Being in debt is an uncomfortable feeling, and whilst we try our best not to get into a situation where we need to pay off our debts immediately, sometimes that is the unfortunate case. So, what can you do if you need quick cash to pay off a loan right now?
Get a Personal Loan
Personal Loans are a great way to get your hands on a chunk of cash quickly. Providing that you need certain requirements and pass credit checks and employment checks, you could have a lump sum in your account within hours. Many companies now have online application forms that you can apply anywhere, any time.
Pawn your car
If you have bad credit history or know you won’t pass the employment checks, then a car Pawn Loan might be the best option for you. Many companies offer car Pawn Loans in Sydney and they don’t perform those types of checks. With a car Pawn Loan in Sydney, if you can present the registration paperwork as well as enough points of ID, you can borrow against the value of your car. This also means that you can probably borrow a lot more than you would with a Personal Loan. Then, you simply leave the car with the lender until the loan is repaid in full.
Pawn something else
You don’t necessarily have to pawn your car to get your hands on some cash. You can pawn other things too. Whether it’s a bike, jet-ski, boat, caravan or other valuable items, you can get cash in exchange for leaving your item with the lenders. Of course, as with car Pawn Loans, you must be able to provide paperwork that proves ownership and be willing to leave the item with the lender until the loan is repaid.
Make a repayment plan
The important thing to remember with all of the solutions outlined above is that they don’t immediately solve your debts. What they do is buy you time so that you can get your finances in order. To make sure that you don’t just end up back at square one again, you need to make sure that you have a plan to repay your Personal Loan or Pawn Loan.
One great thing about these kinds of loans is that most vendors take payment in instalments. If you happen to be terrible at managing money, the automatic repayments do it for you. Every month, a certain amount will be taken out of your account until the debt is repaid. If possible, schedule your direct debits
for the day after pay-day. This helps ensure that any delays in your bank don’t affect the repayment but it also makes sure that you don’t have time to spend all your wages before repaying your debts.
Being in debt can be scary and unnerving, but by staying calm, assessing your options and thinking long-term, you can find solutions that give you a bit of breathing space, so that you can gradually get your debts in order and reach financial stability.