We’ve all been there at one point. It’s the end of the month, you have bills due and you’re short on cash. There could be a number of reasons why you might be in this situation – from being in the middle to paying off debt to simply not tracking your spending and living by some sort of budget.
In my opinion, the reason why you’re short on cash is the real underlying issue and is one that should be dealt with in order to rectify the situation for the long term. You may want to overlook that to simply be able to ease the pain now, but I encourage you to not give into that. With that out of the way, I’ve come up with some options to consider to raise cash to help carry you until you can get back on track financially.
Don’t Go With the First Option
When you’re in the middle of the troubling financial situation it’s tempting to go with the first option available. Don’t do that – especially if it’s in the form of a payday loan that has crazy interest rates. A payday advance is only one option although it may not always be the best option – in fact it’s often the worst option. While these products promise access to quick money and easy repayment terms, it generally only leads to more debt. I believe if more taking out these kind of loans educated themselves on how they work they wouldn’t take them out. Companies capitalize on that and make them incredibly difficult to get out from under. The moral of the story – avoid the first option if at all possible, especially when it means high rates and fees.
This was something I did quite a bit when I was in the middle of paying off debt and having a month where I was short on cash. Look around your house to see what you’re not using and if you can live without it. There are multiple routes you can take to sell these items. Craigslist is the easy option, though you can even take things to a pawn shop get make some money. I know it might feel a bit on the shady side, but it is an option to consider. I sold the television I wasn’t using and that is what allowed me to make it another month or two.
Consider an Auto Title Loan
An auto title loan is another option to consider if you’re short on cash. With this situation your vehicle must be paid off and the title must be clear. You cannot have any liens on the title at all. When you arrive, a simple application is filled out and the loan facility inspects the vehicle to come up with an appraisal. Based upon the value of the vehicle, your loan will be approved or denied. You may be able to do some negotiating if you need more than the vehicle is worth. This means that you might be able to get a couple hundred dollars above their offer. I have not done this myself, but have known a few people who have and each time it worked out just fine for them.
If you do not repay this loan, however, the lender has the legal right to repossess and auction off or sell your vehicle so make very sure this is a risk you’re well aware of. They do not have to give notice. As long as they come after the vehicle after the loan payment is due, even if it is 5 minutes after the business is closed for the day.
Sell Your Plasma
I know this may not be a glamorous idea, though you can make some decent short-term money if you’re open to it. Yes, there are some interesting characters doing it, but I was able to make several hundred dollars over the span of a couple of months doing it. The rates you can receive may vary by location and I would only recommend this as a short-term option, but can work out well if you need it.
Sell A Service
What I’m meaning here is freelancing. One disclaimer though, freelancing is generally not a quick way to make extra money but it has better long-term potential. If you’re short on cash, look at what skills you have. Are you a good writer? Do you know how to code or design websites? Do you know how to use social media? Those are all ways you can make extra money. If you don’t have any of those skills, you can look at other options like walking dogs, doing yard work, etc. to help you.
When you need money and are in a time crunch, there are a variety of options to consider. Rather than taking the first option available or incurring more debt, consider other options and look to solve the bigger issue. By finding ways to cover your shortfall and looking at solving the bigger issue you can being to take care of both situations at the same time.
Photo courtesy of: Dan Moyle
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