7 Braindead Simple Methods to Payoff Loans Before Payday
When you find yourself in a financial pinch, it might seem impossible to generate the quick cash that you need to cover paying off loans before payday. However, there are at least seven ways that you can put quick cash into your pocket to get rid of payday loans, as well as the need for them, and each method requires just a few hours of your time. If you are able to stack up on these ideas, then you could potentially pull in at least $800 per month without having to take out quick cash payday loans.
1. Lower Paycheck Deductions to Payoff Payday Loans
Instead of overpaying Uncle Sam, bring home more money by adjusting your federal tax filing status. If you typically get a tax return, then you have some wiggle room to reduce the amount of taxes taken out of your paycheck. According to Turbo Tax, the average taxpayer could be pocketing an extra $240 per month.
At any time of the year, you are allowed to change your number of exemptions by submitting a revised W-2 form to your human resources manager. In most cases, the adjusted withholdings are reflected in the next paycheck although you may not see the raise for 30 days after sending in the paperwork. Kiplinger offers a handy calculator to understand how various withholding allowances can boost your take-home pay and affect your tax refund.
2. Adjust Your Monthly Savings Plan to Payoff Fast Cash Payday Loans
We all know exactly how important it is to save for a rainy day, but when a thunderstorm descends upon your life, you need to adjust your savings schedule. If the money that you are putting away can temporarily cover unexpected expenses, completely satisfy the debt that you owe or prevent you borrowing money from payday lenders, then it makes more sense to shift where your dollars are going.
In addition to suspending transfers to your savings account, you can roll back automatic contributions to your company 401k plan at any time during the year. To maximize the money that you continue to put in, try not to lower it below the company match contribution. So, if your company fully matches the first 5 percent of your contribution but you lower your deduction to 3 percent, then you are essentially throwing away free money.
3. Eliminate Payday Loans by Consolidating Debt
If your credit is good enough, then you may qualify for a higher limit with a current credit card company or a new account with another lender that allows you to combine all of your debt into one payment, including payday loan debt. You generally get to skip the next payment as the consolidation is processed between the two companies, which puts money in your pocket instantly. When the next payment is due, you will likely be paying less overall than you were for the individual minimum payments of the separate cash advance debts.
You may also have a reduction in interest charges if you are able to secure a lower introductory rate, such as 0 percent for 9 months. Consolidating short term loans may reduce your monthly payment. Over the long-term, you will save significantly more since you will be paying down the principal and avoiding the added fees each month.
4. Sell Off Your High-Priced Assets to Avoid Quick Cash Loans
There is a reason that the good old garage sale is a go-to resource to avoid quick cash payday loans. According to Static Brain, goods swapping generates more than $4.2 million weekly. Gathering up all the gently unused items in your house, labeling them with prices and advertising might require more time than you have right now.
However, you can quickly assess items of value and get them posted on online marketplaces. While it is emotionally tough to let go of the toys that you have accumulated through your hard work, you can certainly live without a 4-wheeler, designer handbag or extra refrigerator when you need fast cash.
Several platforms let you earn quick cash online for electronics, clothing, collectibles, timeshares, jewelry, recreational vehicles and anything else of value. While websites like Amazon and eBay help you reach millions of buyers, the lower competition at places like OfferUp, Tradesy or Craigslist might net you a higher profit and quicker cash online.
5. A Day’s Labor Can Help Reduce Outstanding Small Payday Loans
As long as you are capable of performing some physical labor, you can put some cash in your pocket by the end of the day without resorting to quick payday cash online. Your local Craigslist, NextDoor and community Facebook pages are great places to find cash-paying customers who need their dogs walked, garden weeds pulled or outside windows washed.
You can also profit off your professional skill set by taking on moonlighting gigs. If you have a specific skill, such as accounting, office assistant or construction, then you can offer up your freelancing services to help get ride of any payday cash loans altogether. Websites like FlexJobs, Upwork and PeoplePerHour can connect you with one-off jobs that payout as soon as you complete the project.
6. Donate Plasma to Raise Fast Cash
The Penny Hoarder reports that the common plasma donation nets $20 to $30 per visit, which easily puts $160 to $240 each month into your pocket. Many plasma centers offer cash incentives for signing up as well as bonuses for frequent visits, so making a donation twice per week could get you a $20 bonus. You may even be able to bank a few extra bucks by referring your family and friends to become donors.
In order to donate your plasma, you must meet certain health requirements, such as a normal heart rate, temperature and iron levels. The entire process typically takes about two hours to complete depending on whether the donation center is busy and how well your plasma is flowing. While earning money to payoff your payday loans, you will also be contributing to a good cause. The educational website Donating Plasma calls plasma the “gift of life” because the proteins are used in manufacturing therapies for rare and chronic diseases.
7. Scale Back on the Services You Use and Payoff Loans Before Payday
There is likely some fat that you can trim from your monthly bills. While it may be difficult to give up your weekly viewing of “Game of Thrones” or to turn off your 4G data while on the go, scaling back your cable and mobile phone bill are two quick ways to reduce any loans before payday. As long as you are not under contract, call your service providers to downsize to the least expensive plans available. You can further cut down on expenses by shopping around for cheaper auto insurance, carpooling to work, canceling club memberships and magazine subscriptions, packing cold lunches from home, bypassing the latte stand or clipping grocery coupons.
The Personal Money Store blog is filled with tips on ways that you can cover emergency expenses, overcome a financial hardship or connect with reputable quick cash loans when you need extra funds immediately.