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What Is Involved in Getting 800 Dollars?
If you are considering taking out a loan, even for just $800, you need to be careful. Loans come with fees and/or interest and not all loan terms are the same. Before you put ink to paper on that loan, here are some things that you should consider.
Fees for short term payday loans can be very high. When expresses as an APR, the rate can be in the hundred, often approaching or even exceeding 400%. Why is this? This is because the lenders charge a set fee per $100 borrowed. When you take that fee and factor in the short loan term, you get very high interest rates.
If you get a loan offer, be sure to review the fees associated with the loan. Make sure that they seem reasonable and acceptable for you and your situation. Never agree to a loan before reviewing all of the terms.
We hit on this a minute ago. These loans have very short terms. Most loans are due in under two weeks, or on your next payday. This is why they are often referred to as payday loans.
When you fill out your loan form, you will be asked when you get paid again. This will usually be when the loan will be due. Make sure that you will be able to repay the loan on that date. If not, this might not be a good option for you. Be sure you read your loan offer and know when it will need to be repaid.
Loan requirements vary from lender to lender. In general, you will have to have a checking account, a working contact number and a source of income. The income does not need to be a regular job but it must be regular income. This could be child support, a settlement, pension or an other money that you get on a regular basis. Essentially, your lender is looking for a way to get you the money, a way to contact you and proof that you can pay the money back.
Is A Loan The Right Choice?
This is hard for us to say, only you know your finances, all that we can do is provide you access to a convenient loan form. Having said that, here are some things to consider.
If you have another alternative source of money, you may be better off pursuing it. This could be from friends, family or any one of a number of different sources. Here are some top ways to get money if you need it quickly.
Easier said than done but who knows, maybe you have something laying around that you could sell. Even if you can not make the full 800 dollars you need, you might be able to reduce the amount that you need to borrow. Some hot items to sell are gold/silver, video games, iPads and cell phones. If you are thinking of selling a cell phone, check out Gazelle where you can sell your phone online. They make it super easy for you.
Cut $800 in bills.
You have probably heard the expression, a penny saved is a penny earned. This is an expression that could not be more true. Get started by cancelling or putting subscriptions on hold. This might be a gym membership, streaming service, satellite or cable television. Next, call your creditors and negotiate some reduced payments. Your credit card company will likely allow you to make an interest only payment. Your auto creditors may allow you to defer a payment to the end of the loan. A dollar saved here and a dollar saved there can quickly add up to the cash that you need.
Borrow from friends and family.
This can be a challenge but it can save you a lot of money in fees and charges if you borrow from friends or family. Of course, you must consider the fact that friendships can easily be ruined by money.
If you borrow from a friend or family member, try to be courteous, grateful and pay it back just as soon as possible. Also try to document everything because memories tend to get fuzzy over time.
Turn in Your Old Gold
Do you have old jewelry that will never come back in style? Cash in on it at a gold and silver store. They buy old gold to melt down and will pay you good money for it.
Recycle For Money
While we are talking about metal, let’s not forget about other recyclables. Aluminum, copper, stainless steel. Pick them up at the curb when people throw it away and take it to a local recycler. Every decent sized city has one that you can sell to.
Donate Your Plasma
Donating plasma is easy and it can help a lot of people including yourself. Depending on how big you are, you can make as much as $50 per donation. The bigger you are, the more plasma you can donate at one time.
In addition, because during the process your red blood cells are returned to you, you can donate twice a week. That is up to 8 donations or $400 in a month. This is half of the $800 that you need.
Cash In An Old Phone
That spare phone you have in the drawers is never going to be worth more than it is right now. It is a depreciating asset, so sell it now before it becomes worthless. One easy place to sell it is with Gazelle.
Simply tell them what you have and they will send you an offer. If you accept it, they will pay to have you ship it to them and, upon receipt, send you your money.
Getting the 800 dollars that you need might involve multiple methods or a bit of hustling. This might take a bit of effort, but if you can avoid a loan and all of the costs of it, this is a very good thing.
So, put multiple methods together and try to get your money. Sell some books, donate some plasma and sell that old couch. A hundred dollars here and a hundred dollars there could add up in a big way.
Can you pay back the $800?
Make sure that you have the ability to pay back the $800 when it is due. If you have no idea how you can do this, taking out a loan would be a very bad idea. All that you would be doing would be delaying the inevitable and making your situation worse.
Hopefully you have a budget already, if not, get one. Simply write down all of your expenses, including allotments for food, entertainment and gas. Then you can plug in your loan payment and see how things look.
Short term loans are typically paid back on your next payday so calculate the money that you would need to repay and figure out how you would live on what is left of your check. Is it even possible or would you find yourself needing yet another loan. Don’t let yourself get caught in a debt cycle.
If you qualify for an installment loan, you may be able to make smaller payments, but you should still make sure that they fit into your monthly budget. If you think that you might have a hard time making the payments on your loan for 800 dollars, cut some expenses or look for a side gig.
Is your credit good enough for other options?
Besides payday loans, there are other loan options. If you have the credit, a personal loan might be the way to go. If you qualify, you can get more money, can take longer to pay it off and will get better rates in most cases.
Another option might be a credit card advance. Yes, the interest is high but it is usually much lower than that of a payday loan. Payday loan interest can easily exceed 400 percent. That makes the 29 percent of a cash advance pretty trivial.