If you are late to pay the rent, are unable to fill your tank with gas in order to get to work, or simply need some cash quickly then there a few money hacks you can try out to get your hands on the cash you need quickly and efficiently. Here are five quick tips to raise money without too much of a hassle.
Sell Your Plasma
In the United States you can legally trade plasma, which is the fluid found in blood corpuscles. If you live in a large city, there should be clinics in your vicinity that will pay up to $35 or more for your plasma. You are allowed to donate up to two times a week, and so if you are willing to go through some slight pain this could be well worth your while. Donating plasma involves getting your blood drawn, which is then drained of the plasma and then returned to your body. This takes between 30 minutes to an hour to do. In order to be eligible to donate you must not use drugs and be healthy.
Participate in Medical Tests
Many large colleges have medical research projects that require a few human guinea pigs in order to test new treatments and medicines. Because the pool of people who are willing to undergo such tests are usually pretty limited, you can often get a hefty reward for doing so. In fact, some more invasive tests may give their volunteers as high as a four-figure check. A good place to start looking for medical tests you can participate in is the National Institute of Health, which currently has over 300 studies that they require volunteers for.
Withdraw Money From Your Life Insurance
Before you choose this option, keep in mind why you obtained your life insurance policy in the first place. You most likely obtained it as a way of protecting your loved ones. However, if you are desperate for money then withdrawing it from your life insurance policy is a viable option. If your life insurance is a universal or whole policy than it has a cash value that you are able to obtain simply by calling your life insurance agency and inquiring about the process.
Return Unneeded Past Purchases
If you are desperate for some cash than you may want to consider returning some of your recently purchased merchandise in order to get cash back. This is one of the easiest and quickest ways to get quick cash, and can be useful if you are in a bind. Most stores give you back the full amount for your item if you have the receipt on hand. However, keep in mind that if you used a credit card to purchase an item, you will only be able to receive credit for that item. Also be aware that if you are strapped for cash, you shouldn’t be using your credit card for items in the first place.
Collect All Your Loose Change
Although what you have in your living quarters varies, most people have the basics, which they should look at for loose change. A good place to start off with is your bed stand or anywhere that you tend to set things aside like a home office. Looking through your sofa never hurts either, as coins can easily drop under the cushions. Laundry rooms are also a great place to look for any extra money, as money forgotten in a pocket can get placed there or can get waded up at the bottom of the washing machine.
Many individuals may find that they are at a standstill when they are in financial trouble. This may be due to not having a great credit score. Typically, credit scores fluctuate throughout the year depending on an individual’s payment history. It is never suggested to carry a balance of more than 30% on any credit card that is held. Now, those people who are struggling financially may feel that they are in quicksand and slowly sinking without making any headway on their credit card payments. There are options so do not worry.
Home Equity
Although the economy was booming some years back and took a dive which left an awkward housing bubble for homeowners who are facing paying more than their home is actually worth on the market today, the home does still have equity. For that reason alone, many people can be approved for a low interest line of credit that is not only tax deductible but can also be spent any which way that is needed! This can be helpful to many homeowners because they do not have to worry about applying for a high-interest rate personal loan or one that is more specific in the way it can be spent.
Credit Unions
The great thing about credit unions is that they are actually owned by their members but still are a bank. Members of credit unions generally live within a certain geographical area and work similar jobs, which is a great benefit to those who have access to the credit union. They tend to be more understanding of financial situations and since members own them, it is considered a non-profit organization that is ‘allowed’ to offer lower fees and high quality customer care.
Peer to Peer
Peer to Peer lending is a growing trend that really took off about nine years ago. It can be looked at as a great situation for both parties involved whereas the borrowers pay low interest rates and investors pay higher ones. Breaking this down into numbers – a borrower may pay as little as 6.5% and the return on that would be a whopping 10.5%! With this type of lending, borrowers will post something about what type of loan they are seeking online and then the investors have the option of scrolling through and choosing whom they would like to work with. Although this may not be the most efficient way of receiving money, the option is available.
Family and Friends
If you have tried your luck with peer to peer lending and have no takers, you can always ask your family and friends. Generally there is someone who will be more than willing to help you out if you are not the type of person who asks for financial assistance all of the time. Depending on your particular situation, you may be left feeling slightly helpless and embarrassed but there is not a reason to be. It may be harder to swallow pride and ask for help – but just know that you are not the only person that is struggling financially. If your friends and family are worried about repayment, there are various sites the can be utilized to create contractual and promissory agreements that are actual legal documents.
Co-Signing
When all else fails, try to think of someone who can co-sign on a loan for you. You would still be considered financially responsible but you may require a ‘back-up’ to receive loan approval. Most of the time if your co-signor has better credit and a steady income, you will more than likely be approved. Having a co-signer is just a form of security for the lenders.
These are all great options for those individuals who do not have great credit scores. Do some research and never give up, there is always an option available.
No matter if, you are just out of high school, attending college, or out on your own, planning for your future as well as your daily expenses is of the utmost importance. These top 5 tips should get you on the road to success.
Invest in Yourself
Many young adults toss the idea of attending college to the side and want to “get on with their lives”. Of course, college is not right for every person on the planet; however, an education is the best investment. Whether you attend a trade school, or go to a college, even take a few classes to get you headed in the right direction can benefit you greatly. The main idea behind getting a higher education is that you will choose a field that you will enjoy as a career. If you invest your time, money, and your parent’s money on fulfilling their dream career for you, it will be a waste.
Save for your Senior Years
The hardest thing for young adults to do is save for their retirement years as most live in the here and now. Being a young adult means you are just beginning your life and want to enjoy spending your paychecks and purchasing items you have dreamed of owning such as a special car. The idea of saving for retirement to you is light years away; however, whether you invest in a 401k plan at work, an IRA, or set up a special savings amount, is always a good plan. The idea is to put money away so you will not wake up one day in your 50’s and wonder why you never started saving money so you could enjoy an early retirement.
Live Within Your Means
You are out on your own and you want to live a certain lifestyle. The problem is that your paycheck may not allow you to live as you did while living home with your parents. The money you earned while a teenager was often used to purchase new clothes, going out on dates, or other things you enjoyed as entertainment. Now, you have bills to pay! Figure out a budget by subtracting the money you must have to pay all your bills monthly including auto insurance, food, gas for your car, and so on. What is left over after you put money back for emergencies and your senior years is what you have left for the entire month. Look for ways to reduce your bills such as cutting out cable TV or reduce the amount of channels you subscribe to, especially if you never have time to enjoy watching TV.
Easy on the Plastic
As a young adult, you will be receiving all kinds of offers from credit card companies. Do not get as many credit cards as your wallet or purse will hold. The temptation to use these will not just save you when you in emergencies but will often make you lose sight of your budget. You may only charge what you can afford on one credit card but remember the interest rate that must be paid on the money you borrowed. The interest rate alone can actually cause you to go without a few meals. Only obtain one credit card and only charge a small amount that you know for sure you can repay on time. Pay the entire amount you owe monthly and this will help your credit rating and your budget.
Have an Emergency Fund
You may find yourself in trouble if you do not put aside any funds for emergencies. Once again, it may be no fun to work all week and then put money aside for your senior years and for emergencies, however, when the money is needed you will be happy that you did. You never know when your car will need a new tire or the unexpected happens such as being ill and missing a couple days of work. If you have some money put back for emergencies, then you will be able to breathe a little easier and be assured you will have what you need when you need it.
If you’re planning on a simple Valentine’s Day with an easy box of assorted chocolates or nice flower bouquet then think again. On average, U.S. citizens spend over $130 on items related to Valentine’s Day. This averages to over $18 billion dollars total. In order to shower your loved one with the gifts he or she deserves while also saving money this year, here are five tips to have a great Valentines Day without breaking the bank.
Getting a Great Deal on Flowers
In order to save money on Valentine’s Day roses for your loved one, it is recommended that you stick with warehouse stores and local florists. This is due to the fact that these locations usually offer the best deals, as on average you can get your hands on a bouquet for $50, whereas an online store will cost your closer to $60. Heading to a local store will also allow you to negotiate for a lower price. On top of this, if there is any sort of problem with the flowers, such as if they arrive late or are damaged, it’s much easier to go to the location in order to fix the problem and receive a refund rather than dealing with a customer representative.
Save Money on Restaurants
In order to save money on a meal for two, it’s a good idea to take advantage of Restaurant Week. This is occurring in cities throughout the United States, and gives you a low price on three-course meals. In order to take advantage of Restaurant Week look up a list of the restaurants in your area to see if they are participating, as well as when your cities’ Restaurant Week is occurring. Many are scheduled around Valentine’s Day so you may get a great deal on a romantic dinner this way.
Obtain Gift Cards for a Discount
If you want to give your friends or loved ones a gift card for Valentine’s Day then you can find great deals on such sites as PlasticJungle.com and CardPool.com. These websites allow you to purchase gift cards to major restaurants, theaters and restaurants at as high as a 20% discount. If you want to give your significant other a more substantial gift then you could use one of these cards to save money on an expensive gift, such as a necklace or bracelet at Williams-Sonoma or Tiffany & Co.
Get Free Shipping
Valentine’s Day is fast approaching and so if you want to purchase a gift online and have it delivered on time, it’s important to get started on those purchases. The downside of online shopping is that the price of shipping can add up to substantial amounts. However, in order to get free shipping this Valentine’s Day, signing up with a site like ShopRunner, which allows you to obtain free shipping from a number of stores including Calvin Klein and Blue Nile, can save you a good deal of money on your Valentine’s Day gifts this year.
Use Credit Card Reward Programs to Save
Many credit card companies offer their customers rewards programs, and so you could use this to your advantage. For example, some credit card companies offer cash back on purchases made at theaters and restaurants. Obtaining one of these could not only save you money on Valentine’s Day, but other outings that you go on throughout the year. Otherwise, simply calling your own credit company in order to inquire about any special rewards or promotions that they have may work in your favor on Valentine’s Day to keep some money in your pocket.
The reasons for ending up with bad credit are virtually endless and people should never really be embarrassed by that fact. There is not anyone that wakes up in the morning who intentionally sabotages their financial being and more often than not, circumstances that are beyond our control usually cause people to start falling behind on bills or loans. Once you find yourself behind, it seems like an eternity to start catching up and actually being able to save again. Typically, within that time frame, if you have been monitoring your credit, you will notice how quickly a credit score can drop. Say you find yourself in this type of predicament and need money immediately, what options are there that are available that conduct no credit check?
Payday Cash Advance
This is the superior option when it comes to receiving money quickly with no credit check. Payday cash advances not only provide you money in less than a few hours, the application process alone only takes about 5 minutes to complete. Certain sites may require a monthly income, which is typically around the $1000 range, age requirements (18+), and the necessity of a bank account (either checking or savings) along with your personal information. These lenders do not particularly care about the fact that you have poor credit because these types of short-loans are generally paid off within a couple weeks’ time. Payday cash advances are the leading way to receive cash immediately with no credit check. Rather than applying for a personal or collateral loan, find out more information on payday cash advance loans. You will never need a co-signor for this type of loan. The answer will either be ‘yes, you are approved’ or a simple ‘no’ will occur. Do not get discouraged if ‘no’ is the answer, there are many payday cash advance places located both online and across the country.
Family and Friends
Depending on your current situation, this may or may not be an option for you. You may be surprised to find out how helpful your friends and family can be though in the time of need. Some may find it difficult to ‘borrow’ money from their loved ones, but you need to trust the fact that they support you and understand what you are going through. More than likely, they will be able to recognize the stress that you are going through even if you are telling them that everything is okay.
Selling Items Online
It may not sound like a quick way to receive cash, but more than likely, you will have an item in your possession that someone would be willing to pay you for. There are free websites where people can post items that they have for sale, free of charge such as Craigslist and Backpage. In the description of your post, you can simply say ‘must go today’ or ‘first to come with cash,’ just try to create something eye catching that people will be unable to refuse.
Returning Items
Perhaps you have items lying around that can be returned. Many individuals tend to live outside of their means and find it difficult to avoid purchasing items that they want. Anytime you go shopping, a great tip to remember is to ask yourself whether or not you really need to make the purchase or if you just want to make the purchase. You may be pleasantly surprised at how much money can be saved by doing so. Start saving your receipts so the next time you find yourself in dire straits; you will be able to return items that are superfluous.
Many people find that when they receive a little bit of money, it is far easier to live outside of their means than to buckle down and save, as they should be doing. It is difficult to save when you feel you live from paycheck to paycheck and who does not like treating themselves to a night on the town or a new pair of shoes every once and a while? Here are five ways to save some money and still have a good time.
Create a Budget
The number one thing that any person should do is to create a budget. As tedious as that may sound, creating a budget is not only a great way to save money – it will keep you organized and on track, so you know the proper amount of spending money that you have. Laying everything out in black and white may seem like a daunting task but many people live outside of their means. With a budget staring you in the face, you know the amount of money coming in as well as the amount that is required to go out to stay afloat.
Date Nights
Date nights with your loved ones are a special occasion; this does not mean that it has to be a costly one. Anyone who is in a relationship will most likely enjoy the quality time that they are able to spend with their partners over breaking the bank trying to impress them. Perhaps go on a nice picnic in the park and then a walk afterwards or grabbing a slice of pizza and heading to the movies.
Coupons
Take advantage of any coupon that you come across. There are many companies that offer coupons for different restaurants, movies, family packaged deals, food items from the grocery store, etc. There is a plethora of coupons available if you actually just take the time to look at them. Circulars come in the mail weekly and you may find coupons for your favorite local coffee shop. These ‘pennies’ being saved do add up over time. Do the math; it may be shocking at the amount of money that you will save at the end of the year.
Create a Shopping List
This may sound silly but creating a shopping list before you go out will help you stay on track and prevent you from spending money that you do not need to. You may want to grab an extra container of juice or a bag of chips, but is it necessary? The next time you go shopping, remember to ask yourself ‘do you really need this or just want it?’ If one can differentiate between necessities versus desires, they will be well on their way to saving money.
Do Not Overdo It
This rule applies to anywhere you go. Anything can be great in moderation…it is just a simple rule. Stick to the basics. When you go out to eat, do you have to order an appetizer and drinks or can you simply go in and get your meal with non-alcoholic beverages. This alone will save a couple at least twenty dollars on your bill. When grocery shopping, only purchase the food that is needed for that week. Many people go food shopping and tend to shop for a longer period time than they should be and then food spoils and goes to waste. You may as well throw your money in the trash.
Being conscious about the money that you are spending and sticking to a strict budget will certainly assist in saving money every time you step out of the door.
To fully understand if there is a difference between a hard money loan and a short-term loan, one must first know what each of these are. When you hear the term short term, it seems self-explanatory. These types of loans come attached with a very quick repayment schedule and may mature in as quickly as a 90-day period. The overall fulfillment of the loan greatly depends on the amount that is being financed of course, but overall, the maturation rate is much less than that of a regular loan. On the other hand, a hard money loan is considered to be a type of asset based financing where someone would generally receive funds after putting up collateral – such as their home or land owned. Private investors and companies usually handle hard money loans and both loans are accompanied by higher interest rates typically because of the risk involved on the lender’s side.
Advantages of These Loans
The approval process for both a hard money and short-term loan is much quicker than that of a typical loan. With private investors and different companies, closing on a hard money loan may take less than a weeks’ time. In this type of scenario, people are placing their homes and real estate against the money being borrowed and although there is a quite a bit of risk involved for the lenders, they also have a great deal of collateral as well. This is beneficial to those who may have lower credit scores but have something to show for themselves.
The advantages associated with a short-term loan seem to make this a viable option for most people. These loans do not typically require any sort of collateral and have a quick application process. Since the application process is not lengthy, neither is the wait time for the money. When money is needed immediately, other than receiving a payday loan or cash advance on a credit card, a short-term loan is really worth looking into. Is commitment an issue but you still need cash now? A short-term loan allows you to receive the money that you need but at the same time not the commitment of having any long-term obligations.
Disadvantages for These Loans
Hard money loans are not the least expensive option to take and interest rates generally are in the teens. These particular type of loans are not usually the first option for the average person who works the typical nine to five and does not have quite a financial buffer as others may have. Another thing to consider is the fact that on both hard money and short-term loans, lending is usually over a very short term. Those who may find themselves struggling a little financially may find it difficult to abide by the strict repayment terms that accompany both of these types of loans. One more thing to consider with hard money lending is that they only lend a fraction of what your property may be worth. If your property is worth 60,000, they may only lend you 30,000. These are just a couple of things to keep in mind before applying for a hard money loan.
With short-term loans, a lender is more than likely to conduct a background check of your past credit history before approval. If your credit score is lower, there may be a possibility that you will not be approved for a short-term loan. As with most options in life, there are advantages and disadvantages to both of these types of loans. It is always suggested to find out as much information as possible to help you with your financial situation before making a decision on what will be the best option for you. Many trained professionals are more than willing to help you find a way to receive the money in your time of need.
Due to the start of rigid regulations being placed on payday loans, some big banks are getting out of the payday advance business. Those included in the list of banks to exit the payday advance industry are Fifth Third, Guaranty Bank, U.S. Bank and Wells Fargo. This could be just the start of a large amount of changes to come to big banks as much stricter rules are getting placed on a range of banking products.
The Risk of Payday Advance Loans for Banks
Payday advance loans are so called because of their direct tie to customers’ government benefits, paychecks or other types of income that is deposited into a bank account. These types of loans are often looked down upon for their extremely high interest rates and difficult payment terms. Due to this, bank regulators have gotten pressure to implement stricter regulations in order to deal with the risk that payday advance loans pose to consumers.
New Regulations of Payday Advance Loans
These new regulations that are being placed on payday advance loans cause problems for big banks, making these types of loans less profitable and not worth the trouble for banks. Although new regulations do not outright ban banks from selling payday advance loans, they did place rules on them that are strict enough to cause big banks to begin to pull out of the business.
Close-End vs. Open-End
One of the most significant new rules to impact big banks is the banning of open-ended credit lines, which is the structure that many banks follow. For instance, these regulations require that banks put a cooling period in place in order to stop customers from taking out multiple payday advance loans during one payday cycle. This rule counters many banks allowance of customers to take out advances whenever they are needed.
Wells Fargo
Wells Fargo is the biggest bank to discontinue its policy of lending out payday advance loans. The last day to obtain this type of loan from them will be January 31st. However, for those customers who already have an existing loan, immediate changes will not be put into place. In fact, existing payday advance loan customers will be able to have access to the service for half a year, at which time Wells Fargo will implement a plan to transition their customers.
Fifth Third Bank
Fifth Third Bank has plans to take away their payday advance loan service by the end of 2014. However, they are in the works to create alternative loan products for those customers who benefit from payday advance loans. There is clearly still a need for short term and small credit solutions, and so alternative loan products that are similar in design to payday advance loans will likely become available to meet demand.
Customers Turning to Payday Lenders
As new regulations push big banks out of the payday advance lending business, customers find themselves with limited options. Many are turning to online payday lenders or brick and mortar payday lenders to have their lending needs met. Due to this, many financial experts think that these new regulations do not actually help customers obtain better terms for payday advance loans.
The Popularity of Payday Advance Loans
A study found that over half of those who use payday advance loans paid off their payday loan only to obtain another within twelve days. In fact, the average payday loan user took out ten payday advance loans each year, and was subject to an average of $460 in fees. Those who use payday advance loans can pay as high as $1o for each $100 that is borrowed.
Bills. Everyone has them, everyone has seen them accumulate quickly and nine times out of ten, everyone would love to pay them off as soon as they are received but sometimes it just cannot be done. This situation is completely understandable and many people find themselves torn over which bills should be paid before others or what the best way to handle this particular situation would be. Perhaps you are more diligent in saving and paying bills on time but what if an unexpected emergency came up that made you tap into the savings that you had put away? Sometimes, things happen. Learning how to prioritize your bills may not only relieve some emotional and mental stress, it may very well allow you to create a different budget and help you stay on track financially.
Groceries
People have to eat right? Unfortunately, people tend to underestimate the amount of food costs and either over buy/over spend or find themselves without at month’s end. First, put money aside for your food – you are always going to need it! You may want to start averaging out what you purchase weekly or bi-weekly, so you can get a better grasp on how much you are going to spend over the course of a month. Generally people buy the same type of foods when they go shopping so it is worth taking a couple weeks to see how much you spend ‘regularly’ without any restrictions.
Household Items
Another necessity that needs to be budgeted for is items such as toothpaste and toilet paper. Everyone is going to need some laundry detergent, dish soap and so forth – these items add up quickly as well. Fortunately here, these particular items do last a lot longer than groceries but cannot be forgotten expenses.
House Note
You need to maintain a roof over your head. Rent and/or mortgage payments are a necessity – along with food and popular household items, shelter is the next most important item. Maybe one lump sum is difficult for you to hand over all at once or you may find it difficult to have that much money at the end (or beginning) of the month. A quick conversation with the property owner or mortgage lender is all it takes; they may accept smaller payments throughout the month. Generally, they are most concerned about just receiving their money.
Utilities
Utilities would be the next on the list of priorities. Depending on your living situation, utility bills may vary. Some may have to pay for certain utilities such as water while others do not. These items are all directly correlated with your rental agreement or living situation. Again, payments can be made throughout the month rather than all in one lump sum.
As you can see, it is not that difficult to start prioritizing your bills when you have everything staring you in the face. If you have a vehicle, car insurance is necessary otherwise you cannot get around legally and could lose your job, then you will have no money. All things lead back to the income coming in and that cannot be taken for granted. Life is not always the easiest but there are certainly ways to help you make sense of all the craziness. Avoiding bills is not the path to choose, if you have plenty of credit card debt, take care of the essentials and call your lenders. Keeping in contact is and explaining your situation fully is very important. Lenders will be more willing to assist those who are actively trying to make their situation better. Also, one final tip, get rid of anything that you do not absolutely need that is costing you money.
Americans have a love affair with credit cards. Between the rewards that can easily be wracked up to the convenience of simply carrying around a piece of plastic to purchase everything, using a credit card is often a great consumer experience. However, this convenience can quickly turn sour if you become addicted to using credit cards. When is too much credit card use too much? And at what is the line between loving the use of your credit card and full-blown addiction? Here are seven signs that you are addicted to your credit card.
You Hide Your Spending Habits From Your Loved One
If you are at the point that you are charging so much on your credit cards that you fear your loved one knowing the extent of your spending habits, and attempt to hide the credit card bills from him or her each month, then this is a sure sign that your credit card habit has gotten out of control. If you feel the need to constantly cover up the extent of your credit card charges, or even worse, if you are hiding the fact that your credit card debt is piling up then it is important that you acknowledge that your money habits are probably out of control and that you need to seek help.
You Have Maxed Out Credit Cards
There are times when a maxed out credit card is necessary, for example, an emergency that you simply have no other way to cover but with your credit card. However, if your credit card is being maxed out because of your daily spending habits, and you are spending more money than you are making then you may have a credit card addiction.
You Get Anxiety at the Thought of Not Using Your Card
People that rely heavily on their credit cards often can’t imagine being in a situation where they couldn’t use it. However, if you are a true addict then you might experience actual anxiety at the thought of being credit card-less. This is often due to the fact that credit card addicts don’t actually have any cash that they can use if they can’t use their plastic, and so credit cards are the only way for them to buy things. If you can relate to this then you may have true credit card addiction.
You Keep Obtaining New Lines of Credit, Even Though In Debt
Most consumers know when to stop when it comes to taking out new credit cards, and realize that having maxed out credit cards is a telltale sign that they need to slow down their spending habits. However, credit card addicts do not know how to stop and will constantly seek out new lines of credit to continue their credit card habit.
You’ve Thought About Drastic Ways to Pay Credit Card Bills
In the end credit card addiction always catches up to you. Those that truly have problems often think about expensive and sometimes dangerous ways to get out of credit card debt by getting more money. If you find yourself so maxed out on credit cards that you’re thinking about drastic measures to get yourself out of debt such as take out a payday advance loan or even stealing money from a loved one then it is time to get the help you need
You Take Online Shopping to the Extreme
Online shopping addiction and credit card addiction can often be one and the same, and so if you find yourself spending a substantial amount of time on the Internet, scouring for online deals then this may be an entry point to credit card addiction.
You Find Excuses to Use Your Credit Card
If you find yourself using your credit card for things you can’t afford simply to obtain the rewards or points from them or because you feel the need to use your credit card then this can be a sign it’s time to put away the plastic.
