There’s a saying that goes: “Money is like oxygen: It’s only really important when you don’t have any.” And although we can argue about how we define importance, there is some truth to it.
If you’ve got enough money to pay bills, buy food and enjoy a decent lifestyle, where’s the worry? It’s when you have something to pay for, and a bank balance that won’t cover it, that you start to care. Every penny, every decimal point becomes vital.
If you’re in a situation where you need money, that’s the time you start to think about what you wasted money on. You could pick up more hours at work, but that’s not always an option.
You don’t want to get a short-term loan because those are not sensible financially. And you’d sooner chew your own leg off than ask a friend to lend you the money. That’s an excellent way to place a friendship under incredible strain.
So if you need money fast, what are your options? There are a few – work out which would be the best for you.
Option 1: Ask Your Employer For A Pay Advance
This admittedly won’t work for everyone. However, a business has a payroll and has money set aside to cover salaries at the end of the month. For this reason, some employers will offer an advance of your salary at times when you really do need it.
Not all employers will, and it’s obviously awkward to ask for. But if you’re doing well at work, and it’s for a particular situation, it’s worth a try. Appropriate circumstances are if it’s for medical treatment or to visit a sick family member.
Option 2: Sell A Valuable Item
When you’re earning well and have limited outgoings, you’re liable to spoil yourself. Why shouldn’t you? But if you then find yourself needing money fast, you can end up looking at those valuable items and cursing the day you bought them. You didn’t need that Rolex. You bought that luxury handbag on a whim. Why?
Well, those expensive gifts to yourself could be the key to the money you need. Checking with Luxury Buyers or similar could allow you to get a quick cash injection when you really need it. You’d rather not part with the item, but if the situation demands it…
Option 3: Raise A Quick Loan
Payday loans are not ideal because the rates of interest are such that they make you poorer in the long term. A better bet may be open to you if you own your home or are in general good credit.
Borrowing against the equity in your home will extend the amount that you are paying on the mortgage – and you’ll need to pay it back. But it can get you out of a hole, and it saves you adding credit at exorbitant terms of interest.
No-one wants to be in a situation where they are looking for money at short notice and have limited options on where to get it. But situations arise from time to time that we’re not ready for. In those situations, it’s worth having a safety net.