Six way to get cash now

Sometimes when we’re in a bind and need some extra cash, we forget the options we have available. Before you panic about your lack of money, keep in mind some of the ways you can solve your problem.

Here are six solutions, with the advantages and disadvantages of each one.

1) Borrow from a friend or family member

You may have loved ones who will help you out in a time of need, no matter what your situation is. In that case, this is probably the first solution to consider.

The advantage is that you don’t have to fill out applications, have your credit checked, or deal with a company that may charge you high fees. In fact, your friends or family may not charge you any interest for making you a loan (but it’s polite to offer them something, even if it’s just to do them a small favor).

One big disadvantage to borrowing money from someone you know is that they want to know why you need it, and you may have to explain your situation. That’s not always easy to do.

Another disadvantage is that word may get around, if they can’t keep your problems to themselves. Even friends and family like to gossip about their loved ones.

Also, you may have to listen to all their advice about how to save more money, how to get a better job, what to do with your life, and every other “helpful” bit of information they feel a need to tell you. But that’s just the price you pay for borrowing money from people you know.

Finally, the biggest disadvantage is what could happen if you can’t pay back the loan — or can’t pay it back quickly enough. That could ruin your friendship or family relationship, so consider this carefully before borrowing money from them.

2) Pawn something or hold a yard sale

You may have some things you don’t need. In that case, why not sell them to make some money?

If you have something of value that you’d like to keep, and you think you’d have the money soon to buy it back, you can try pawning it. The danger there is that you won’t have enough money in time to get it back.

If you have things you want to get rid of, you can try holding a yard sale, sell your items through the newspaper, or even sell them online on eBay.

The disadvantage is that you don’t know if you’ll be able to sell your things, and it may take some time. Also, you may have expenses involved if you have to run an ad in the paper.

3) Ask your creditors for more time to pay your bills

This isn’t exactly getting cash. It’s more like getting a temporary stay of execution. Still, it may help you get past a temporary cash crisis.

The advantage is that you don’t have to get a loan or sell your valuables. Instead, you just ask for more time to pay your bills. Some creditors may be willing to work with you and arrange a different payment plan.

The disadvantage is that your creditors may charge you for this service. And you still may have to pay late charges or higher interest rate. Or they may just laugh in your face for asking. But it’s worth a try.

4) Get a cash advance on your credit card

The advantage of this is that you don’t have to talk to anyone, fill out an application, or get approved. You’re borrowing money from the credit card company, and they’ve already approved you for a credit line up to a certain amount.

Of course, this solution assumes you have a credit card, that you haven’t maxed it out, or that you’re willing to pay the high fees and extra charges. Typically, credit cards charge a “transaction fee” for a cash advance and they charge a higher interest on cash advances than they do on normal purchases. That’s one disadvantage.

Plus, a lot of us don’t have clean enough credit to get credit cards. Or we just don’t want to be sucked into the world of yearly “membership” fees, or worry about late charges if we miss the payment deadline by a few hours. And some credit cards charge huge interest rates. You can end up paying hundreds of dollars for the “privilege” of using your credit card.

5) Get overdraft protection on your bank account

With this service, the bank covers any checks you write where you don’t have enough money in your account.

The advantage is that you avoid paying fees for bounced checks. It gives you a bit of a cushion.

The disadvantage is that you still end up paying fees. But instead of paying fees for bounced checks, you pay fees for the bank to cover your overdrafts. And that can cost you a bundle!

Some plans have fees as high as $35 per overdraft. What this means is that the bank is really making you a high-interest loan. That is, they charge you for the use of their money (by covering your check when you don’t have enough in your account). And they may only cover you for a few hundred dollars. After that, they start bouncing your checks.

It can be good to have overdraft protection for when you accidentally write a check when the money isn’t there. But don’t use it as a roundabout way to get a loan from the bank. You’ll end up paying too much for this.

6) Get a loan

Once you’ve tried other ways to raise the money you need, you can try getting a loan from your bank or through companies that offer payday loans (also called check advance loans or cash advance loans).

Getting a loan from your bank can be the better choice because you’ll probably be able to borrow the money at a good interest rate, and you don’t have to pay it back right away.

However, this can be the most difficult loan to get. Banks prefer to make loans to businesses, or for specific projects such as a home improvement loan. They rarely give loans to people who just need some cash to tide them over until next payday.

That’s where payday loans come in.

A payday loan company will advance you some cash right away, and you don’t have to pay them back until your next payday. The disadvantage is that these loans are only for people who receive a regular paycheck or benefit check.

The advantages are:

- You can get the money quickly, deposited right into your checking account.

- If you apply online, you don’t have to talk to anyone or tell them why you need the money.

- If you can’t pay back the loan on the next payday, you can roll the loan over until the following payday.

- They usually don’t care about credit problems, only that you can pay the loan back.

While payday loans aren’t for everybody, they are something to consider if you need to get some cash now. Just make sure you’ll be able to pay the loan back fairly soon.

Debt management services - a closer look

A common misconception regarding the problems associated with overextending ones finances is that it's the result of easy credit. I want to smash that idea here and now because it's not easy credit that's the problem but more specifically it's a behavior or lack of discipline problem. Sure, the convenience of having credit and being able to buy now and worry about how you'll pay for it later is a temptation but it's still no excuse.

That being said, if you do find yourself knee deep in financial do-do as a result of over spending or perhaps your situation has been caused by an illness or even an unexpected drop in income. Regardless of the reason, you find yourself in this stressful and unenviable position the sooner you address it -- the sooner you can put it behind you.

Financial problems are becoming an ever common issue and you when you start to look at the issue a little closer it's surprising at how many Americans are currently living under the weight of high credit card debt. The average American has about $7,000 in credit card debt and it's growing every year.

However, what may be even more surprising is that the majority of these people never seek debt management services to help them take control of their financial lives. Rather, they opt to forget all about their credit card debt until it finally balloons into the financial war zone called bankruptcy.

On the other hand, in order to take the necessary steps in finding an appropriate debt management service you must first, take a step back and admit that this chunk of accumulated credit card debt is real and that tomorrow when you wake up it's not going away. On the contraire my friend, you need to wake up in the middle of the night sweating bullets because you realize just the opposite. That the longer you wait the deeper hole you dig. It truly is of utmost importance that you realize the weight of your problem and that you must take it by the horns and wrestle it the ground because if you don't its going come up from behind and stick you in back.

Ok, I'm know this is dangerous but I'm assuming if you've read this far you're serious about tackling this problem, that you've got your mind around it and that you are willing to take the necessary steps. People need to realize that financial abuse is no different than drug or alcohol abuse. You can't overcome the problem until you admit you've got a problem in the first place.

Debt management services will cater to whatever your specific financial need is. However, always keep in mind that debt management services do not, in any way, payoff your debts for you. They are there to help you manage your finances, sort out your debts and give you a road map so that in the long run you'll be able to maintain a debt free life.

My next point is simple common sense, but for some reason few people follow it. Don't wait until your credit card bills are out of control before seeking help. Keep in mind, that the sooner you get debt management services working for you the better chance they have of helping you to avoid getting thrown out the street.

How does a debt management company work? Well, they come in all shapes, sizes and debt reduction plans; from the ever popular debt consolidation, (where you combine all of your accumulated debt into one big chunk) to debt settlement (where the credit card companies agree to receive a percentage of what you owe them) to many others. It's up to you on which kind of debt reduction plan would you like to take for yourself. Of course, whatever company you choose to work with will explain your many options.

Financial experts will help you sort out your finances and help you find ways of reducing (and eventually eliminating) your debt, by carefully reviewing and assessing your current financial situation. Debt management experts will also come up with a debt reduction plan will be tailored to your unique situation. Just remember, that by setting a realistic debt payment timeframe, debt management services experts can guide you through a balanced and well thought out debt reduction plan which not only aims to have you debt eventually settled but they will also help to educate you in money management so that you never find yourself in financial straits again.

I would also like to stress that any debt management expert worth his or her salt will frankly; be upfront and brutally honest with you when it comes to your financial woes. If there not, then get up and walk out the door because they are not looking out for your best interest.

The fees that debt management companies charge vary but many offer some services at no charge and virtually all will give you some type of guarantee like: If you follow their advice they will be able to help you reduce your debt by up to 80% and that eventually you'll be debt free. Ah, what a relief!

This article may be reproduced only in its entirety.