Even though you diligently save money for a rainy day, sometimes you just find yourself in an emergency situation where you desperately need funds and what you have in the bank is either not enough or (worst case scenario) is not there anymore. What do you do?
Make an inventory of the things you have in your house that you can live without, and put these up for sale. You can hold a garage sale and convert your belongings into cash in just one day. The downside to holding garage sales, however, is that people will expect the prices to be really low. You might end up selling your valuables, and still come up short of funds.
Another option is to sell your items online. Although selling items online is fairly easy and can reap good returns, it is not entirely without risk. You have to make sure that your online advertisement attracts bidders and you also need to ensure that you deal with reputable buyers. Be wary of scam artists who use the internet to defraud people of their money.
If you have a lot of jewelry, you can sell some of these off too. However, selling online may not be your best bet when it comes to that. Try approaching a local jeweler, they may not be able to buy the piece off you right then and there, but they can most likely refer you to someone who can.
Go to a Pawnshop
If you don’t want to part with y0ur jewelry, you can go to a pawnshop to borrow money and use your jewelry as collateral. Although pawning your valuables is a quick and easy way to get money, you really also don’t get a lot for it, and pawnbrokers usually place hefty interest rates on your loan. If you are unable to pay your loan (plus interest) at the end of your term, you can either pay the interest and extend your loan, or lose your collateral altogether.
Go to a Bank / Lending Institution
There are many places where you can get a cash advance if you really need it. Before approaching external providers, ask your employer first if it is possible to get a salary advance. If your employer doesn’t allow this, approach your bank. They may be able to give you extra credit to be added on to an existing loan (a mortgage, for example). Banks, however, often conduct credit checks and, if you don’t have a credit record just yet (just got out of college and haven’t really established a credit record) you can consider approaching other lending / financial institutions.
These financial institutions offer a wide variety of loans such as payday loans, which basically is an advance of your salary, based on what is listed on your payslip; and car title loans, which is a loan using your car as collateral. Most lending establishments have have branches nationwide and also have websites where you can get more information on payday loans, or car title loans online. Some sites have features wherein you can apply for payday loans or title loans online.
Go to Family & Friends
When all else fails, ask help from your close friends and immediate family. Be honest about your situation and ask if they can help you out. They may not be able to give you the whole amount that you need, but they can lend you what they can. One “plus” about borrowing from friends and relatives is that they will be more understanding if you are unable to pay them back immediately. This, however, does not mean that you can forget about your debt to them and pay whenever you feel like it. Prepare a payment plan and present this to them, to show that you do intend to pay them back.
Joseph Francis is a professional blogger that provides information and advice on car title loans online and title pawns. He writes for TitleMax, a title loans store with locations nationwide as well as apply for title loans online.