First, let’s get you the money you need right now. How much money do you need to pay your bills?
Now To Pay Off That Loan
Assuming that you were approved for a cash loan that you can use to pay your bills, it is time to start thinking about paying off that loan. You probably have a lot more options than you think. Take a look.
Make Arrangements To Reduce Your Monthly Bills
If you can reduce your bills, you can free up money that you can then use to pay down your loan. There are a number of ways to do this.
If you have an auto loan and are in good standing, you can call and ask for a deferral. A deferral does not allow you to skip a payment, but it does push a payment to the end of your loan. That effectively lengthens your auto loan, but it also frees up money that you can use to pay down your loan. Since the average auto loan payment is above 500 dollars, this could free up a good deal of money.
Utility companies have plenty of programs that can reduce your electric bill. One popular program is average billing, available with most utility companies. Average billing will do just what the name implies, average your bill out. This can reduce spikes in utility costs and may reduce your bill enough to assist you in paying back the money you borrowed.
Just about every bill that you have may be negotiable. Post pandemic, creditors are more likely than ever to work with you and make billing arrangements. You will still likely need to pay all of the money owed, but rearranging payment due dates may allow you to more easily handle your loan payment or payments.
Sell Something You Are Not Using
We all have junk that we do not need in our homes. If you need money to pay your bills now and have taken out a loan, selling some of these unneeded items might be the best way to pay it off. Here are some items to consider selling.
Your Backup Cell Phone
Let’s face it, you probably are not going to ever use that phone you are keeping for a backup. THat means what you have in your junk drawer is a depreciating asset. Sell it now at a local ecoATM and get at least part of the money you need to pay your loan. The ecoATM is a kiosk that allows you to trade in your phone and get cash the same day. Most major cities have them.
An Old Couch Or Dresser
Furniture sells fairly quickly on Facebook Marketplace. If you have an extra piece of furniture taking up space, clear up some room in your house and score some money to pay your loan. Facebook Marketplace is great because the messaging service puts you into quick contact with buyers allowing you to sell well priced items in hours.
An Electronic Device
Devices like iPads, smart watched and old laptops can turn into gold on eBay. With the broad reach it gives you and the competition of a live auction, it is possible to get top dollar. You may even get close to what you originally paid.
Speaking of gold. if you have old jewelry laying around you can sell it. Gold is always a hot commodity and even if the jewelry is out of date, it still has value. Make sure that you do yourself a favor and get a few quotes from different buyers.
Find Some Extra Income To Pay Your Bills
Extra income is always a good thing and it is easier than ever to find good paying part time work. At a loss as to where to look. Here are some ideas.
Grocery stores like Walmart are always in need of help. It is a high turnover job which means that you probably will not want to keep it forever, but it can serve a purpose to pay back a loan. The great thing about this kind of work is that the hours are extremely flexible and you should be able to find a shift at any hour of the day.
If you have some flexibility during the day, consider looking for some part time work delivering for Fedex or Prime. The pay is good and shifts fly by quickly. If you need night work, you can always earn some extra money delivering for Uber Eats or Grubhub.
You have no doubt heard of Rover, a service that puts pet owners in touch with care givers. You don;t have to board animals on Rover, you can simply be a dog walker. Earn 15 dollars or more for a single walk with Rover. Build a good reputation and you could have a nice part time income for years to come.
Rearrange All Of Your Money & Bills
Do you have a budget? If not, you should get one because it could help you pay your loan now and keep you from getting in trouble again in the future. A budget will show you how to use your money efficiently to pay your bills now and in the future.
Write Down Your Expenses
The first step is to write down all of your bills, including your new loan payment. Make sure that you include all expenses including money for groceries, entertainment, gas, etc. You can simply write everything down on paper or make your life easier by putting them into a spreadsheet. Most computers have a simple spreadsheet program, so take advantage.
Balance Your Budget
With all of your bills in front of you, it is time to balance your budget. Take your take home income and divide it up amongst your expenses. If you come up short, make the necessary changes so that your money works. This might mean making some sacrifices and changes in your life, but it is worth it.
Start Saving Money After Your Loan
Once you have paid off your loan, you will suddenly have a chunk of money that has no use. Instead of wasting it, start contributing to an emergency savings account. This will protect you in the future from getting into a situation where you need money to pay bills now.