There are lots of situations in life where you may need to raise some cash quickly. Often it’s because of car repairs, and if you can’t get the cash to fix your car, you may be stranded and unable to work. If this happens, here are some ways you could raise the cash you need in just a few hours so you can get back on the road.
Take out a cash loan
One of the quickest ways to borrow money is to opt for a cash loan. These small loans can usually be processed in a matter of hours, and you can apply online on sites such as https://nimble.com.au/ and get quick approval. The important thing with short term loans is to pay them back quickly, ideally in your next payday, as this will save you interest.
If you need to raise cash, then selling something expensive that you own and rarely use may be one option. Some items that can raise money include:
- Musical instruments
- Designer clothing
- Consoles and electronics
Usually, the quickest way to sell things is to list them online on sites like Facebook Marketplace, as people can come and collect them and pay cash on the spot. If you have a bit more time, auction sites and specialist shops can be a better way to maximise the amount you make, although sales can take a little longer, so your car may be out of action for a while.
Get an advance
Some workplaces will allow you to get an advance on your salary, which can help you out in the short term. However, it’s worth remembering that you’ll need to pay it back out of your wages, usually in the next month, so you’ll need to be able to budget for this deficit. There’s also the question of whether your employer will allow an advance, but if you tell them it’s for your work transport, they may be more understanding.
Borrowing from loved ones
If you’re lucky enough to have friends or family who could potentially lend you cash, then it’s worth a try. Borrowing money from loved ones isn’t ideal, as if you can’t pay it back, you could ruin your relationships. Try to only take this option in an emergency and pay them back as soon as you can.
Credit cards have a high APR, so they should be an absolute last resort when you need money. Cash advances are usually more expensive than spending on your card, so if you withdraw money, again you need to pay it back as soon as you can.
When an emergency situation such as a car repair comes up, and your savings don’t cover the cost, you may be looking for a way to get hold of some cash fast. There are lots of options out there when you need to borrow money, however, you need to weigh up the long term consequences of each option, deciding how much it’ll cost you and how quickly you can pay it back. That way, a temporary blip doesn’t turn into a long-term debt problem, and you can feel good knowing you’ve paid it off.