How to Get Cash When There's Nowhere Else To Go? A title loan is an option
April 22, 2020 | Daniel Dewitt
There’s no denying that times are tough out there right now, and money is harder to come by then ever. A majority of Americans, studies show, can’t handle more than a $400 emergency without going into debt, which has led to a number resorting to credit cards, personal loans, and online title loans.
If you’ve hit rock bottom and are wondering how to scrape together enough cash to dig yourself out of your financial hole, then this is the article for you.
None of us want to be a burden on our friends or family, but if you’ve truly hit rock bottom, then you may have no choice but to ask them for financial help. While obviously not ideal, often friends and family won’t charge you the punishing interest rate most other loans or credit cards would for the same amount.
If you are able to secure a loan from a friend or family member, it’s important that both you and them are clear on the total amount of the loan, when it will be paid back, and what the interest rate will be. It’s generally a terrible idea to mix the personal with the professional, but if you do have to then it’s best that expectations be clear on both sides so no resentment can creep up and grow through miscommunication.
Though this option is limited to those who have been recently fired, if you have the option, you should file for unemployment as soon as possible. It provides a free form of income, and though the amount often won’t be enough to keep you whole on its own, the goal here is to bring in whatever cash you can.
The other limitation with unemployment as a source of income is that in most states unemployment is limited to a three month span, after which point you’re again on your own. While you’re on unemployment some states also make you show that you’re actively searching for a new job, which can be an issue if you’re unable to work for health, childcare, or other reasons.
One of the best fast cash options for those who have nowhere else to go are online title loans. There’s a few reasons why they’re so useful. First, they’re fast. Often you can be in and out of a title loan location in as little as a half hour. Second, they’re accepting of all types of credit, which is immensely helpful to those who may have had their traditional loan applications rejected at a bank because of their low credit score.
Thirdly, title loans are simple. The process can be started online (thus why they’re often referred to as ‘online title loans’) and requires only a few simple items to be complete. Title loan locations are also plentiful and often only a few minutes drive away from your current location.
Often our possessions hold more value that we give them credit for, and if you’ve hit rock bottom, it’s time to start cashing in on that value. There’s a few ways to do just that, each with varying strengths and weaknesses.
- Pawn shops are the best place to unload valuables like jewelry, electronics, or anything that cost upwards of $100 to begin with. While they have something of a seedy reputation and atmosphere, there’s no denying they can be quite useful in a pinch.
- Garage sales are better suited for multiple low value items like clothes and household knick knacks. Just draw up a sign, plant by the nearest road with clear instruction to your house, and set your alarm clock for early next saturday when you’re likely to get the best traffic.
- Online seller sites like Ebay or Amazon are best for potentially, but not necessarily, valuable items like books or trading cards. These items might be worth a lot or a little, and the last thing you want to do is sell a rare and valuable book for pennies at a garage sale.
The final way to start bringing cash in is simply to start a side hustle. This can vary from freelancing your skills on a site like fiverr, taking up driving for Uber, or even just knitting sweaters to sell on etsy. We all have skills that aren’t necessarily big money makers, but can provide a trickle of income and at least a handful of cash.