An emergency loan can go a long way towards handling a financial emergency. That being said, they may not always be the best solution. Often, there are times where an alternative to a loan may be the best choice.
So, if you need money, why not consider some other options that could help you get through your financial trouble. They might do the job without all of the high fees. Let’s begin.
Loans From Family Or Friends
The first thing that comes to mind as an official loan alternative is a friendly loan between friends. There are rules to borrowing from friends and family of course but as long as you toe the line, you can make one of these loans work for you. Here are some things that you need to do to make a family and friend loan work for you.
- Get It In Writing
Just because it is an informal loan does not mean that you do not need to have some things in writing. You need to get all of the details listed so that nobody forgets just what the loan entailed. People tend to forget things over time and it would be a shame if you borrowed $800 but your friend thought you borrowed $900.
List how much was borrowed, how much is to be paid back, the payments and the frequency. The more information you write down, the better.
Both parties should sign the contract and get a copy.
- Record Your Payments
Every time you make a payment on the cash loan. If you pay cash, getting a receipt is a must. This can be awkward though so just pay with a check or an electronic transfer. That way you have a record but don’t have to ask for anything in writing.
- Be Responsible
Until the loan is paid back, be responsible. Do not make any unnecessary purchases and try to get the money paid back just as soon as you can. You do not want to let your friend or family think you are taking them for granted.
A free loan from a friend or family member is an ideal solution for you but you can not take it for granted. Follow all of the right steps to maintain your relationship.
Part Time Gigs
If you have the time to wait on the money, a part time job or gig can be a great thing. Luckily, in Texas, the economy is rocking right along. This means that workers are in high demand and it is easy to get a high paying part time job. Here are some places to consider.
- Driving Services
If you live near a major city, a driving service such as Uber or Lyft can be a great choice. If you want to make extra money in Irving, for example, you can make around $25 an hour driving since you would be right in the middle of Dallas and Fort Worth. Sure, you can make money in smaller cities but the traffic will be greater in large metro areas.
- Retail Work
Retailers line Walmart, Target, HEB, Lowes and Home Depot need employees. Stock shelves, work registers or just go hustle carts. You can make a decent income and because of the long hours that these stores offer, you can get a shift to fit any schedule. Walmart is a particularly good option in Texas and they start at $13 an hour.
- Self Employment
If you have always though about being self employed, a part time gig is a great way to dip your toes in the market and make a little extra money to pay for your financial emergency. Cut lawns, clean houses, paint rooms, etc, etc. Advertise your services on Craigslist or print some cheap flyers and go door to door. Who knows, it could lead to some full time work.
This just scratches the surface of the work available in Texas. Think about where you want to work and just go apply. Chances are they are hiring and would love to have you.
Sell Your Things
As a last resort, you can sell something to get money. Hopefully, it will be something that you do not need but sometimes you have to do what you have to do.
This is not to say that you should sell your only car to get money, that would put you in a bad spot. Surely you have something that you do not need to survive, something that you could sell quick to get a few hundred dollars or more.
This could be a television, an old cellular phone or maybe some jewelry. Whatever it is, you have several options on where to sell it. Take a look.
If you do not know about Craigslist you must be new to the internet. It is the go to place for selling online locally. You have got to use caution though, it is a free service and a popular one. This means it is full of scammers. Always get cash and meet in person to make your sale. Make it a well lit and public place and be sure to make your transaction during the day.
There are a lot of upstart apps that you can use to sell your stuff as well. You can download apps like “5 Mile” or “LetGo” and then just snap a picture and list your item. Easy as can be.
If your item is small and easy to ship, you will usually get top dollar on eBay. Of course there is a fee but the higher selling price and quick sale will make up for that.
If you are selling something to make ends meet, just be sure of one thing. Make sure that you can do without it. Don’t sell a necessity like a car or a washing machine or anything else that you would just have to turn around and buy again in the next month or so. You are trying to improve your position, not make it worse.