Coming Up Short? Here's How to Raise Money Fast

Whoa! So your car's transmission went out, just like that, and you won't get paid for two weeks. The mechanic says fine, you can pick the car up when you get paid. But how are you supposed to get to work in order to keep your job? No use asking your best friend because he just got laid off a month ago. The rest of your family lives like you do-paycheck to paycheck. There's no one to borrow the money from. So what do you do?

Well, there a a few ways to come up with some fast cash in these kinds of situations. And no, they don't involve robbing a bank or anything else illegal.

If you have an established checking account, you may be eligible for a payday advance loan. These loans are through your bank, and the money can be transferred online. Of course, you have to be qualified for these ahead of time. But to get the advance, you simply go into your account, find the loan, type in how much you want to borrow and submit it. There are limits as to how much you can borrow. And it's not a huge amount. It might be anywhere from two hundred to five hundred dollars. But it goes instantly into your account. The amount is deducted from your next deposit along with the interest or finance charge. This can vary from bank to bank. It could be anywhere from 10 to 20%. One word of caution though, you can usually only do this every so often. So don't plan on making a habit of it.

If you don't qualify for your bank's payday advance loan, you may still be able to get a loan from one of the cash advance companies. These cash loaning companies have sprung up everywhere. To get a loan, you normally only have to come in with a few paystubs and picture id. You then write a check for the amount you want to borrow plus the interest or charges on the loan. Again, like the banks, these are only relatively small loans. They normally will not lend over four to five hundred dollars. And you will pay back usually 20% more than you borrowed. So if you borrowed four hundred dollars, you would pay back four hundred and eighty dollars. The company holds your check until you come back and pick it up. If you don't pick it up, they run it through the bank. If it bounces, they can prosecute you. And they will.

So what if you don't have a checking account? What then? Well, there are the pawn shops. Pawn shops have been around for years. And the good thing about a pawn shop is that they will take almost anything. Well, maybe not your dog. But then, I guess it depends on the dog. But seriously, pawn shops will take guns, jewelry, electronic equipment, musical instruments, tools, and other various articles. I've seen furniture, appliances, bicycles, even leather coats and boots. And pawn shops usually give you a month to pick something up whereas the banks and cash lending companies have a one to two week deadline. Plus, if you don't pick it up, you don't have to worry about criminal charges. The pawn shop just puts whatever you pawned up for sale to collect their money.

Of course you may have to use all three of the above suggestions to come up with enough money to get your car out. But at least you'll have a ride to work so you can keep your job. Paying them back will just have to be done in the order they come due. The bank will probably get their money first. If you can't repay the cash lending place when it is due, go in and talk to them. Don't ignore them because they do have a check that you signed. Many of them will work out something with you for some type of extension. And most pawn shops will let you pay the service fee for several months as long as you pay it on time. A pawn shop may be your best bet if you don't think you will be able to pay the money back for a while. You usually can get more time from a pawn shop and if not, the worse that could happen is you lose whatever you pawned. That's not as bad as going to jail for writing a cold check.