Author Topic: “Quick money” loan  (Read 2100 times)

FrugalSaver

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“Quick money” loan
« on: March 02, 2022, 04:54:53 PM »
A colleague lost their job and through a series of bad choices is left with no money and in need of about $3,000 to cover the next 90 days while they find a job.

Any ideas? Hard money lenders will take several weeks

HPstache

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Re: “Quick money” loan
« Reply #1 on: March 02, 2022, 05:00:41 PM »
A colleague lost their job and through a series of bad choices is left with no money and in need of about $3,000 to cover the next 90 days while they find a job.

Any ideas? Hard money lenders will take several weeks

Anything big to sell?  Extra vehicle, etc.?  Can they have a garage sale?

Paper Chaser

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Re: “Quick money” loan
« Reply #2 on: March 02, 2022, 05:04:33 PM »
Get a job  just to have some money coming in? Plenty of places will hire on the spot. Many are paying daily or weekly.
A $13/hr job working fast food/barista/retail would be more than double the amount you're talking about in 90 days.
Amazon warehouses all start at more than that and have benefits from day 1.
Having zero cash, and considering a loan to cover expenses seems crazy to me in this job market. Swallow the pride and avoid crazy interest rates from seedy lenders.
« Last Edit: March 02, 2022, 05:08:58 PM by Paper Chaser »

SunnyDays

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Re: “Quick money” loan
« Reply #3 on: March 02, 2022, 08:27:30 PM »
^^^^^

Exactly.  If the colleague is expecting to find an equivalent job, they might be waiting longer than 3 months.  With no money and bills due, any job (or 2) should be acceptable.  If it isn’t, there’s a bigger problem.

For immediate cash, can he/she sell blood or plasma?

less4success

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Re: “Quick money” loan
« Reply #4 on: March 02, 2022, 09:40:14 PM »
Is Lending Club still a thing?

ChickenStash

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Re: “Quick money” loan
« Reply #5 on: March 03, 2022, 07:23:21 AM »
Credit cards? Either just for handling day to day spending or personal loan/cash advance.

cool7hand

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Re: “Quick money” loan
« Reply #6 on: March 03, 2022, 07:44:51 AM »
Ask family and friends for help? That's what we'd do.

Chris Pascale

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Re: “Quick money” loan
« Reply #7 on: March 03, 2022, 09:40:55 AM »
I'd end up using cards and a cash advance.

If it there wasn't a light at the end of the 2-month mark, and I didn't want to just work anywhere, and I didn't want to drive for Uber, I'd withdraw what I could penalty-free from my Roth.

So:

 - Cards and cash
 - Roth withdrawal
 - Fast job
 - Drive Uber, or something like that

Can they tutor math? I was something like $60 per session last year.

clarkfan1979

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Re: “Quick money” loan
« Reply #8 on: March 03, 2022, 09:50:45 AM »
A colleague lost their job and through a series of bad choices is left with no money and in need of about $3,000 to cover the next 90 days while they find a job.

Any ideas? Hard money lenders will take several weeks

If this was me, I would apply for restaurant jobs as a waiter at 5 different restaurants. If I didn't get anything within one week, I would then do the same thing at fast food restaurants. I would also ask about their policies for bringing home food that didn't sell, so I could feed my family.

I would have a garage sale and get rid of stuff that I don't use. I'm guessing that I would be able to generate at least $500.

katsiki

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Re: “Quick money” loan
« Reply #9 on: March 03, 2022, 01:50:04 PM »
Is Lending Club still a thing?

Yes, it is.

A personal loan would work if the person has good credit.