How to Consolidate Your Savings and Expenditures
When you’re in a situation where you are in dire need of extra cash and you’re loan application was turned down, there are still hopeful ways to think through this following some of these helpful suggestions.
Put on Sale Your Collectibles and Other Items
If you are a collector, then it’s time to turn these collectibles into cold cash. It may be a sacrifice in parting with your valuable collections, but this is still a better option to acquire cash than getting into deeper financial difficulty. It’s either you look for private buyers or go to auction websites where you can select sites which sell memorabilia like you own collections. As soon as you have found a good site, you may be required to pay a registration fee or pay for commission once your item is bought. Try working on your other items as some people might have interest on them. There are online companies that are interested in buying wine corks, toilet paper rolls, broken electronics, and even hair.
Get Cash by Selling Your Car
If there are no encumbrances in selling your car, then have it auctioned so you can raise more cash. When you sell your car, you benefit from paying for road tax, insurance and fuel. Consider your options, either you go online and look enlist in auction websites or you look for companies which offer good scrap car prices for old models.
Try to Get A Loan
A loan rejection is not necessarily the end of it, you can still look for other loan providers who are just as willing to loan out at a higher rate than that from the bank. Just be sure that you have weighed carefully the terms and conditions of the loan provider, including the interest rate.
Exploit Your Assets
If you have investments, it may be difficult to liquidate some of them but there are other sources where you can optimize by tapping on your assets. Try liquidating your premiums of your life insurance policy and replace your insurance with a more inexpensive life term policy. You may also try tapping your certificate of deposit ahead of its maturity date, but pay for the penalty equivalent to six months of interest for cashing out your deposit ahead of the maturity date.
By hiring yourself out, you will add your earnings by looking for part-time jobs, such as baby-sitting, tutoring, dog-walking, pet-sitters, research assistants, and many online jobs that you can qualify in.
It matters a lot, even if it’s a tall order for you, but by allowing yourself to choose these options and going through it has, at the very least, already paved the way to ease you out of your financial problems.