I need a personal loan for $1,500. What’s my best option?
Emergencies are a part of life, and they can make things difficult—especially financially—when they arise. Unexpected curveballs can really do damage to your bank account, and if you don’t usually budget for emergencies, then you may be in some trouble. Thankfully, there are certain things that you can do to alleviate the financial stress, even if you have bad credit.
So, say you need $1,500 by the end of the month—let’s assess your options.
Speak with your landlord (if you’re renting)
If you’re waiting on payday but you also have rent (and other bills) coming up, see where you can ask for a bit of time. While credit card bills may charge interest for any late payments you make, your landlord would much rather understand your situation than simply pay it late. Especially if you have never been late with rent before and you are otherwise a good tenant, your landlord would most likely understand your situation. His or her worst scenario is you eventually not being able to pay at all, leaving him or her tenantless.
Consider what you can sell and declutter
Living a minimalist lifestyle is very popular right now. Not only does it encourage less spending, but a minimalist lifestyle is supposed to promote better mental health as well. So consider this scenario as a “half full,” where you’re actually given the opportunity to declutter your home by selling things you may not need. Take an item—an article of clothing, for example—and ask yourself, “When was the last time I used/wore this?” Consignment stores, used bookstores, and other similar businesses will happily take your items for cash. Not only will your home look better, but you’ll also come up with some extra money.
Make better financial decisions and go with the necessities
Chances are, you have a couple of things in your life that aren’t completely necessary. Take your cable, for example. Many cable companies offer expensive packages that feature a number of channels you may not need. Take a look at what your package currently has, and call your cable company to see if you can remove certain channels to cut down on costs. The same can be done with your phone bill. Do you use all of the data that your plan offers? If not, see if you can alter your phone plan. Do you eat out often? Well, this is the time to stop doing so and start cooking your own meals. Not only is this a healthier option, but you’ll also see immediate savings. Go the extra mile and check out your local flyers to scope out good deals; this will help you save even more money.
Ultimately, in assessing what you actually need in your life, you will be able to spend your money better (and save some, too).
Practice better financial habits
Taking a loan out from a bank or payday loan office may not be your best option, as you are most likely to be required to put down collateral or their inquiry may lower your credit score. In sum, it may cost you more than it will save you. Learn more about payday and personal loans, and what you need to know about them before potentially taking one out here.
The most important thing, of course, is to make sure that this never happens again. Reserving a “padding” of sorts in your bank account for such emergencies can help prevent the same scenario from occurring again and is a good financial practice. In the event that you still need a small loan to help tie you over, urLoan is here to help. We offer flexible term loans that’s easy and hassle free that can help you rebuild your credit.
Learn more about how urLoan can help you with your financial needs, and call us at 1-855-723-5626.