Media contact: Janet C. Hart, APR, CFEE (704) 927-8617 office
N.C. -- Many people are struggling financially right now. If you need to
raise some cash to help bridge the gap until your next payday or until the
holidays are over, the BBB has a list of the best and worst ways to raise quick
Title Loans – This is the worst way to raise cash. A title loan is
secured by placing a lien on your vehicle’s title. If you don’t make the
payments, the lender will repossess your car, leaving you in a much worse
financial situation. Title loans are illegal in N.C., but not in S.C.
Advance Fee Loans – There are many unscrupulous lenders who “guarantee”
they can get you a loan for an advance fee that you pay as “collateral” or
“insurance” on the loan – because you have bad credit. You will be
instructed to wire the advance fee to another country, and then you will not
get the loan. Advance fee loans are illegal in N.C., but not in S.C.
Payday Loans – A payday loan is a short term loan with a very high
interest rate that you pay back on your next payday by giving the lender a
post-dated check. This starts a vicious cycle of spending your paycheck
before you earn it, and it takes people on average EIGHT MONTHS to break free
of Payday Loans. Payday loans are illegal in N.C., but not in S.C.
4) Maxing out your credit cards – Cash
advances from your credit cards are very expensive. You will not only pay
interest that may approach 36%, but you will also pay cash advance fees.
Pawning Valuables - A pawn shop will usually loan you about 25% of what
the item is worth and you have to pay that amount back with interest usually
within 30 days or the pawn shop will sell the item you pawned. Never pawn
something that you would hate to lose.
1) Sell stuff – Those collectibles you
have - beanie babies, baseball cards, autographed memorabilia, Christmas
villages - may be worth some money. Check out eBay or Craigslist to see
what you can sell!
2) Have a garage/yard sale
– It’s quick, easy and inexpensive.
3) Sell your gold or silver
local jewelry stores buy gold, silver and coins. Be sure to find out how much
you will get before you commit to selling.
4) Free-lance – Are you a good
writer? Web designer? Photographer? Market your skills as a
free-lancer and earn some extra money on the side.
5) Work part-time or get a
seasonal job –
Why not get a part-time job at your favorite store? Make extra money and
get an employee discount!
more information, please visit www.bbb.org or
call 1-877-317-7236 toll-free in N.C. and S.C.