Cash advances are a convenient way to borrow money when you need it. It’s fast and simple, and you can get funds at any time. However, like any other loan, cash advances have their drawbacks. So if you need money but a cash advance doesn’t work for you for some reason, there are other options.
If we talk about loans, the most profitable option is a personal loan. Personal loans are most often unsecured, although you can find secured ones as well if needed. You can borrow any amount from $1,000 to $50,000 if your budget and credit history allow. In addition, personal loans have much lower interest rates than cash advances. In addition, the repayment term of a personal loan usually ranges from several months to several years. So the burden on your budget will be lower.
In order to get a personal loan, a good credit history is most often needed. But you can get the amount you need, even with a bad credit history. In this case, you should consider secured loans or turn to private lenders. Rates may be higher but still lower than cash advances.
A credit card can be a much more acceptable option than a cash advance on a credit card. In order to save money, you need to pay your bills or purchases directly from a credit card without cashing out. The fact is that credit card issuers usually charge much lower interest for using a card than for using cash.
What’s more, your credit card limit is usually much higher than your cash withdrawal limit. So if you have the opportunity to pay expenses directly from the card, it is better to do so.
Borrow From Friends Or Family
Perhaps borrowing money from friends or family is the most economical option. Often, your loved ones do not charge you fines and fees and also do not require payment of interest. In addition, you can agree on the most comfortable repayment period and form of payment for both of you: someone is satisfied with monthly payments, and someone is more comfortable with receiving the entire amount that you borrowed in full after a certain period.
However, such debt should be taken as seriously as a bank loan. Otherwise, you risk losing trust, as well as ruining relationships with those you love.
Side Jobs Or Selling Items
If you don’t need the money too urgently, consider making extra money. You don’t have to look for a permanent part-time job. You can freelance, complete one or more orders and close your financial needs. This option is great not only for creative people. You can take orders for cleaning, tending the garden, walking dogs, or becoming a nanny for a short time. In addition, you can work as a delivery man or even try yourself as a taxi driver.
Also, review your stuff. Perhaps, among everything that is stored in your closets, there is something that you can sell. Sometimes what seems completely unnecessary to you, other people are happy to buy. A large number of online sites will help you quickly place ads for sale, get rid of unnecessary things, and earn money.
Negotiate Payment Plans Or Consider Consolidation Loans
If you have to borrow money to pay for another loan, do not rush to do it. First, contact your lender and explain that you are experiencing temporary financial difficulties. Many lenders are willing to work with borrowers to develop a payment plan that fits their budget. This can help you avoid the high fees and interest rates associated with cash advance loans.
Also, if you have multiple debts, especially high-value ones, consider debt consolidation. First, it will help you save money. Consolidation loans usually have lower rates. In addition, such a loan will consolidate all your existing debts, and you will not have to make different payments at different times.