Youve probably heard the warnings against payday loans and other get-cash-fast, short-term lenders.
Interest ratesamount to more than 300%.
Loans are almost impossible to repay for many people who need them most.
Heather Comparetto / The Penny Hoarder
One former lendereven said the industry made him feel like a modern-day gangster.
But what can you do?
You need money now.
No Interest Til Almost 2027?
Balance Transfer = Credit Card Cheat Code
The desperation is real.
But Ive never taken out a payday loan.
A stop at your nearby oh-so-conveniently-located Check n Go should always be a last resort.
Because you’ve got the option to do better.
Id walk away with about $20, enough to stock up on groceries for the week.
Gather your gently used clothes and head to a nearbyPlatos Closet,Buffalo Exchangeor local shop.
Well-known brand names usually fetch more money, if youre willing to part with them.
You could be offering relief they were afraid to ask for!
Offer to watch pets overnight while friends, family or colleagues take a trip out of town.
Do a Few Odd Jobs for Family or Friends
Your family or friends want to help out, right?
For example, offer to rake the yard or clean their windows for $20.
Pick Up a Craigslist Gig
Dont forget about short-term gigs on Craigslist!
Someone might need help with housekeeping, yard work, creative gigs or other odd jobs.
Pay will vary, but you take whatever work you want and negotiate for a fee that suits you.
Offer to Babysit
If your friends arent pet parents, maybe theyre actually parents of little people?
Keep your eyes and ears open at work, at social gatherings and on social media.
You cansell them for quick cash.
Our resident expert, writer Steve Gillman, warns against going with the buyers you see advertising on TV.
Stop by a local jeweler for an appraisal, or maybe even a sale!
Think of it like busking, but for the internet.
Get creative the more fun you make it, the more friends will want to participate!
Copper and aluminum are the most valuable metals though, none will net you atonin one trip.
You could also do friends and family a favor by offering to clear outtheirscrap metal.
Turn it in for them, and split the profits.
Sell Gift Cards
Weve talked plenty aboutselling unused gift cards online, but that wont pay up right away.
They may be happy to buy, say, a $25 gift card for just $20.
And youll have $20 more in cash!
Make a Bar Bet
Yes, this can be legal, and it can be fair.
Try Busking
Didnt love the idea of offering odd services online?
Try the real thing street performing!
Always be upfront with friends and family, repay your loans on time and ask for money sparingly.
Ask to borrow the money you need against small payments out of future paychecks.This reduces or eliminates your interest.
And, when the lender is the same person who cuts your checks, they know theyre guaranteed repayment!
This strategy requires a degree of trust within your company.
And, to be honest, it may be a long shot.
But to save you from a cycle of building debt, its definitely worth trying.
