5 Ideas On How To Deal With A Personal Financial Crisis

Last Updated on October 16, 2020 by Bharat Saini

There comes a time in everyone’s life when you are short of cash. It might be due to an unexpected heavy bill, or a major car fix, or even an investment in a new business. Having to come up with a sum of money you don’t have can be a very stressful experience. The good thing is, there are several options you can try when you are in need of fast cash. Below are some ideas on how to raise some quick cash. 

1. Take Out A Personal Loan – One of the easiest ways to get your hands on some cash is to take out a short-term personal loan, which shouldn’t be a problem if you have a regular income. The online lender isn’t interested in why you want the loan, only that you are able to make the repayments. When applying online, you get approval within minutes rather than days. Check interest rates, as they may vary from lender to lender. With the online loan company, it is easy to compare rates.

2. Sell Some Jewellery – Of the many ways to sell gold jewellery, you are advised to go to gold dealers Brisbane trusts such as City Gold Bullion, as they offer the best prices for scrap gold. A Google search will help you locate a reputable gold bullion dealer. You can then make an appointment to visit their offices, where they would offer you the current market value of your old jewellery. If you have an heirloom jewellery item, the gold dealer might buy it, depending on the value of the precious metal and the stones.

3. Borrow From Family Or Friends – Some people feel very uncomfortable asking family or friends for money, and you should assess your relationship with the person you are planning to ask, as it could come between you in the long term.

4. Use Your Credit Cards – While this might be a short-term fix, you will end up paying a lot of interest, and there are other, less costly solutions available. If you can repay a credit card loan within 30 days, then you won’t have to pay interest, but every month that passes, you will be charged interest if there is an outstanding balance. There are articles available online to help those with credit card debts, which are worth the read if you have multiple cards with outstanding balance.

5. Ask For A Bank Overdraft – Many people use this avenue to resolve a shortage of cash, and providing you have a good relationship with your bank, there should be no reason to expect a problem. If you have only recently opened the account, asking for an overdraft at such an early stage might not be successful, as you have no real history with the bank.
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As you can see, there are a number of ways that you can raise money at short notice, which will tide you over until you get back on your feet financially.