Payday loans, sms-credits and similar can seem very tempting if hard strapped for cash, but they are only short-term solutions and the high interest only serves to aggravate the problem. Many people can testify to the horridness of rapidly spiraling down into the ever deepening pit of credits, interest rates and money collectors. A better alternative is to try to raise the cash by selling something already owned.

In some situations a person may also want to consider a loan – but not a high-interest loan. If a cash-flow problem is rooted in excessive use of expensive credit cards in the past, a home equity line of credit can be used get the interest rates down and start actually paying off the debt instead of simply costing a lot of money in interest every month. Using home collateral is risky, but in some situations it is the lesser of two evils. A home equity line of credit typically come with a much lower interest rate than credit cards, payday loans and similar, and can therefore help to get a bit more cash left each month.

Visit The Pawn Shop to Sell, Not to Borrow to Raise Cash Quickly

pawn shops and payday loans
Pawn shops and payday loans

The rules regulating pawn shops vary across the world but in many jurisdictions they are allowed to charge quite a hefty interest rate on loans, despite the fact that the borrower is offering up something valuable as collateral. In dire need of cash it can therefore be better to sell stuff to the pawn shop rather than to pawn it.

Some pawn shops never buy things upfront, while others are happy to do it. When calculating if the price offered is sound, take into account what it would cost to borrow the money instead and how great the chances are of actually paying back the loan and getting the valuables back. Being honest to oneself is the key here.

Sell Gold and Jewelry to Raise Cash Quickly

golden nest eggsIf a person want to sell gold, precious stones or similar, it is important to research the options since the price varies dramatically. Contact a gold smith directly, sell the precious items to private consumers, or send them to one of the major gold purchasers.

Gold smiths can be located using the yellow pages while major gold purchasers can be found online. If the jewelry is in good condition the seller can often get more than just the gold value by selling it directly to consumers. If selling valuables online, don’t forget that jewelry ads with a photograph tend attract a much larger crowd of potential buyers than jewelry that is just described in text.

Raise Cash Quickly by Getting Rid of your old stuff

Have an old Laptop laying round? Don’t play that Playstation any more? Then why not turn those items into cash!

If you have the time it often makes sense to sell these items on eBay or Craigslist, however if you need money now you may be better off selling these to the pawn store, rather than taking out a pay day loan. Do the math and see if this is the case for you.

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