other computer-based disciplines.
- Ask For An Advance
Payday loans are born from the concept of payday advances. Before considering a loan, why not ask your employer for an advance on your wages?
It simply means that you receive a portion of the paycheck from next month sooner.
Some employers even offer their own form of loan that is reimbursed by taking a portion of your salary each month.
- Are You Withholding For Tax?
It is not uncommon for employees to pay too much tax, but get a refund at the end of the year.
Instead of waiting for this lump sum, check again with your employer that you are paying the appropriate amount or that you are not deliberately saving extra money as a “withholding tax”.
This repayment is nice when it comes, but if you need money now, it is not very useful.
- Start a Budget
If you are not already making a monthly budget, it’s time to start.
It does not need to be complicated, just list all the money you receive and all the expenses that come out, then see where you could be spending too much and where costs could be reduced.
Do you really need this expensive brand of shampoo every week?
Do you really want all these TV channels when you could get a cheaper Netflix subscription?
Why waste money at lunch time when you could prepare your own lunch and make it work for a lot less?
- Ask For Help from Friends and Family
Most people are too proud to ask for financial help from friends or family, but if someone who cares about you realizes that you are struggling, he will be more than willing to help you.
Just be sure to treat the situation like any other loan agreement, because the money is not worth losing loved ones.
Even if they can not lend you money themselves, they might have valuable advice.
- Make Money Online
Internet has opened up all kinds of money opportunities for those who possess the necessary skills.
Hold a blog or website that earns money through advertising, sell products on eBay, offer your services as a freelancer – an endless list of things you can do to earn extra money.
It’s not easy though and there are many “get rich fast” scams that could spoil you by offering the “secrets” to make money online in exchange for the payment of the information.
Take note, 99% of money making methods can be found for free in Goolagong!
- Become A YouTube Star
OK, so maybe becoming a star is not so easy, but if you have opinions about the world, if you have a hobby like video games, or if you can offer tutorials and tips to People, creating videos on YouTube can earn you extra money by signing up to allow ads to appear on videos.
This should really start as a hobby and once you have created a sequel, you can then reap the financial benefits.