How to Get Money Fast When You Can't Pay Your Bills

iQuanti: Sometimes there's just not enough money left at the end of the month to cover bills. Whether you're keeping the lights on or need to pay the internet company so you can work from home, it's critical to find the money you need. If you're in a pinch, here's how to get money fast when you can't pay your bills.

Contact your utility provider

If you know you can't make a bill payment, your first step should be to contact your utility company to explain your situation. They may be able to extend your due date or roll your existing balance into the upcoming month's bill. In that case, you can avoid the stress of needing to find money now and be sure you're prepared to pay it when the future bill is due.

Take out a fast money loan

Some quick money loans can get money in your bank account as quickly as the same day. And depending on your current financial situation, including credit score and collateral, several types of loans may work:

  • Cash advance: If you have a steady income, you may qualify for a short-term cash advance that can get you a few hundred bucks to cover bills. Many lenders require you to repay the loan using your upcoming paycheck, so be sure you'll have enough cushion to cover the loan plus fees. You'll also want to ensure you'll have enough left over to meet your bills for the upcoming month.
  • Installment loan: An installment loan, like a personal loan, can get you a lump sum of cash that you'll pay back on a pre-determined schedule over months or years. Depending on your credit score, an installment loan may have a much lower interest rate than other loans or credit cards.
  • Title loan: If you have access to your car's clean title, you may be able to take out a short-term loan based on your car's value. Plus, the benefit of a title loan is that you can continue to drive your vehicle while you repay it. But be sure you'll have money to repay the loan plus fees before the due date, otherwise, you may face interest charges or even repossession of your car.
  • Line of credit: A personal line of credit acts much like a credit card. You can spend money up to your limit, then work to pay it back while accessing available funds as needed. This type of loan can have higher credit limits, reasonable interest rates, and doesn't require collateral if your credit score allows.

Ask friends or family

Money between loved ones can get complicated. But the people who love you most may also be the most willing to help you out in a pinch. To keep the transaction as stress-free as possible, write down an agreement. The written contract outlines how much you're borrowing and the date by which you'll pay it back. Sticking to this binding agreement keeps you accountable for paying back what you owe and gives your loved one the ability to hold you to it as well.

Request a payroll advance

If you've been with your employer for a while and have established trust, you may be able to get them to issue a paycheck early to help meet your financial needs. A payroll advance can offer funds now that will be automatically subtracted from a future paycheck. If your employer agrees, this can be a way to receive a no-interest loan using the money you would have received in an upcoming check.

The bottom line

Not having enough money to pay your bills is a stressful situation. But there are ways to get money fast, like taking out a loan, asking friends or family, or requesting a payroll advance. After you get caught up on your bills and loan balance, it's wise to put financial protections in place for future expenses. Setting up a small emergency fund is a smart way to ensure you'll have money to pay your bills next time.

Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.

Source: iQuanti, Inc.