Where to Get Funds When You're in Dire Need of Money

We all go through times when we find ourselves suddenly out of money. For instance, you received your paycheck, but you spent it all and fifteen days are remaining till the next paycheck. Or after paying the bills, and the rent or mortgage, the car suddenly breaks down and if you do repair the car there won’t be enough money for you until the next payday. Luckily there are some options and ideas that can help you get the money you need quickly and hassle-free. In this guide, we show you different ideas of where you can get funds when you’re in dire need of money.

Setting up a Garage Sale

A garage sale could be an excellent and quick way for you to obtain funds. Even if you don’t have a garage, look for local markets that would allow you to sell whatever excess items that you want to sell. This method not only allows you to make quick money, but it’s also a great way to get rid of things that you don’t use or need anymore. This way, you will be able to free some space and make the money you need.

Advance Salary

Another way to get money is to ask for a salary advance from your workplace or your bank. A salary advance is usually offered to help individuals cover their urgent financial needs. If you ask for a salary advance from your workplace the terms for the repayment usually depend on the company, but they usually either take a percentage or the whole amount from your future wage. When it comes to banks, you can easily withdraw this amount from ATMs; the bank gives you either 90% of your salary amount or the entire amount. In that case, the bank will either withdraw the full amount from your salary the month after or part of it, depending on the bank you are dealing with.

Cash Advance

This type of short term loan could be obtained from a bank or an alternative lender. If you are getting the loan from a bank, make sure your credit score is good because banks depend on this to ensure that their money will be returned to them. Still, there are other options available for people with poor credit scores, which is online lending. 

Online lending doesn’t require much paperwork, the only proof that they need is that you receive regular monthly payments, whether from a job, alimony, or social security benefits. This document is to prove to the lender that you would be able to pay the loan back on the repayment day. You can learn more at PaydaySeek about the other terms and the documents you need in order to carry out this kind of loan successfully and without any stress. 

It’s worth noting that the loan amount usually has a maximum limit depending on the lender, but it is usually a small amount that is enough to cover daily expenses. What is great about this kind of loan is the fact that it is very convenient. This is t because you can file it literally from anywhere using any device. Additionally, you get your approval for the loan either immediately or within an hour.

Traditional Loan

This type of personal loan could come either as a traditional personal loan or through your credit card. Both of these methods are unsecured, which means that the interest rate for both of them is going to be high as a security precaution. The main advantage of obtaining a credit card is that it can be obtained fairly quickly. But a disadvantage is that you have to be very careful not to miss a payment so that you don’t get charged for late payment fees and also to avoid the money accumulating on you. 

Personal loans are different from credit cards in that they don’t have late payment fees or any of these added expenses. However, the interest rate is high, which would take a considerable amount from your wages- which might make things a little bit difficult for you. In both cases, if you have bad credit, your request will be rejected and you won’t be given either a loan or a credit card.

You have a lot of options that you can pick from according to your needs and your circumstances, so before deciding on a method, evaluate your situation and choose accordingly. We also recommend that in the future you budget your finances and plan it properly. Budgeting will help you cover yourself in the case of emergency instead of requesting a loan that might put a strain on your finances even more.