Consolidating Your Savings and Expenditures
Sometimes, going through that ordeal when you need cash and your loan application has been turned down, can be exasperating, but, nevertheless there are financial tips, which if taken seriously, can most probably solve your financial woes.
Put on Sale Your Collectibles and Other Items
If you have several sorts of collectibles at home, it’s time to make use of them by selling them. It may be a sacrifice in parting with your valuable collections, but this is still a better option to acquire cash than getting into deeper financial difficulty. It’s either you look for private buyers or go to auction websites where you can select sites which sell memorabilia like you own collections. As soon as you have found a good site, you may be required to pay a registration fee or pay for commission once your item is bought. There are also other means of converting your other items into cash. Some online companies are putting premium on items, like wine corks, toilet paper rolls, broken electronics, and even hair.
Put You Car On-Sale
If there are no encumbrances in selling your car, then have it auctioned so you can raise more cash. Aside from raising cash out of selling your car, you also save from freeing yourself from payment of road tax, insurance and fuel cost. You can choose the option of selling your car through companies that offer scrap prices for old models or you put your car on auction at an online auction website.
Try to Get A Loan
If you have experienced being turned down on your loan application from the bank, you may try another option which is to look for loan providers who may be willing to loan out at a higher interest rate. Just be sure that you have weighed carefully the terms and conditions of the loan provider, including the interest rate.
If you have investments, it may be difficult to liquidate some of them but there are other sources where you can optimize by tapping on your assets. If you have life insurance and you’ve been paying the premiums for five years in a row, you can utilize its cash value, the portion that has been funded by your premiums, and replace your insurance policy with a more inexpensive term. If you have a certificate of deposit, you may withdraw some of the deposit even if the maturity date is still far off, but be willing to be penalized for about a six month worth for using the funds ahead of time.
There are many options when you are looking for part-time jobs, all it needs is searching it online or inquiring through job directories and you can earn by baby-sitting, tutoring, dog-walking, pet-sitters, research assistants, and many online jobs that you can qualify in.
All these might be a tall order to pursue in, but it also takes taking the risk and effort in going through these hurdles just to get that cash to help you out of trouble.