What do you do when a pipe bursts in your house, your car won’t start on the way to work, your rent or mortgage is due, your car insurance needs to be renewed, or you get a toothache and have to pay out-of-pocket medical expenses?
If you have credit, you can pay for the services you need or hire someone to help you resolve such problems. If you have a savings account, you can withdraw the funds you need to pay your debt or get professional services.
However, when your credit isn’t great and you don’t have a savings account, then you apparently don’t have any options available. You are in the throes of a full-blown financial crisis.
So, what should you do if you need money to solve a problem that needs to be fixed as soon as possible?
4 Ways to Resolve a Financial Crisis
When you are faced with a financial crisis, you can get the money you need by borrowing it, by selling something, or by getting some temporary work. Let’s take a closer look at each of these practical options:
Borrow money from family or friends.
Although you may not have the money you need, it’s possible that you know someone who does have the money. You may have to swallow your pride and ask for help. If you do manage to borrow money from someone be sure to pay them back in full as soon as possible.
Get a loan advance from a commercial lender.
If you have a regular job or a reliable source of income, then you can always borrow money from a lender using your future earnings in lieu of collateral. A payday loan alternative lender can give you cash advance loans. Sometimes you may be able to borrow as much as a thousand dollars. You can repay these loans in installments based on your current salary schedule. These types of cash advances on your salary or wages or other forms of income only require you to prove your source of income, verify that you have an active checking account, and provide a social security number.
Sell something of value that you have around the house.
There may be things of value around your house that you could sell. Perhaps you have a rusting car in your backyard whose parts you could sell for cash at a vehicle junkyard. Perhaps you have some brand name clothes in good condition that you rarely wear that you can sell at stores like Plato’s Closet. Perhaps you have some gold jewelry that you can sell at a small coin store.
There are many ways that you can sell your stuff. You could find a local retailer who would buy it. You could place Craig’s list ad. And you could go online and find an auction site. Additionally, if you have a lot of miscellaneous items, then consider a garage sale.
Get some temporary work from websites or a local employment center.
You may be able to get a job for an hour or a day to get your hands on some money quickly. Websites like Task Rabbit often require people to do small errands for some quick cash. For instance, you could buy groceries for someone or take their dog for a walk. If you have a professional skill, say, you know how to write articles or build websites, you might be able to get some small gigs from a job board. You may also be able to find a local employment center where they require workers for temp jobs, like a need for servers at a banquet.
Stay Focused to Manage a Crisis
Whenever you are faced with a crisis of any kind, your first, natural impulse is to freak out. You may be overcome with intense fear or deep depression. These emotions arise because you feel that you have no options. However, this is just a limited way of thinking about your situation. You do have options. Although you may feel helpless when you are faced with a situation that requires you to come up with more money than you currently have available, there are ways to resolve these problems by borrowing money, selling something, or finding ways to earn some extra income.