When you have bad credit and are in need of some quick cash, short term bad credit loans seem like a very tempting option. Unfortunately the risks associated with these types of loan far outweigh any potential benefits. High interest and the threat of repossessions, lawsuits and bankruptcy from non-repayment are just a few of the potential downsides to these types of loans. Luckily there are other ways to get your hands on quick cash without all the dangers of a short term loan. Here are several alternatives.
Alternative #1: Do Odd Jobs
You might feel ashamed going door to door to see if people in your neighborhood need some yard work done. The fact is though, most people are always glad to pay a good price for some immediate attention from a handyman and will appreciate the offer. You'd be surprised how many people need some painting, lawn mowing, or help cleaning out a garage. It's far less embarrassing to offer your time and labor in exchange for cold hard cash, than suffering through the embarrassment of bankruptcy for having accepted loans you couldn't pay back.
Alternative #2: Have A Yard Sale
Before you take out a loan to pay for something you need, first check to see if there is anything you have that you don't need or use anymore that you can sell. Lawn sales, ads in your local free classifieds and even online auctions are all great ways to unload things like books, movies and electronics that you no longer use and turn them into fast cash. Far better to turn trash into treasure this way, than to get carried further down into debt and despair with a bad credit loan.
Alternative #3: Evaluate Your Current Budget
If you take the time to sit down and track your current income and expenses, you might be able to uncover the money you need from your current sources. For example, the two dollars you spend on coffee each day along with the forty dollars you spend on cable each month adds up to an extra one hundred dollars per month. Just by doing away with a couple of these types of expenses that don't fall under the "needs" category can often free up enough spending money to help in an emergency. For most people, it's an easy choice between giving up a few daily pleasures or suffering under the risk of a bad credit loan.
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