Payday Loans
Coping with Financial Distress
(presented by www.payday-loans-advance.net - payday loans)
By Robert Andrew
Are facing a financial emergency and seeking a simple solution? The best solution is to have planned ahead. If you haven’t planned ahead you’re not alone so don’t worry.
It’s difficult to give specific advice without knowing the specific details of your situation. Let’s say you’ve got a week to come up with 1,000 dollars. Here are several alternatives:
1. Emergency Fund
If you had an emergency fund, you obviously wouldn’t be in a financial crisis. To avoid repeating this scenario, start setting aside 10 percent of your salary in a special emergency fund. Your next cash crunch is coming. You just don’t know when so you might as well plan for it now. Smart people plan ahead for financial emergencies as well as retirement.
2. Friends & Family
Ask for a short-term loan from family and friends. People who trust and respect you will likely be willing to help. It’s time to get over any embarassment you may feel. Besides, wouldn’t you rather deal with someone you know instead of bank or other lender. To show you’re serious, put your agreement in writing, including when you’re going to repay the loan, and make sure you do it. Don’t make excuses if you want these people to remain your friends.
3. Employer
Consider asking your boss for an early payday. They can easily withhold the amount from your next paycheck. There’s nothing to be ashamed of because financial emergencies are not uncommon. But if you’re too afraid to ask, you can be sure you won’t get it.
4. Credit Cards
Credit cards are good source of short-term cash. The interest rates on some credit cards is high but don’t be over concerned with interest rates on short-term loans for small amounts. The interest is usually waived if you pay off the balance on your next billing cycle anyway. And even at a percent APR, borrowing , dollars for days will cost you bucks. In the long run, that’s likely to be a better alternative than pay the enormous late fees you could be charged.
Depending on your situation, it might even make sense to secure a cash advance payday loan. You’ll pay a high interest rate but depending on the situation it may be worth it to protect your credit rating and avoid late fees.
6. Online Auctions
Can you sell something on eBay that would make money? In as little as 24 hours you can sell an item on eBay and have cash in hand but it’s best to have longer auctions that generally result in higher selling prices by attracting more bidders. You should get your cash within in a few days of the auction ending, possibly even the same day depending on the buyer.
There’s no limit to the number of ways to solve a financial emergency. Put your creative thinking cap on. When this financial crisis ends, think about the next one and start saving 10 percent of your take home pay in an emergency fund. It will take self-discipline. You’ll probably have to sacrifice by avoiding some purchases you’d like to make but you’ll be glad you did.
Top 10 Money Secrets offers several creative ways to approach personal finance…and how to avoid a financial crisis. But if you find yourself in need of a faxless payday loan, you can quickly get the emergency cash you need. Discover the inside secrets. The truth may surprise you.
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