Money makes the world go around, but it can also bring your world to a grinding halt. Whether you’re on a reduced income or have bitten off more debt than you can chew, there are ways to improve your situation. Continue reading to learn some of the best and safest financial fixes.
If you find yourself with an unexpected bill or a smaller paycheck than usual, fast cash loans can be a short-term solution. However, before you contact the nearest loan provider, make sure you know what you’re signing. Always read through the fine print, check out the interest rates, and select only reputable loan providers.
Fortunately, there are plenty of trustworthy cash loan providers online, which means you are not short of options. There are even some non-profit organizations that offer interest-free loans to low-income earners. Research each option thoroughly, and make sure you can afford to make repayments before you sign on the dotted line.
If you’d prefer not to rely on anyone else to get yourself out of a tight money situation, consider selling off some assets you no longer need. Jewelry, electronics, and brand-name clothing can all fetch a pretty penny on the public marketplace. Indeed, some old Apple products that seem useless can sell for thousands as collector’s items.
E-commerce companies, such as eBay, have tens of millions of active buyers. Take the time to sort through your goods, research the going prices, take photos, then list them online. You can earn the funds you need within days to pay for that unexpected hospital visit or car repair.
Get a Side Hustle
The world is more digital than ever before, which means having a side hustle is more convenient than it has ever been. According to Yahoo! Finance, nearly half of Americans have a side hustle. Many of this work consists of freelancing online, but working in the rideshare and meal delivery sector is also common.
If your full-time or part-time job isn’t allowing you to make ends meet, then start looking at your options for earning a few extra dollars in a second job.
If you’re suffering from substantial financial hardship, then look at your options surrounding 401(k) withdrawals. While there is often a 10% penalty for withdrawing before you’re 59.5 years old, it can be waived in some circumstances, such as with medical bills. If you were affected by the coronavirus, you could also withdraw up to $100,000 without a penalty.
There is even an option to borrow money from your retirement scheme and repay it at a later date.
Borrow from Loved Ones
If you have exhausted all other options, then a last-resort financial fix is relying on friends and family. No-one wants to feel the discomfort of owing money to someone they love, but it can be an option that’s worth exploring if you’re having no luck elsewhere.
To avoid any confusion around expectations, create a contract that outlines the money owed, an interest percentage (if any), the repayment rate, and a timeframe. It might seem like a cold and formal approach. Still, it can prevent you from becoming one of 50% of people who have had a relationship suffer from borrowing. It’s never a nice feeling to be struggling financially, but it can be a short-term problem. Whether you’ve had an unexpected drop in income or you’re looking for debt solutions, there are financial fixes available to get you back on track. Take advantage of cash loans, liquidate your assets, and even consider a second job. You’ll be back in the black in no time.