With all the budget juggling I have to do on those “overloaded” months, you would think I would have taken out many cash advances for some quick money relief. Thankfully, I have been able to put a little bit away on the regular budgeted months to counteract the extra costs. I would also have to say that I am very thankful for the health of my family so I don’t have to worry about medical expenses. I am also very thankful to be employed. I know not everyone can say that at the moment, but yet these folks still have their own cost of living bills to be paid.
A short-term cash advance requires employment.
So what do you do if the bills keep coming, but you have not found a job yet? For starters, working proactive will give you the most help from creditors. If you know that bills will not be covered, then it is up to you to contact your creditors. You are in a contract with them, so missing a payment and then speaking to the creditor is not as effective in the long run. As soon as you know that your bills will not be covered, place a phone call to your creditor to explain the situation. Better results come if some sort of “other” payment plan can be worked out during your financial crisis. The debtor is always at the mercy of the creditor, but you will find that many will understand if you are proactive. Don’t expect one to take off any previous negative payment reports to the credit bureau, once those are placed, you have to own those. stay positive, be kind to the messenger, and always carry hope that it will work out in the end. Write down the information of the person you spoke to.
There are other short-term help besides a cash advance.
Unfortunately, if the money problem is due to unemployment, a cash advance online will be out of the picture. The only short-term loan you may be qualified for is a title loan if you own your vehicle outright. Pawn shops will get you some cash if you have valuable items you are willing to risk, or selling things off in a garage sale may be one more option.
There is the Making Homes Available Program, where depending on your needs and your situation. You cannot count on a bank to offer help; it will be up to you to approach the lender. Loan modification is an option to pursue especially if you have a mortgage. Short sale is another option as long as the bank agrees. It effects your credit negatively, but most importantly is forgives the loan. It may also give a person reportable income on taxes, so do your homework thoroughly before making any type of decision.
Bankruptcy is a last resort option which needs to be considered carefully. Ten years of bad credit will result from a bankruptcy, so make sure that all other options have been exhausted beforehand. Reminder to those with student loans or owe back taxes or child support, bankruptcy will not help with any of that debt.
Work proactively with a cash advance lender.
From cash advances online to credit cards and on to home mortgages, work with your lender/creditor proactively in order to find solutions for your financial hardship.
