How to Pay Back Your Pay Day Loan by Selling Non-Essential Household Items
Pay day loans are typically resorted to during emergencies when individuals and families feel they are on the verge of being kicked out their rental home, or their electricity is cut off in freezing winter. Other causes behind the urgent need for a pay day loan is a severe vehicle accident or a medical emergency involving adults and especially children, but no cash or savings in the bank.
Adults who need such urgent loans typically do not have credit cards because their credit score is very poor and no bank or Credit Card Company is prepared to extend them credit. Under such circumstances, the loan that you seek and finally get from payday advance lenders carries a very high interest rate and the payments must be made typically within 14 days, 30 days or 45 days, whichever time period is applicable.
You may be able to refinance your loan with more interest and perhaps a longer payment schedule, but the re-payment costs escalate, and if you are unemployed, you can be in real trouble for not paying back these loans.
Whether you own your house, or rent it, you should find out if there are items you can sell to pay for the pay day loan and in the process feel healthier and happier.
1. Get Rid of Television
Frankly, if you are in such dire situation that you have to resort to payday loan, you should consider getting rid of Cable subscriptions and your television altogether. It is possible that some people may be so addicted to television that they cannot even consider getting rid of it, but growing body of research has shown that television is directly responsible for both childhood and adult obesity, diabetes, metabolic syndrome and other ailments which exacerbate the overall health of the individual and the family.
Getting rid of your cable subscription will cut your operating costs and selling your television either online on Craigslist or through a yard sale will yield dollars which you can immediately use to paying back the loan.
2. Get rid of expensive handheld or portable gadgets
If you have an expensive smartphone like an iPhone or a computer, do you really need it when you are severely cash strapped? You can always sell the smartphone and computer online or to a local electronics store and buy a super cheap used phone from that shop, if at all possible, to communicate with your family and friends.
3. Get rid of your vehicle
If you own a car, that is the single most important thing you can consider selling, and if you have a bicycle or a motorbike, that too can be sold. See if you can walk to the grocery store, or ask for a ride from a friend, family member or an acquaintance to go to your appointments such as a doctor visit.
Become a minimalist and run your household as lean and uncluttered as possible during financial emergencies.
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I am Dzoi, a 28 year old Filipina who currently works as a web designer. I am a loving wife to my equally loving husband Sherwin and a mommy cow to my 2-year-old daughter, Sandy.
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