Many Americans live paycheck to paycheck, which can sometimes have devastating consequences. If you’re faced with an unexpected cost or reduced income, you might end up in financial strife with few options for getting out of it. Navigating financial issues can be challenging, especially if you need fast money to cover expenses you weren’t expecting. However, you might be able to solve your cash crisis with some of these quick fixes.
Applying for a Title Loan
When you have assets but no cash to cover unexpected bills, title loans might be worth your consideration. Title loans are loans requiring assets as collateral. Often, they don’t take your credit score into account and can be approved fast for small and large amounts. Once you put your asset, such as a car, up as collateral, you can enjoy a loan amount up to a percentage of that asset’s value and pay it back over a set period.
Selling an Asset
If you own something of value that you no longer need or use, consider selling it to free up funds for your unexpected expense. Sports and fitness equipment, kitchen appliances, and electronics are all excellent options that can sell quickly on online sales sites and through social media. Replaceable assets are among the best items to sell before you start considering more valuable possessions with sentimental value, such as jewelry and family heirlooms.
Picking Up a Side Job
Many Americans struggle to earn enough money at their primary place of business to cover everyday living costs. If you’re unable to look for higher-paying jobs that fit your lifestyle, consider taking on a side job. Something as simple as dog walking, babysitting, or house cleaning might be all it takes to solve your financial woes. However, you’ll also need to factor in your tax obligations when setting your hourly rates to make it worth your while.
Renting Out a Room
If you have a spare room in your house, consider renting it to someone looking for an affordable place to stay. You might decide to advertise for a long-term tenant who can pay half your house-related bills or short-term guests looking for accommodation while on vacation. Both options might ease your financial burden.
Asking Friends and Family for Help
Whether you’re experiencing reduced income or an unexpected cost, it can be hard to know where to turn. However, if you have a close relationship with a friend or family member, consider asking them for help.
While borrowing money from friends and family is never the most preferred option, there are ways to borrow the funds without experiencing discomfort or strained relationships. For example, you might write a contract outlining loan terms, including how much you owe and how much you’ll pay back each week to avoid miscommunication. You might even consider adding on interest to show your appreciation for being able to borrow money.
Being under financial stress is never a comfortable situation to be in, but it doesn’t have to be a long-term problem. Title loans, loans from friends and family members, and divesting your assets might all be options you explore to help yourself get back on track.