Sometimes When We8217;re In A Bind And Need Some Extra Cash, We Forget The Options We Have Available. Before You Panic About Your Lack Of Money, Keep In Mind Some Of The Ways You Can Solve Your Problem.Here Are Six Solutions, With The Advantages And Disadvantages Of Each One.1) Borrow From A Friend Or Family MemberYou May Have Loved Ones Who Will Help You Out In A Time Of Need, No Matter What Your Situation Is. In That Case, This Is Probably The First Solution To Consider.The Advantage Is That You Don8217;t Have To Fill Out Applications, Have Your Credit Checked, Or Deal With A Company That May Charge You High Fees. In Fact, Your Friends Or Family May Not Charge You Any Interest For Making You A Loan (but It8217;s Polite To Offer Them Something, Even If It8217;s Just To Do Them A Small Favor).One Big Disadvantage To Borrowing Money From Someone You Know Is That They Want To Know Why You Need It, And You May Have To Explain Your Situation. That8217;s Not Always Easy To Do.Another Disadvantage Is That Word May Get Around, If They Can8217;t Keep Your Problems To Themselves. Even Friends And Family Like To Gossip About Their Loved Ones.Also, You May Have To Listen To All Their Advice About How To Save More Money, How To Get A Better Job, What To Do With Your Life, And Every Other 8220;helpful8221; Bit Of Information They Feel A Need To Tell You. But That8217;s Just The Price You Pay For Borrowing Money From People You Know.Finally, The Biggest Disadvantage Is What Could Happen If You Can8217;t Pay Back The Loan 8212; Or Can8217;t Pay It Back Quickly Enough. That Could Ruin Your Friendship Or Family Relationship, So Consider This Carefully Before Borrowing Money From Them.2) Pawn Something Or Hold A Yard SaleYou May Have Some Things You Don8217;t Need. In That Case, Why Not Sell Them To Make Some Money?If You Have Something Of Value That You8217;d Like To Keep, And You Think You8217;d Have The Money Soon To Buy It Back, You Can Try Pawning It. The Danger There Is That You Won8217;t Have Enough Money In Time To Get It Back.If You Have Things You Want To Get Rid Of, You Can Try Holding A Yard Sale, Sell Your Items Through The Newspaper, Or Even Sell Them Online On EBay. The Disadvantage Is That You Don8217;t Know If You8217;ll Be Able To Sell Your Things, And It May Take Some Time. Also, You May Have Expenses Involved If You Have To Run An Ad In The Paper.3) Ask Your Creditors For More Time To Pay Your BillsThis Isn8217;t Exactly Getting Cash. It8217;s More Like Getting A Temporary Stay Of Execution. Still, It May Help You Get Past A Temporary Cash Crisis.The Advantage Is That You Don8217;t Have To Get A Loan Or Sell Your Valuables. Instead, You Just Ask For More Time To Pay Your Bills. Some Creditors May Be Willing To Work With You And Arrange A Different Payment Plan.The Disadvantage Is That Your Creditors May Charge You For This Service. And You Still May Have To Pay Late Charges Or Higher Interest Rate. Or They May Just Laugh In Your Face For Asking. But It8217;s Worth A Try.4) Get A Cash Advance On Your Credit CardThe Advantage Of This Is That You Don8217;t Have To Talk To Anyone, Fill Out An Application, Or Get Approved. You8217;re Borrowing Money From The Credit Card Company, And They8217;ve Already Approved You For A Credit Line Up To A Certain Amount.Of Course, This Solution Assumes You Have A Credit Card, That You Haven8217;t Maxed It Out, Or That You8217;re Willing To Pay The High Fees And Extra Charges. Typically, Credit Cards Charge A 8220;transaction Fee8221; For A Cash Advance And They Charge A Higher Interest On Cash Advances Than They Do On Normal Purchases. That8217;s One Disadvantage.Plus, A Lot Of Us Don8217;t Have Clean Enough Credit To Get Credit Cards. Or We Just Don8217;t Want To Be Sucked Into The World Of Yearly 8220;membership8221; Fees, Or Worry About Late Charges If We Miss The Payment Deadline By A Few Hours. And Some Credit Cards Charge Huge Interest Rates. You Can End Up Paying Hundreds Of Dollars For The 8220;privilege8221; Of Using Your Credit Card.5) Get Overdraft Protection On Your Bank Account With This Service, The Bank Covers Any Checks You Write Where You Don8217;t Have Enough Money In Your Account. The Advantage Is That You Avoid Paying Fees For Bounced Checks. It Gives You A Bit Of A Cushion.The Disadvantage Is That You Still End Up Paying Fees. But Instead Of Paying Fees For Bounced Checks, You Pay Fees For The Bank To Cover Your Overdrafts. And That Can Cost You A Bundle!Some Plans Have Fees As High As 35 Per Overdraft. What This Means Is That The Bank Is Really Making You A High-interest Loan. That Is, They Charge You For The Use Of Their Money (by Covering Your Check When You Don8217;t Have Enough In Your Account). And They May Only Cover You For A Few Hundred Dollars. After That, They Start Bouncing Your Checks.It Can Be Good To Have Overdraft Protection For When You Accidentally Write A Check When The Money Isn8217;t There. But Don8217;t Use It As A Roundabout Way To Get A Loan From The Bank. You8217;ll End Up Paying Too Much For This.6) Get A LoanOnce You8217;ve Tried Other Ways To Raise The Money You Need, You Can Try Getting A Loan From Your Bank Or Through Companies That Offer Payday Loans (also Called Check Advance Loans Or Cash Advance Loans).Getting A Loan From Your Bank Can Be The Better Choice Because You8217;ll Probably Be Able To Borrow The Money At A Good Interest Rate, And You Don8217;t Have To Pay It Back Right Away.However, This Can Be The Most Difficult Loan To Get. Banks Prefer To Make Loans To Businesses, Or For Specific Projects Such As A Home Improvement Loan. They Rarely Give Loans To People Who Just Need Some Cash To Tide Them Over Until Next Payday.That8217;s Where Payday Loans Come In. A Payday Loan Company Will Advance You Some Cash Right Away, And You Don8217;t Have To Pay Them Back Until Your Next Payday. The Disadvantage Is That These Loans Are Only For People Who Receive A Regular Paycheck Or Benefit Check. The Advantages Are:- You Can Get The Money Quickly, Deposited Right Into Your Checking Account.- If You Apply Online, You Don8217;t Have To Talk To Anyone Or Tell Them Why You Need The Money. - If You Can8217;t Pay Back The Loan On The Next Payday, You Can Roll The Loan Over Until The Following Payday.- They Usually Don8217;t Care About Credit Problems, Only That You Can Pay The Loan Back.While Payday Loans Aren8217;t For Everybody, They Are Something To Consider If You Need To Get Some Cash Now. Just Make Sure You8217;ll Be Able To Pay The Loan Back Fairly Soon.
