8 Unusual Uses For Cash Loans
What do you think?
Personal cash loans are usually thought of as small loans people take out to pay off a grocery bill or repair a dent in the car. The maximum amount a payday borrower can ask for is usually around $1,000. That's not a lot of money to start anything new. However, some borrowers have found unique ways to use their funds.
Consider this: If you buy clothes using your payday loan money, you will sink deeper into debt.
However, if you use that money to do something that will make you richer, then you would be making a sound financial decision.
Here are similar good uses for such funds:
1. Paying off the Mortgage
If your mortgage is crushing you, you can use cash advance funding to pay it off. Fully paying off the mortgage as soon as possible has many benefits for you in the future. The value of your house normally goes up as it matures. So, once you completely own your house, you will be richer in terms of net worth.
2. Financing a Small Business
You must always try to use your cash loan money wisely. If you own a business, you can use such funds to finance a small expansion. Soon enough, you will be able to reap in the benefits. Financing a small business is an investment. You will make more money in the future if you invest in your business and improve it. So, if you do this, your personal loan debt will be much easier to pay off too.
3. Buying a Laptop
A decade ago, buying a laptop would have seemed like an indulgent purchase. Not anymore. Having a laptop means you have a better chance of making money. You can easily search online job ads without having to rely on outside resources. More importantly, you can start a freelance career from home if you own a laptop. So, rather than a vanity purchase, a laptop can be the gateway to a lucrative future career.
4. Growing an Organic Vegetable Garden
If you want to grow some vegetables, you can do it for free. But if you want to grow organic vegetables like a professional, you will need some capital. You can use the money you borrow from a lender to start a small organic garden at home. Later, you can grow this small garden into a business, and your debt woes will be as good as gone. You will be more than able to repay the original amount you borrowed.
5. Investing in the Stock Market
People usually want to save money to invest. However, if you are living from paycheck to paycheck, saving is only a dream. You should not let this reality keep you down from making money. Investing is a good way to earn some extra cash each month. You can conveniently use the money you earn by investing to pay off your existing debt and household bills. So, use your loan funds to invest in the stock market. Start small first, and later you will be able to invest much more.
6. Funding an Arts Project
If you are a writer, a painter, a musician or an artist of sorts, cash is hard to come by. The arts professionals are often the lowest paid in the country. You might need to complete a project, but cannot because you are working a menial job to survive. You can give yourself a break by taking out a payday loan. Use the funds for everyday expenses while you finish your painting or book. Once the project is done, you will be able to profit from it commercially and repay your debt.
We all dream of travelling but most of us never seem to have the money. You can use loan money to travel. You can later blog about your travels or sell pictures to make some money. Use this money to pay off the debt. You will kill two birds with one stone.
8. Taking an Online Class
Education is important for future financial success. These days, there are online classes that you can take from home to beef up your resume. For example, if you are a designer, you can take an online class from a reputable university. Most these classes are free, but you can get a certificate if you pay a course fee. This certificate will certainly come in handy when you next look for a job.
Do not waste your personal loan funds buying goods that have no value in the future. Use it for something good that will increase your income or overall wealth in the future.