How to Raise Cash to Avoid a Payday Loan
Payday loans should be your absolute last resort when it comes to getting money. The average fee for a two-week loan is $15 to $30 per $100 borrowed, depending on the provider. If you roll over the loan for another two weeks, you have to pay the fee again. This is equivalent to an annual interest rate of anywhere between 390 and 780 percent. Rather than getting stuck in the cycle of payday borrowing, raise some cash to pay for your urgent expenses and help you make it to your next paycheck.
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Instructions
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Work an odd job for someone in your neighborhood. Most odd jobs pay in cash on the spot, giving you your much-needed funds right away. Consider babysitting, doing yard work or cleaning homes.
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Sell your plasma to a plasma bank. Unlike blood donation, which does not pay at all, you will usually be paid $15 to $25 for each visit. Some donation centers will pay even more than that if you donate a second time in the same week. In most cases, you will receive payment immediately in cash.
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Sell unneeded items, such as books, movies, CDs, clothes or furniture. List items separately through online classifieds, sell them on an auction website or hold a garage sale if you have too much stuff to list separately.
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Get a second job that pays cash tips. Working as a server at a restaurant, a bartender or a delivery driver typically results in instant pay through your tips. These can help you get by until you get your first paycheck from the job.
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Ask your employer for extra hours at work if you are paid by the hour. Although you will not see the effect until your next paycheck, it can help you if you can put off the bills until then.
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Ask a friend or family member to help you out, either by giving or lending you cash. If the person lends you money, write out a loan agreement with the dates and amounts of your repayments. Stick to it to avoid straining the relationship.
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