Need Extra Funding?
We all need some extra money from time to time, and so this article has been written with the express intention of providing you with a list of options. Regardless of whether you need funds for a new business venture or just to pay your household bills, there will be at least a couple of suitable solutions in this post. There’s no shame in admitting you need some help, and it’s much better to deal with the issue quickly than default on any payments you have to make. With that in mind, you should grab yourself a hot drink and put your feet up. Read through this post carefully, and your situation could improve significantly.
Just remember to stay away from loan sharks and other unscrupulous lenders. You should only agree to borrow money from a regulated provider who’s registered with the appropriate authorities. You’re already in trouble financially, so you don’t need the threat of violence should you fail to make repayments. Considering all that, it must be time to get started…
Payday loans
Presuming you only need cash to see you through until your wages hit the bank, payday loan companies should be your first port of call. While they might have received some very bad press over the last couple of years, they provide an essential service that has helped thousands of people. Just make sure you can meet your repayment schedule, and everything will be fine. Failure to do that could mean staggering levels of interest are added to your debt. Indeed, some providers have been known to charge in excess of 3000%. When taking out loans of this nature, you have a financial responsibility to stick to the original agreement.
Bank loans
Ever since the global financial crisis happened a few years ago, banks have been more hesitant when it comes to providing loans to individuals. However, it’s still possible to get one if you have a good credit rating and you satisfy their criteria. For that reason, you should arrange an appointment with your bank manager if you need more than $1000. Sure, they might turn you down, but you never know if you don’t try. Also, the bank manager will probably ask why you need the cash. So, make sure you know exactly what you’re going to say. Your answer to that question could make all the difference.
Logbook loans
Logbook loans are a relatively new form of lending based around your car. So long as you own a registered and insured vehicle, you can borrow money against its value. The best thing about logbook loans is that you don’t risk losing anything other than your automobile. If you fail to pay, they will simply come and take it away. As a bonus, you get to keep possession of the car throughout the term of your loan. That means you can still get to work and pick the kids up from school. There are many providers of this form of lending online, so you should have no trouble finding a suitable one.
Credit cards
You need to be careful to read the small print when agreeing to take out a credit card. Some companies offer alluring introductory rates only to apply astonishing fees after twelve months. Also, if you need to transfer the balance from an old card, make sure you only apply for those offering that service for free. Otherwise, you could find your debt increases. You should always avoid drawing money from a credit card too as most providers charge you around$3 every single time you use the cash machine. There are lots of comparison websites around that you should use to ensure you get the best deal possible. If you can, you should opt for a card from a high street bank rather than an internet bank.
Selling via auction websites
Presuming you have lots of valuable items in your home, it might make sense to create an eBay account and start selling. Contrary to popular belief, borrowing money is not the only way of getting the funding you need. So long as you’re willing to part with your possessions, you could raise the capital in less than a week using sites of that nature. While there are selling fees and PayPal fees involved in most situations, you can avoid all that by stipulating that the buyer must pick up their purchases from your home. If you like this idea, but you don’t want to use eBay, there are many alternative websites online.
Remortgaging your home
If you’re lucky enough to own property for which you have made lots of payments over the last few years, perhaps remortgaging isn’t out of the question? Just make an appointment to see your bank manager and find out if they’re willing to help. Remortgaging your home will mean you free up lots of money that could be used to fund a new venture or keep your creditors at bay. Doing this will obviously mean you’ll be making mortgage payments for much longer than you otherwise would have done. So, it’s important that you think long and hard about whether or not it’s a good idea.
Winning the lottery
Sure, this might be a bit of a wildcard, but it’s good to remain hopeful, right? A standard lottery ticket costs $2 these days, so that’s not going to break the bank. While you have around a one in six million chance of winning big, someone hits the jackpot almost every single week. As the old saying goes, “you have to be in it to win it.” We wouldn’t advise you rely on this solution too heavily, but there’s no harm in giving it a go.
Having read through all that information, you should now understand the options open to your this summer. As we said at the beginning of this article, which you choose will depend on the amount of cash you need and your personal situation. So, don’t rush into anything and ensure you always read the small print when agreeing to any form of lending.
Good luck!
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