If you have an emergency payment to make which you have not prepared or budgeted for in advance, you may well be asking the question “how can I get money today to fix my finances?” It may be the case that you simply need to borrow $500, get a $600 loan or maybe a little less as quickly as possible to help keep yourself afloat.
There are however a few ways in which you can access money instantly, which can help you get the money you need when you need it. There are many different online loans to consider when you are short of cash or in a financial crisis.
Although some loans like installment loans, payday loans and even bad credit loans exist for when people need money fast, when you need money today, rather than tomorrow, every minute of every hour can seem like an eternity and so, understanding your borrowing options is very important.
It is important to consider the best option for you if you do need funding urgently. Do not risk taking out a loan that you will be unable to repay, as the interest rates and additional fees will be high if you default on the repayments.
Selling Spare Electronics
There are many stores and companies that will accept spare and used electronic items in return for cash instantly. The buyer will decide how much money they think your items are worth before making you an offer for them.
There is no obligation associated with this offer, and if you think that your items are worth more than you are being offered then you can reject the offer. In addition, at the end of the month when you receive your income, you may be able to buy your items back if you wish to do so.
Alternatively, online platforms like eBay and Amazon are well-accepted routes to take if you are looking to sell unwanted items or items of any value in order to get money when you need it. You should remember though, that buyers are able to return the products they buy, which you may well need to pay for should this happen.
Request A Payroll Advance
If you are employed and you are struggling to get money you need for a financial emergency or unexpected bill before the end of the month, you may be able to ask your employer for an advance on your monthly pay.
This means that you may be able to receive all or part of your monthly income before the end of the month to help you cover your costs as soon as possible.
If you are planning to ask for your entire monthly income before the end of the month, you should be aware that when the end of the month does come you will not receive any more money. This means that you should plan your spending until the end of the coming month to ensure that you do not fall short financially on a regular monthly basis.
Apply For A Payday Loan
Payday loans can be a great way to access money fast if you have an emergency payment you need to make that you have not budgeted for.
Payday loans are high risk and are short term loans which are designed to last you until the end of the month. This means that they should only be used for emergency payments, such as for medical bills or home repairs. They are not designed for frivolous and unnecessary spending.
A payday loan should also not be used as a long term or even medium term solution to monetary troubles and issues. If you have ongoing money troubles it is important you seek help and if in debt, speak to your lenders.
Payday loans have high interest rates associated with them though, which means that if you fail to make your repayment at the end of the month then there will be additional fees associated with your next payment.
Remember, you should only take out a payday loan if you are sure that you will be able to make the repayment at the end of the month.
In order to apply for a payday loan in any US state that allows this type of lending, you need to be over the age of 18, have a bank account set up in your name and have regular monthly income.
This is all to ensure that the lender can legally pay the money directly to you, and that you will be able to repay the loan in full at the end of the month.
Your monthly income can come from a variety of sources including employment, inheritance or even social security, but lenders will assess your specific financial circumstances before they lend to you, even if you just need a $400 loan or even smaller.
You can only borrow as much money as you will be able to repay at the end of the month, in the next 2 to 4 weeks.
Ask Family And Friends For A Loan
If you are struggling for money and don’t want to take out a loan which could negatively impact your credit score or that you may not be able to repay alongside the interest rates, you may want to consider asking family or friends for a short term loan.
If you do need to borrow money, you should consider writing up an official contract to state when you plan to repay whatever you have borrowed. This should help to hold you to account and reassure the lender that you do plan to repay the money borrowed by a specific date.
If you are unsure whether or not you will be able to make repayments, you should not ask to borrow money as this could jeopardise your relationship. Instead, explain your situation and ask for some friendly advice on your next steps.
Utilize Your Savings
If you have any savings that you have accumulated, perhaps over the years, it may be worthwhile to dip into the money you have saved, particularly when you need to get money today or need money very fast. Rather than taking out a short term loan or other loan online or in store, by utilizing your savings or money you have set aside, you will not be in debt to anyone. Instead, when your finances are back in order, you can simply replenish the savings and put back what you took out, in case any financial emergencies should arise again.