Many consumers try to do everything possible to avoid having to take out a payday advance. This is because there are high fees and high interest rates associated with them. The loan is often close to the amount of an entire paycheck.
When you’re already on a limited budget, it is a big financial risk to take a payday advance because it can put you further behind.
Auto Title Loan
Auto title loans are paid back in installment payments over time. The loan amount is determined based upon the value of your vehicle. The value is determined by the age and condition based upon Kelley Blue Book values. The loan amounts are broken down into small payments on a monthly payment schedule. In the beginning, most of the payment goes toward the administrative fees and interest.
Online Installment Loan
Some consumers with poor credit can get a short term online installment loan. These will have high interest rates attached to them. It comes with the territory of having poor credit and needing funding for emergent situations.
These loans are typically paid off over a 12 month periods unless it is a significant amount.
Organize a Sale
If obtaining a loan is not an option, you can always organize a sale. When preparing for the sale, watch for free items advertised online and decide whether they are in good enough condition to resell. You can also post online via social media or Craigslist that you are looking to have a yard sale to help buy groceries, pay a utility disconnection notice or pay the rent/mortgage. Advertise the sale and mention that if anyone has items to donate to help raise the funds to contact you. This may bring in a lot more items that you can sell to pay the bill, purchase prescriptions with or purchase groceries with.
Another option that may seem easier is visiting a pawn shop with valuables to sell or obtain a short term loan on. This may not get you as much money but it is something to start with. When you need money and can’t wait on a traditional loan, use some of these options. Creativity helps pay the bills sometimes. If you have nothing to sell and don’t have a bank account to get a loan, consider offering services such as skilled trades, house cleaning and shopping services. These can end up being a lucrative part time job.