3 Tips To Help You Make Money Fast
Even when you try to be smart with your money, sometimes unforeseen circumstances can creep up on you. You never know when your car will break down or if you'll have an expensive medical emergency. Here are three ways you can get money fast.
1. Ask to borrow money.
If possible, ask someone you trust if you can borrow money to deal with your emergency. A friend or family member may be willing to lend you money to get you through a rough patch. If they agree to help, decide on a payment plan with them and put it in writing. Having the terms of your loan written out will help to protect your relationship by making expectations clear upfront.
2. Take out a payday loan.
Payday loans sometimes get a bad reputation, but they can be useful tools for people with no savings and poor credit. A payday loan is a short-term loan with high interest. You're not meant to carry the debt for very long, due to the high cost of not paying it off promptly. As the name implies, this is an ideal loan to take out if you just need some money to tide you over until your next payday. According to Nerd Wallet, most payday lenders will offer you a loan of up to $1,000.
3. Pawn your valuables.
If you're uncomfortable with the idea of taking out a payday loan, there are other options to help you get money fast. Pawning your valuables is an option that allows you to make money quickly without going into debt. Pawn shop businesses will purchase many of the items you probably have laying around your house: jewelry, musical instruments, collector's items, electronics, and gadgets, just to name a few.
When you bring an item to a pawn shop, the pawnbroker will appraise your items and offer you an amount of money commensurate with their worth. You'll then leave your items at the pawnshop as collateral. If you pay back the loan within the time agreed upon, you'll receive your items back. Otherwise, the pawn shop will keep your valuables and sell them to recoup their costs. This is a great way to take out a loan without worrying about it impacting your credit score.
If you're in a tough financial situation, don't worry. With a little ingenuity and careful planning, you'll be able to get back on your feet. These three tips can help you figure out how to get money quickly when you need it the most.