We all have bills to pay – gas, electric, broadband, etc. When we have money, an unexpected bill isn’t a massive problem. We can dip into our savings or make our salary stretch a bit further than usual. But if we don’t have any savings and our wages barely cover the essentials, paying an unexpected bill is a lot more difficult. Luckily, there are a few things you can do to rescue the situation.
Borrow from Friends and Family
It’s always worth asking family and close friends for a loan if you are caught in a tight spot. Our loved ones are usually more than happy to help us out if they can. Just don’t make a habit of it, or their good will might wear a bit thin.
Sell Unwanted Items
Take a good look around your home and see if there is anything you can sell to raise some extra money. Covid-19 has led to the closure of gyms, so home fitness equipment is making good money on sites like eBay. You can also raise some cash by selling old clothes, shoes, handbags - especially if they are designer.
List items on sites like eBay, Facebook Marketplace, and Gumtree. One person’s garbage is another person’s treasure!
Take Out a Payday Loan
Short-term loans from Payday lenders are useful if you need money very quickly and your credit rating is sub-prime. Payday lenders don’t check an applicant’s credit history. They assess your income and outgoings to determine whether you can afford the repayments. Decisions are usually given within minutes of an application and the money will be in your bank account within 24-hours. This is a useful way of paying for an unexpected bill to repair a car or buy a new appliance when the old one has broken down.
Car Title Loans
Car title loans are a form of equity loan. The lender lends you money based on the value of your vehicle. The higher the value of your car, the more you can borrow. Like a payday loan, when you apply for money via a car title loan, there is no credit history check and the money is available very quickly. You can check out your car title loans Roseville to find out more.
Take Out a Zero Percent Credit Card
If your credit score is decent, one way to pay for an unexpected bill is to put the cost on a cheap credit card. Look for a credit card with an introductory zero percentage deal and then you can pay it off over 12-24 months. As long as you don’t go crazy and spend, spend, spend on your new credit card, it’s an excellent way to borrow money.
Finally, one last thing worth considering is requesting an overdraft on your bank account. The interest charges may not be too high if you are able to repay the balance fairly quickly.
Always add up the cost of borrowing money before you pull the trigger on a loan. You may be able to come to a repayment agreement with your creditor that’s cheaper than taking out a loan.
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