When you’re getting paid early is a good thing, right? And when it happens because you’re in a financial jam, that’s even better. You can get yourself out of a tough situation quickly and easily with one of the following methods:
Receive payments on a prepaid card
If you’re worried about your paycheck getting lost in the mail, consider using a prepaid card. These cards have similar features to credit or debit cards and can be used to pay bills, buy groceries, and more. If you choose this option, make sure that your employer is aware of it so they can deposit your pay on time and you are sure to get your paycheck early.
Get a short-term loan
If you need cash in a hurry, don’t think of it as borrowing money—think of it as renting your money. In this case, you’re renting it from the bank.
This is one of the few times when getting a payday loan can actually be helpful.
Most people think that payday loans are dangerous and should be avoided at all costs, but if you have no other options available to you (and many people don’t), then they’re actually very useful tools for getting paid early or making ends meet until the next payday arrives. However, it is recommended avoiding them if at all possible because there are better ways to borrow money than through these types of loans.
Use an auto title loan to get payment early
If you’re interested in getting paid early, a title loan could be your best option. A title loan is a form of car title lending that allows you to borrow money against the value of your vehicle and receive the cash in hand immediately.
It’s an easy way to get some quick cash with no credit check required and no collateral needed beyond the car itself—and it can be done online or over the phone, so there are no long waits at inconvenient locations during business hours.
According to SoFi experts, “Set up a direct deposit to automatically get your pay up to 2 days early every time you get paid.”
Installment loans pay you early
If you’ve been working on building your credit and want to take advantage of the higher credit scores that come along with it, installment loans might be the answer. Unlike payday loans, installment loans pay you early. You can use this money for anything you want—bills, groceries, or even to buy a new car!
Cash advance apps
If you need quick cash but don’t want to risk getting into debt by borrowing from a traditional bank, then cash advance apps are the perfect solution. They’re easy to use and easy to get approved for—which is perfect if you have bad credit.
There are a few different factors that determine whether or not a company will give you a loan through their app: your income level and job status (whether or not you have one), how much money they think they can reasonably expect from collections (if there’s no external collateral), and what kind of credit score they have on file. The higher all three scores are, the better your chance of being approved for whatever amount they offer.
If you have a job, getting paid early is likely not possible. However, if you’re self-employed or if you run your own small business, then there are many ways you can get paid early. So the key is knowing how and when to ask for the money!