When an emergency strikes people do not always have the time to raise the money they need to fix the situation. A short-term loan is a quick solution, but it still needs to be repaid. Luckily, the options now available for these types of loans give people a chance to use their creativity and earn a little extra cash to help pay back what they owe. Here are four simple ideas to consider.
Sell Some Stuff
Get rid of anything in the basement, attic or tucked away in a closet. Any item that does not have real sentimental value and is never used is wasting space. Have a yard sale, sell online or take the items to a pawn shop. Avoid consignment shops because there is no way to know how long the item will sit before it sells.
Walk a Dog
Advertise to walk neighborhood pets for a small fee. The average pay for a dog walker is about $15 for 20 minutes. There are also websites that match walkers with pet owners if finding clients is too time-consuming. The rate of pay is often less than working alone because these companies take a share of the income.
Get a Roommate
Consider cutting costs to make it easier to cover the next emergency by sharing a home or apartment. Put the money they pay up front for their share of the security deposit and rent directly towards paying off the loan.
Sell a Service
Any skill is marketable. Consider placing advertisements to paint a house, write essays or detail vehicles. It may not be possible to schedule a part-time job around the hours already consumed by a full-time position, but self-employment is easier. Almost any schedule is possible if people are honest with their customers and the work is done when it was promised.
Short term loans, like those from Maxlend Loans, are much more affordable than the payday loans of the past. However, they do still require a minimum payment amount and the interest rates are slightly higher than other personal loans. Raising the funds to make the payments helps people that are living paycheck-to-paycheck from continuing to fall further into debt. Use these tips to make it easier to get the loan paid back on time.