Sometimes life throws you a bunch of curveballs at once and you may find yourself looking into cheap loans to get you through to the next paycheck.
Here are some things you can try to do first.
It can be hard to part with items we love, but the benefit to pawning an item is that you’ll walk out with cash in hand and you won’t have to worry about going into debt to pay your bills.
Lots of things can be pawned – jewelry, collectibles, musical instruments. Before going into debt, make sure you check out your basement, attic and jewelry box to see if there’s something you can part with first.
If you’ve still got a few days before the impending bill, see if there’s something you can do to pick up extra cash. You can sign up to transcribe things online. You can offer to babysit the neighbors kids. There are lots of options that pop up if you Google side hustles – some of which can result in getting paid the same day. It won’t be a lot at first, but if you’re just shy of the amount you need, this can be a good option.
Open a Zero Interest Credit Card
If this is a one time thing and you can set a clear time line to pay off the bill, it could be worth looking into a new credit card with a 0% interest rate for a specific amount of time during the introductory period.
You have to be careful about this method though, because a lot of those cards will have very high interest rates, if you don’t manage to pay off the balance in the allotted time.
There are a lot of things to consider about cheap loans. They often come with very high interest rates and can become a cycle of debt very easily. However, they do exist if you’re in a pinch and it’s the difference between heat or no heat for your family or getting something to eat.
Again, you want to make a good repayment plan, taking into account the interest on the loan. If you have to take one out, combining this with pawning something or developing a hustle can help break the cycle of debt, if you find yourself in it.