Are you faced with an emergency or an unexpected situation where you need to come up with cash as soon as possible? If so, what options are there to get your hands on the money you need in a relatively quick time?
Your options will likely be dictated by how much money you actually need, but let’s look at some ideas to generate some cash to help resolve your financial dilemma.
Can You Get An Advance On Your Wages?
If you’re on good terms with your boss and they have the budget to give you an advance on your salary, it could equate to paying back an interest-free loan. Let’s say you needed to borrow $5,000, for example. You might negotiate to repay this amount over the course of a year at around $100 a week.
This may not be an option everyone can take, but it’s worth considering.
Alternatively, if you have some holiday leave owed to you, perhaps you could get that paid into your account rather than taking leave from work?
Do You Know Anyone Who Can Lend You the Money?
If you need to borrow a large sum of money, then this option may not be possible. For smaller amounts, you might be able to loan the money from a friend or family member, if they trust you’ll repay them as soon as you can.
As an incentive, you might offer to repay a little more than what you borrow. This might be enough to sweeten the deal if the person you ask is reluctant to lend you the cash.
Find Something You Can Sell
If you need more substantial cash, do you have a second car, a motorbike, boat or jet-ski you could sell in order to receive a lump sum of cash to solve your financial situation?
Selling items like vehicles aren’t always instant, not unless you make the price so irresistible that you get a quick sale. However, it’s still a viable option if you require thousands of dollars and want to avoid borrowing the money.
If the amount of cash you need is less, you might be able to have a garage sale and offload some stuff around the house that you don’t want anymore. This can be a good way of accumulating the money you need all in one day, and it can be fun too.
You Could Take a Second Job, at Least Temporarily
Working a second job until you’ve come up with enough money to get you out of a tight spot doesn’t have to be a permanent thing. You might only need to do it for a few weeks or so.
Alternatively, you could try and find odd jobs within your circle of friends or your neighborhood to get some cash together. It could be mowing lawns, washing cars, doing gardening. Anything you can think of that you can do. Print up some cheap flyers and distribute them to letterboxes to generate some work locally.
Do You Have a Credit Card?
If you do and you have an available balance on it, you can get a cash advance on the card so you can sort out whatever problem you are faced with. Credit card cash advances attract high-interest rates and possibly fees as well, so it’s not the ideal option. However, if you’re desperate for the money, it’s something you could consider.
If you don’t already have a credit card, then the process of applying for one and actually receiving it in the mail may simply take too long.
A Premium Personal Loan Might Be the Answer
Premium Personal Loans are usually offered by private lenders and can be a great way to get money when you need it fast, whilst avoiding the high fees that come with credit cards. The advantage of borrowing money from a private lender over your traditional bank, is they generally have a much easier application process, faster approval times, and in some cases, instant transfers into your bank account once you sign your contract.
A premium Personal Loan allows you to borrow large amounts of money and you have more time to repay the loan, in most cases the option to borrow for up to 7 years. Premium Personal Loans are low-interest loans, with lower interest rates than those offered on credit cards.
If you are looking for a competitive loan in Australia, then a premium Personal Loan could be the right option for you.
The Wrap
If you use your imagination and are willing to step outside your comfort zone, there are numerous ways of finding the extra cash you need, when you need it.
