Get Your 365 Days of Adventure LIST FREE and Start Living TODAY

×

Alternative Sources of Funds When You Need It Right Away

Coming about money quickly is the dream of everyone, but it could mean the difference between putting food on the table and not for others. Finding the funds you need to pay for your car bills, rent, mortgage, or necessities is something that you need to figure out fast. Likely, you need a reasonable, legal, and effective way to get that money into your bank account or pocket. There are a lot of getting rich quick schemes but most of the time they are just that – schemes.Sources for funds are what everyone is looking for to avoid their 9-5, but many look for these list because it is out of desperation.

Sources of Funds

Likewise, there are a lot of legal and reasonable ways to help you come up with the funds you need to help you pay for whatever needs have to be met. The point is that you have a lot of options. Obviously you need to be critical of each one, but being informed is the most important step before deciding on where to go next. These are some alternative sources to help you acquire the funds you need when you need them right away and keep yourself sorted.

Payday Loans and Cash Advances

Payday is usually twice a month for most people and through most employers. Sometimes jobs have weekly payments, but bi-monthly is the norm. The problem with bi-monthly paydays is the unexpected expenses in between. Your car gets a flat, you need more money for groceries, a surprise medical bill, the list goes on. Being able to get the money quickly could rely on your ability to get paid, and if you are days or weeks out from the next payday, you could be stressing out. This is understandable and a problem that many people face, which is what payday loans or cash advances are for.

Payday loans work as an expedited way to receive the money you would receive from your payday quicker. The ability to apply and be accepted for online loans is easier now than ever, and excerpts behind PaydaySeek payday loans highlight how this can be useful for those that need money ASAP. The loan works similarly, where there is a set time frame to pay off the payday loan along with an interest rate depending on the length of repayment and size of the loan, but it covers your need fast. Cash advances work in a very similar manner, and for most purposes, is a payday loan. It has a lower APR interest rate but is often a smaller loan size.

Line of Credit

Opening a line of credit might be a better alternative to using a credit card for purchases or funds that you need quickly. The reason for this is that credit cards have higher interest rates and are capped at certain credit limits, whereas a line of credit from a bank can be a higher credit limit, and can be used for more purposes. It operates in a similar manner to a loan, wherein you are borrowing money from the bank or financial institution, then paying it back. 

Sources of Funds

The only interest owed is on the money you have spent, and as mentioned, you can use as much or as little as you like of the available credit. This is obviously a solution you want to use if you know you can pay these interest rates back, but could very well help you when large purchases or expenses need to be met quickly.

Rent a Room

If you have some extra space and can afford to take on a roommate, why not rent the room? Renting your room can help alleviate a burden on your current rent or mortgage situation, or put money in your bank account quickly. Renting is not the quickest of solutions, but if you have a move-in ready place, then it could be a practical option to help you out. 

Things you need to know before renting a room is that you should make potential tenants fill out a rental application form to get their personal information and employment information, references, and even banking information to help run a credit check to ensure you are renting to a responsible individual. Agreements/contracts are also highly suggested because you do not want to go through the process of damage resolution or claims without a substantiated, legally binding contract. Otherwise, subletting or renting out a room of your house or apartment may be a solution you can consider for the near future to help alleviate financial woes.

Sell Old Goods

The time-old tradition of selling off your old junk, for a lack of better words, is always an option. This is as much of an alternative source to acquire funds as it is a way to clear out your living space. Selling old clothing, old electronics, furniture, appliances, and generally anything you do not use but could possibly get a return on is practical and even fun. 

There are a lot of ways you can offload your stuff as well. Yard sales/garage sales are always an easy way to advertise your goods, Facebook groups or Marketplace allows you to sell to people in a larger range, as well as other local resale sites or services. The point is that you probably have a significant amount of stuff you have not touched in years, so it might be time you let it go and get a return on it, even if it is only a handful of dollars.

Day-Trading

Last but not least is the most volatile of alternative options. This is not recommended unless you can handle the risk vs. reward of trading stocks or options. You need a significant knowledge of shares and trends, a good system or strategy already in place, and know that you are going to lose money at times. This is advised if you can risk some of your money, but there are potential returns that you can reap through day trading and investing options. Still, it is worth mentioning but be careful and only take on the risk if you can handle it.

Alternative sources for funds are what everyone is looking for to avoid their 9-5, but many look for these because it is out of desperation. Tough times call for tough measures, but you need to start working smart not hard to get money fast. These options present straight forward solutions, some unique options, and others present more of a risk, but all-in-all, it may be something for you to consider to help your financial situation.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.