Can you get out of debt with a payday loan?

When you are in debt, it’s sometimes important for you to take care of it immediately. You may be willing to take up another debt by taking out another loan just so you can deal with the current debt. If having instant cash is what you need, then payday loans might be the thing for you, though using a payday loan to get out of current debts might get you into even more trouble.

  • What is a payday loan?

Payday loans are monetary loans

Payday loans are monetary loans

Payday loans are monetary loans provided to borrowers that must be paid in full when the borrowers receive their next paychecks. The loan amounts granted are typically small and are based on how the borrower’s salary.

Taking out a payday loan is certainly one of the fastest and best ways to get instant cash. No matter what your emergency is, requesting a payday loan will get you the needed money in no time. Since the service is really fast and easy to get approval for ( bad credit is almost never an issue as you can take out a bad credit payday loan just as easily), payday loans have very high interest rates which are higher than conventional bank loans.

This is because of the risk that payday lenders take by not seeking collateral from borrowers, lending money to applicants with bad credit history and only asking for basic personal information. With payday loans, the borrower usually borrows an amount of money that he can repay on his next payday. Being late in repayment is not a good idea as that will incur heavy penalties.

  • How much can you borrow?

Usually up to $1,000, though some lending companies restrict the size of the first loan they offer. Loan tenures could be less than a week or months occasionally. There are usually no early repayment charges, but there are fees for setting up the loan as well as interest which is usually calculated daily.

  • So, can you get out of debt with a payday loan?

The answer is yes. However, there is another important question you have to ask yourself and that is, should you get a payday loan to fix your debt?  The answer for that question is entirely dependent on your situation. If you are very sure that you can repay that loan on your next pay day, then go for it.

However, if there is even a hint of doubt, or you are just hoping that things just might somehow come together in a way that you’ll be able to repay the debt, it’s best that you look for other options.

10 ways to make extra income

Are you ready to start earning more money this year? Whether you want to be more aggressive about paying off student or installment loans, dig yourself out of credit card debts, save for a down payment or vacation, earning extra money on the side is a smart strategy for working toward your goals.

Let’s look at some fun, creative and unusual ways on how you can bring home extra dough.

1. Sell your body

ways on how you can bring home extra money

ways on how you can bring home extra money

No, it’s not what you’re thinking about… We are talking about selling plasma, sperm or blood. These are completely legal.  In most larger cities, there are clinics that will pay you up to $35 or so for some of your plasma. To donate, you’ll need to be relatively healthy and drug-free. Just make sure you don’t give away too much because that won’t be good for you.

2. Be a mystery shopper

Get paid to shop and report back about services and products from small to well-known large companies. There are numerous sites which are looking for mystery shoppers or will even pay you to shop. How cool is that!

3. Become a virtual assistant

Become a virtual assistant

Become a virtual assistant

If you have experience as an office assistant, you can become a virtual assistant. You need to consider your charges before committing. You may contact the many personal concierge companies which may be looking for someone like you to handle some of their workload.

4. Become an artist

Probably you’re not Vincent van Goghi, but if you have a decent camera or the ability to create digital illustrations, there are plenty of sites where you can register and upload your works of inspiration and get paid a small royalty if people use your images. It’s a good way to earn extra money online.

5. Sell your hobby

Sell your hobby

Sell your hobby

Sell the things you make as a hobby. Most cities and towns have a variety of craft markets where you can rent a stall and sell your wares. Do some budgeting before you take up a stall. Stall rental might not be much, but if you haven’t budget for things like materials or ingredients, you could end up making a loss.

6. Sell your stuff

Having a garage sale or e on different sites can provide a twofold benefit. You’ll earn money fast and you’ll have a good clean out of all the items you no longer need. Things such as designer label clothes and perfumes can command good prices, especially if they are popular but discontinued items. Always remember to do some research before listing item so that you can list your items at competitive prices.

7. Be the hero parents need

Be the hero parents need

Be the hero parents need

There are plenty of worn out moms and dads with young children who could barely remember when was the last time they enjoyed a leisurely dinner at a restaurant and not spend the evening quelling tantrums and picking up after mischievous kids.

Babysitting  is one of the most immediately lucrative option of making extra money. Reliable babysitters are in great demand. You can almost name your price.

8. Rent out a room

If you have a spare room, you can rent the space for a pretty good weekly or nightly return. Look into some collaborative websites to help you find takers. This an easy way to earn a bit of extra cash.

9. Walk dogs

Walk dogs

Walk dogs

Love dogs and exercise? Great. Walking dogs is a great way to earn some extra money while doing something you love on a flexible schedule.

10. Create a blog or a website

Some successful bloggers can make a great income, but it’s not guaranteed.  If you’re passionate about something, consider starting your own blog or website. It may start out slow but if it attracts many followers or subscribers, you might have advertisers knocking on your door. It’s a great way to earn money from home.

We hope these 10 ideas will be of help. There are many other different ways to earn a little extra cash, you just have to be creative and go for what you think is the right thing for you.