You’re usually a responsible person. You wake up, go to work, go home, relax, and do it all again the next day. The extra money you have, you put it into savings.
But perhaps you’ve suffered an emergency lately and depleted your savings, and now, you’ve been unfortunately struck with another urgent financial burden. So what do you do now?
If you’re strapped for cash, here are 7 hacks for getting a $500 loan that you probably didn’t know about.
1. Borrow money from friends and family
We know, this one’s an obvious one. But when you’re in times of need, you either don’t want to borrow money from your loved ones or you forget that’s even an option.
It’s always worth a try to ask around first before you apply for any type of loan since friends and family are more forgiving. Not only do they give you longer repayment times, but they’ll also forego any interest most of the time. If they do charge you interest, it’ll be lower than what any financial institution can offer you.
However, since money is a touchy issue, make sure you can repay them before you ask. Unpaid loans can sour relationships, so don’t ask unless you can guarantee your debt will be paid off in full.
2. Payday loan
A payday loan may be a viable option, but beware of their interest rates; since these are short-term loans that put cash in your hands immediately, there’s a price to pay for that convenience.
As the name suggests, you have to pay the loan back when you get your next paycheck. If you can’t, then you can extend the repayment period by paying a fee.
This can be dangerous to do. The easy extension terms can get you caught up in an endless cycle of debt.
3. Get a credit card cash advance
This one only works if you have a credit card that’s not maxed out already. Credit cards come with cash advance capabilities.
All you have to do is go to an ATM and withdraw cash with your credit card instead of your debit card. Some providers have limits that are lower than $500 per day, so you may have to go multiple days to get your full amount.
When you get a cash advance, not only will you have to pay a high annual percentage rate (APR) on it, but you’ll also be subject to a cash advance fee that ranges between 3 to 5%. Make sure you pay off your balance or as much of it off as you can before the next month starts. That way, you can mitigate the financial hurt from such a high APR.
4. Charge for future services
If you have clients you’ve established yourself with, or you have neighbors that trust you, you can try offering future services with upfront payment. For instance, if you’re a dog walker, you can promise your neighbor x amount of walks if you can get $500 tomorrow.
If you decide to go this route, make sure you make good on your word. Otherwise, you risk losing the trust of your customers and your friends or family.
5. Collect on debts
Perhaps you were the one who always had money because you knew how to save it up. But people kept asking you for personal loans, and you couldn’t say no. Over time, this can add up, and you might be able to collect $500 from a single person easily.
Hopefully, you’ve kept careful records of who owes you what. If you only have a vague idea, get in touch with them anyway. Remind them of how you helped them out in the past and ask for them to return the favor. Even if they owe you less than $500, see if they can give you that amount and promise to return what’s owed when you get your next paycheck.
6. Online cash loan
This is a good type of loan to get if you usually have good cash flow but have hit unexpected road bumps and are short on cash. An online cash loan will get you money to last you until the next payday so you have money for rent, groceries, and other necessities.
If you don’t have a strong credit history or have some dings on your report, it may be hard to get a regular loan from the bank. Online cash loans are a great alternative, such as the CaptainCash website.
By applying for an online cash loan, you won’t have to go anywhere in person. You’ll most likely receive an answer about your loan on the same day, and you’ll get the money in your account then as well.
7. Do some recycling
If you live in a state where there are bottle deposit laws, then you’re in luck. Grab everything you can recycle, and then hit up your friends and family for anything they have lying around.
While one trash bag won’t amount to 3 figures, if you keep at it, you’ll have your $500. Try going to parks and public spaces where people litter a lot. Not only will you be earning your $500, but you’ll also be cleaning up some spaces for a better tomorrow.
Get a $500 Loan Quick
The next time you need some cash quick, you know 7 ways to get a $500 loan. By having this knowledge, it can mean all the difference between paying your rent and being evicted. Be sure to remember these tips so you get important bills taken care of without jeopardizing your lifestyle.
If you’d like to read more about starting and growing your business, take a look at the articles on our website.