You know the feeling. It’s close to payday but you’re short on cash, perhaps as a result of an unexpected expense, or a regular bill that was higher than normal. Unfortunately, you’ve still a few days or more until payday. While it may be tempting to look at quick cash loans online to tide you over until you get paid, there may be cash loans alternatives that could save you money on interest payments.
Friends & Family
The most obvious cash loans alternatives to find cash quickly is to seek help from friends and family. If they can help out, they probably will. Just make sure you pay them back in time, in case you need another quick loan in the future. And don’t forget to return the favour should they need it.
That said, it can be a bit stressful for a friend or family member if you’re always asking them for cash loans, so if you feel that you’ve been asking for quick cash loans from loved ones a bit too frequently, it might be time to look elsewhere.
For cash loans alternatives UK, if you’re a member of a credit union, you could be in luck. Credit unions will normally advance short term loans to members that have been saving with them for a while, often at interest rates that are much lower than those offered by cash loans UK providers. However, if you have no history with a credit union, no savings, or cash loans bad credit, then your chances of getting an unsecured loan straightaway away aren’t great.
Talk to your debtors
Of course, another way to avoid being short at the end of the month is to sit down and look at youroutgoings and when they are due. Assess which bills are most important and which, if any, can be pushed back to next month. After that, contact a representative of the company, whether that’s a utility provider, or another service provider, inform them that you’re experiencing financial difficulties and ask would it be possible to delay payment to a later date. You might even be able to move the date of a direct debit or pre-arranged monthly payments to later in the month – after payday. Most suppliers/debtors will be very lenient and flexible if you engage with them the moment you run into financial difficulties. Ignoring debts or reminder letters is a big no-no and could lead to fines and late payment penalties.
Consider additional employment as cash loans alternatives
Another way to avoid sudden financial predicaments is to maximise your existing income. If you can provide a service people want, there are plenty of ‘gig economy’ websites out there that can help you sell those skills. From part-time writing and design jobs to selling arts and crafts, there have never been so many ways to earn extra cash doing odd jobs, even while enjoying a personal hobby.
What’s more, there’s always E-Bay for an emergency injection of cash by selling off old or unwanted items. You might be surprised at the value of what you currently have hidden away in your attic or garage.
The best way to avoid financial stress at the end of the month is to create a budget and stick to it. Start by jotting down your monthly income and outgoings, including all your regular bills. Next, track your spending over the course of the month to see exactly where your money is going. Is there anywhere you can make adjustments? For instance, do you really need to buy that cup of coffee on the way to work in the morning or a sandwich from the deli at lunchtime? These might seem like small expenses but they can add up significantly over the course of a month. Why not make your own coffee and packed lunch at home for a week and see how much you save? You might be surprised!
Create An Emergency Fund
Once you’ve created your budget and made the necessary adjustments to improve cash flow, try making sure you’re able to put something away each month into an emergency fund. Even if it’s only a small amount each month, this soon adds up to give you a rainy day fund you can dip into for the unexpected. Hopefully, this will be enough to help you avoid taking out any quick cash loans before payday.