We all go through some tough times that call for a bit of penny-pinching. Those times are even more common because of the status of today’s economy which is currently affected by the Covid-19 pandemic. It pays to be prepared for emergencies so you should familiarize yourself with ways on how you can get money in a pinch.
As emergencies are common, you need to know how you can make money without having to go to sketchy loan sharks. You’re only digging a deeper hole for yourself if you choose to get money from unverified sources. Here are a few ways you can get yourself cash fast in case you get into an emergency.
Get A Loan From Legitimized Financial Institutions
Loan sharks try to lure you in with big loans that don’t require any background checks on your end. You’ll begin regretting your choice once you realize that they’re going to drop a huge interest on you in just a short amount of time. What’s worse is that since they are doing business under the table, you have no means to call for help from the law.
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Getting loans isn’t exactly bad so long as you are taking one out of legitimized and regulated financial institutions. These firms include banks and of course, lending companies.
The process of getting a loan can be quite difficult especially if you have bad credit. However, https://www.paydayme.com/ says that some lending institutions are more lenient. After sending a few requirements, these lending institutions can have funds sent to you the next business day.
Why are loans from these firms okay?
For starters, you are getting into an agreement with a contract. The contract provides guidelines that protect both you and the loaning institution. This means the law can intervene just in case one of you breaks the contract. You don’t have such rules with loan sharks.
The interest rates are also much better from financial institutions. Banks can give you loans for 3-5% interest which are payable for 12-36 months. Some lending institutions offer lower interest rates but you have to pay back the loan in a quicker turnaround time.
If you are getting a loan from banks, you’ll need to have a great credit score before you get approved. Lending institutions are much more lenient at the expense of slightly increased interest rates.
Sell Your Stuff
Some people avoid getting loans when they are in a pinch because they believe that they are only adding more to their problems. Considering that there are interest rates in loans, you do tend to put yourself at a bigger disadvantage when getting a loan.
If you want quick cash without having to drown from interest rates, then you may want to consider selling your old stuff through various platforms. Chances are, there are some items in your house that you no longer use. Don’t expect to get your money back when selling these items but it is a great way to earn cash.
The most basic way to do this is through a yard sale right in your neighborhood. However, if you want to reach more people, then you may want to consider selling your items online.
Platforms like Facebook Marketplace lets you sell your stuff to people within a radius. This expands the reach of your items. What’s even better is that you can easily find people who might be interested in your items through groups on Facebook.
Take Freelancing Jobs
This isn’t for everyone but if you have the time and a decent internet connection, you can take freelancing jobs online.
There are freelancing jobs for various industries and capabilities. Currently, the top freelancing work you’ll see online include writing, becoming a virtual assistant, and even becoming an ESL teacher from home.
Compared to a full-time job, working freelance won’t take up much of your time. You can accept assignments whenever you want too. Thanks to the increasing demand for online workers, there’s an influx of platforms and work available online so it’s very easy to earn quick cash. Most freelancing platforms don’t require a lot with regards to your qualifications. In most cases, you’ll only be given a test that you have to pass. Once done, you can begin accepting assignments for the platform.
In freelancing jobs, you earn as much as you work so the more you do, the more you earn. As for turnaround times, some employers pay you upon completing the project so it’s a good way to get emergency cash fast.