When a person decides they need more money, there are several ways that they can go about doing it. Due to circumstances beyond on control, sometimes we don't get a lot of say in how we are able to accumulate the funds, but if you can determine the method, some ways are better than others.
Cash â€“ This is the best way to get the funds, as you do not go into debt. You can find cash a few ways â€“ have a garage sale, get a second job or do some errands for others than cannot do their own. This is not always the fastest way to get your cash though. Another method can be asking friends or family, which may come with its own headaches, and may be best avoided.
Banks â€“ In terms of interest rates, the bank may be one of your better options, if you have good credit. If you own a home, you can borrow against your equity in it. You may also be able to secure a loan against a vehicle or some other collateral, but that is up to the bank as to what is acceptable. A bank can also offer you a letter of credit which will be at a higher rate than a mortgage, and potentially higher than a car loan but still cheaper than other locations.
Credit Cards â€“ You can use your credit card in two ways if you need cash. If you need it immediately, you can take a cash advance for the purchase you need to make today. Beware that you will start paying interest on it immediately. For purchase that you just cannot afford today, but need, you could put it on your card and get a certain amount of day's interest free. Make sure to watch for when it comes due and pay it off, as interest rates on some cards can be quite high.
Store Credit â€“ If you want to purchase an item at a store, you may want to consider getting an account at the store and putting it on your credit. Many stores offer an interest free period of time in which you can come up with the payment, or else you will start to pay interest. If you don't feel you can pay it off before then, beware as to what the rate will become. These can be range anywhere from 10% and up. Even if you cannot pay off in full, pay off whatever you can to minimize the payments.
Payday loan places â€“ When all else fails, this would be the place to get credit from. Keep in mind when you borrow money from these places you will be paying a high interest rate, as well as fees for the privilege of borrowing the money. Expect to pay for the item several times over, so think long and hard on this one.
These are some of the easiest ways you can get cash when you are in a pinch. While not all of them may be an option for you, you may find an idea that sparks and works for you. It is always best to pay cash for everything, but it is not always an option.