We are not living in a perfect world and there will be times when you are strapped for cash. You have bills to pay but payday is still two weeks away (and that feels like a century to wait for your hard-earned cash).
However, don’t worry. It is not the end of the world. need your paycheck earlier? These are your best options:
You can take out some money from your retirement funds. You can borrow some money from these funds once a year without having to worry about penalty as long as you return it within a designated time period. Miss the date and you will end up paying penalties and taxes.
Borrow Money From Family Or Friends
When you are short of funds, one of your best options is to ask family or friends to lend you some money. Just borrow what you need and promise when you will pay them back. When you borrow from individuals, you can avoid high-interest rates and other charges.
There are companies who are willing to pay in advance when their employees badly need funds. You can approach your human resources department or your direct supervisor to ask if it is possible. Since you are just getting your paycheck earlier, there’s no interest that you need to deal with.
There are community and church organizations who lend cash to low-income households. You can use this extra cash to buy grocery, pay some bills, among other things.
These are short-term loans that are popular with consumers today. Your credit score does not really matter as lenders often just look at your ability to pay them back. You can borrow as low as $50 to $1,000 to a few thousand dollars from online direct lenders or brokers. The application process is very easy and the funds are available sooner than traditional loans. Just remember to pay the loan as soon as you get your paycheck.
Another option if you need some quick cash is to borrow from your policy. Insurance providers are willing to do this when you have some cash value in your insurance policy. What’s great about this is that you have your entire lifetime to pay it back. In case you’re not able to return the money, the insurance firm will just deduct it from your death benefit.
Credit Card Cash Advance
You can draw money from your credit cards. You are basically spending using it but you are getting cash. However, unlike your regular purchases, the interest rate and fees for these cash advances are higher. Make sure you know how cash advance works before getting one or you may end up paying more than you should.
You can get an installment loan from your local bank or credit union. This will be an unsecured loan that you need to pay back normally within 3 months minimum.
While this is not a quick solution to your financial emergency, it is a long-term approach to avoid committing mistakes that you might be unknowingly committing. Such wrong financial decisions lead to a cycle of financial emergencies that will eventually bury you in debt.
Dealing with a financial emergency and need your paycheck earlier? These are your best options according to team Payday Advances Uncomplicated.