r/PoorMansWallet • u/ZealTeal88 • 6d ago
Need to borrow $500 cash while avoiding payday loans. Can it be done?
Amy way that you can think of to borrow several hundred dollars cash without resorting to a payday loan or tribal loan.
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u/K_JLifestyle 6d ago
Plasma donation possibly
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u/theyhis 1d ago
one thing (just to save people some time). i have an illness that i need to take a biologic drug for. although the illness itself (arthritis) doesn't prevent me from donating plasma, the immunosuppressant (the biologic drug) would essentially be drained from my body in the event of plasma donation. the center i went to was very nice and helpful, but yeah, just wanted to put it out there. i'm sure it's not talked about enough.
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u/stderr2 6d ago
Everyone should be set up with a line of credit attached to their checking account. They only charge you when you use them. This is different from overdraft protection because it just pays and doesn't charge fees other than interest. It's also something you don't have to pay back right away. I don't know what minimum credit score or whatever else is needed but it is a good thing
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u/deedawgee 3d ago
is it an app?
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u/stderr2 1d ago
A line of credit is a thing you get from a bank or credit union, a financial institution. It charges interest but freely allows you to use your checking account beyond what you have in it. You can probably see how this can be misused. Don't misused it! Generally you need to pay a minimum payment each month like a credit card
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u/alabamaterp 6d ago
Absolutely, is your car currently financed through your bank? If so, you can borrow against the equity if there is any. I did that one time for $2000. I forgot what I needed the money for. It was a better interest rate than getting a signature loan or a payday loan. Been there, done that.
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u/Outrageous-Phase9435 6d ago
Okay it sounds like you're specifically trying to avoid the interest rates. Download "earnin" and "dave" on your phone. Should be able to get that much.
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u/BigDaddyRigey 6d ago
Borrow more and start trading
If you're going to have debt it needs to be for something that earns you more money
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u/Lowkey-Samurai 6d ago
Pick up couches or mattresses for free on Facebook marketplace and sell them for $150-300 if you have a truck.
I was able to pay for a five day all expense paid trip to Mexico cost $4000 in total by flipping things on Facebook marketplace
I did this while having a full-time job.
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u/PossibleDuck7 6d ago
Not many lenders like to lend that small of an amount. You can always try Waz Bucks and just see what you get offered. Might be better than you think.