Skip the Cash Advance – Better Ways to Get Money

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3 years ago

Having a hard time making ends meet this month? You are by no means alone. Millions of people find themselves in this exact position. This is why the cash advance industry has been able to thrive and will continue to do so.

Much of the success of this industry can be attributed to one thing, a lack of knowledge. People just do not know where else to turn when they get in a jam. They see that cash advance store and just think that it is their only option. It is not.

Let’s take a quick look at cash advances and a few of the better alternatives.

The Truth About Cash Advances

In truth, the only people who really benefit from a cash advance are the lenders. Sure, the fast money might provide some immediate relief, but it is short-lived.

The problem with cash advance loans is that they must be repaid in a matter of days. You borrow money and must pay back the loan, with fees, in 10 to 14 days. This is not enough time to get finances back on track, so most people end up not being able to pay back the loan.

This inability to pay forces the borrower to have to renew the loan. They pay just the loan fees and then extend the loan another term, with more fees of course. This is a cycle that can happen again and again. It’s a big trap.

Better Ways to Get Money Fast

Even if you have bad credit, you have many more options than simply taking out a cash advance. Take a look.

Online Personal Loans

This is still a loan, but a much better one and you may be able to qualify even with bad credit. In fact, there are numerous websites that specialize in helping you get approval. Here is just one example of what you should be looking for. Websites like this generally work with multiple lenders to help you get an approved offer. These are lenders that you would otherwise not have access to.

An online personal loan comes with a lot of benefits, as well as a few drawbacks.

As far as benefits go, it is one of the fastest ways to get money. Most of these loans will fund the next business day. They also allow you to borrow more money and spread the payments out over a longer period. This may allow you to solve bigger financial problems and give you time to get your finances back under control.

Now for the negative. This is a loan, so there will be interest and if you have bad credit, it might be high. Keep the cost of the loan in mind when deciding and do not be blinded by your immediate need.

Negotiate With Creditors

Did you know that most creditors will negotiate your payment due dates?

It used to be that creditors held a hard line when it came to payments, but this has largely changed. Companies have realized that it is usually better to negotiate with their clients rather than allow them to get behind on bills. If someone is behind on an account, they are far more likely to default entirely.

What this means for you is that you may be able to get other bills pushed off so that you can handle your present need for cash. The best example of this is your car payment. If you are in good standing, your lender will usually allow you to skip a payment by moving it to the end of your loan. This could free up hundreds of dollars which would likely be extremely helpful.

Don’t have a car loan? Every creditor is fair game, so start making some calls.

Donate Plasma

Are you okay with being poked? If so, donating plasma is a way to both solve your immediate problem and keep making extra money week after week. Plasma is very much in need and donation centers are more than willing to pay you money for it.

With first-time donor bonuses, you can make as much as $200 on your first donation. Not bad for an hour of your time. Thereafter, the average donor can expect to make about $100 a week. Incredibly good money for doing a good thing.

Sell Something You Do Not Need

These days you have several great resources at your disposal if you want to move some property in a hurry. One of the best is the Facebook Marketplace. With a huge audience and integrated messaging system, it is hard to beat.

Place an item on Facebook for a reasonable price and you can have it sold in a matter of hours. The ability to instantly message back and forth puts this platform far above others like Craigslist.

Of course, it should go without saying that you need to be careful when dealing with strangers online. Even Facebook is not safe as accounts get hacked all the time. When making a sale, be sure to meet in a secure location and only accept cold hard cash.

To Sum It All Up

People fall victim to predatory lending all the time because they do not know their options and they never try thinking outside the box.

The above ways to find money just scratch the surface of available options. You could download a money-making app, collect scrap for recycling, trade in an old phone or even find labor work someday. The money is out there, you just need to find it.

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