Best Ways To Get Cash

The worst thing about an unexpected financial setback is not the actual setback, but the fact it was unexpected. That may seem like an obvious statement, but a vast majority of people experience fluctuations in their financial situations and often those fluctuations can be dealt with or prepared for, such as downturns in the economy or the foreseen repairs to the home or automobile.

If you’re fortunate, you have a savings account for “rainy-day” expenses, but fewer and fewer people are able to sustain a such an account. More than that, savings accounts these days don’t give back to the consumer like they used to. As great as it is to have unprecedented low interest rates, that has trickled down into the area of savings accounts, and they tend to have a return rate of less than one percent.

Most households require two incomes just to get by and even then, many can have trouble staying financially afloat. Despite the aforementioned unprecedented low interest rates, wages have not kept up with inflation, while the housing market continues to fluctuate and sometimes appears to be heading toward another financial bubble. Health care rates are climbing despite Federal Legislation aimed at curbing the rising costs, and just about anywhere you look in this economy things are more expensive on the whole than they were even five years ago.

If you do find yourself in a financial crisis, what are your options? This article takes a look at several possible ways to get a hold of much-needed cash during a time of setback, and what you can do about each of them. This article also assumes you don’t have a savings account and offers options based on that likelihood.

Credit Card: Many people have a credit card just for financial emergencies. They are a good way to build credit in addition to having an available line cash in case it’s needed. For most people, however, the temptation to use the credit card can be too powerful and they find themselves deeper in needless debt, and unable to use the card for the unexpected financial emergencies. In addition, the interest in the long term will add up and the credit card user will pay more than twice what they owe on it, causing potential financial headache for years to come.

Wealthy Relative: Or a rich friend. Borrowing from someone who is well off rarely turns out the way you want it to. Many relationships have ended because of money, unpaid debt, or just the awkward issues between people when one has loaned money to another. Proceed at your own risk.

Sell Something: If that family heirloom is just collecting dust up in the attic, there’s always the possibility someone will find it of value. You can sell it on Craigslist, E-Bay, or one of the sites that specialize in antiques. Of course, this can be problematic if you are under a time constraint and you need the cash immediately. Then there is always the possibility that you do successfully sell it, and at the price you wanted, only to discover you wished you’d kept it after all to hand down to your kids and grandkids. Parting with a cherished heirloom in the short term can sometimes bring regret from the action in the long term.

Win The Lottery: Good luck with that course of action. Though on a more serious note, please do not consider gambling as a viable method of getting that much-needed cash. This puts you in a mindset of desperation and is one of the main reasons pawn shops exist in the first place. There is no “sure thing”, luck will not be on your side, and you will likely lose friends and possibly family members by going this route. They call it “gaming” because it is intended for recreation, not for paying the bills. Please exercise common sense.

Get a Short Term Loan: An installment, payday, title or otherwise short term loan can be the answer when none of the above are an option. If you know you will have the money coming in from your job, a payday loan will help you through the immediate financial crisis without draining your paycheck for the next ninety days or so. If your financial issues require more than a payday loan can cover, consider a title loan based on your automobile, boat or motorcycle. Such a loan will be larger, and take longer to pay off, but it can come in useful for larger financial needs.

If you do find yourself in a financial shortfall, make sure you consider all the options available to you and research the implications of each. Being short of cash is a temporary situation, and it should probably be solved with a short term solution. 

Anna Mitchell is a Digital Marketer at Cash 1 Payday Loan a payday loan provider in Nevada and Texas. You can find my writing at blog.cash1loans.com, and you can follow me on Twitter and Facebook.