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If you watch television or listen to the radio, you’ve heard of a payday loan. At the end of the day, these companies advertise as much as, if not more than, attorneys. With debt creeping closer to its 10 year high and many Americans living paycheck to paycheck, it can be hard to resist the allure of a payday loan. However, what seems like a harmless opportunity to get the money you need now can end up costing you far more later.
The truth of the matter is that payday loans create a financial trap. When you get paid, you owe the loan company your paycheck, so you feel like you have no choice but to get another loan. However, during this process, incredibly high interest rates and other fees are being charged, making it nearly impossible for many to escape the trap.
Need Money Fast? Here Are Some Alternatives To Payday Loans
While payday loans are easy to get your hands on. They are not your only option to get money quickly. Here are some other options that will improve your financial condition, rather than threaten its stability:
Sell Your Junk!
You know the saying, “One man’s trash is another man’s treasure.” This isn’t just something we say, it’s absolutely true. Some things of value that you might have laying around in your home and could generate money quickly include:
- Broken Jewelry – Many women have broken necklaces, bracelets, and other pieces of jewelry sitting in a drawer somewhere, never to be seen again. However, that jewelry can be turned into cash, and you don’t even have to fix it to sell it. Base metals often used in jewelry like silver and gold are valuable, and there are plenty of buyers waiting to get their hands on it!
- Junk Car – What did you do with your last car when it broke down? Is it still sitting in your driveway waiting to be fixed? If it is, it could be your door to the money you need. While the car may not be as valuable as it once was, with a large pool of buyers, selling cars that don’t run is actually a very easy and fast process.
- Old Toys, Cloths, And Other Items – Toys, clothing, and other items around the house that you and your family don’t use can be a treasure chest. Take pictures of what you have and list the items of Craigslist or Facebook’s Buy, Sell, Trade. You may have neighbors waiting to buy your unwanted goods.
Reach Out To Family
As human beings, we are prideful creatures. However, it’s important not to let that pride get in the way of your financial stability. Often times, family would be more than happy to help financially, but never knew they had the opportunity because they weren’t asked. The best thing about family loans is that they rarely come with interest and fees. So, before looking to a payday loan company, consider calling around to family members.
Help Your Neighbor
Do you have a neighbor that has been talking about something that needs to be done around the house? Maybe they want new cabinets, to hang a fan, or change the flooring. Are you handy? If so, consider reaching out to your neighbor and making an offer to help in exchange for a small payment. They’ll get what they want and you’ll get the money you need.
While payday loans may seem like an easy option when financial times get trying, in the long run, they only tend to make things worse. The truth is that with a little bit of creativity, you may be able to generate the money you need in a way that won’t cost you your financial stability!