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i need cash, but have a low income job. whats best way?

sammy789
sammy789 Posts: 1 Newbie
in Credit cards
like it says in the title. im in a low paid job but i need some cash, whats the best way for me to do this?

thanks

Comments

  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    sammy789 wrote: »
    like it says in the title. im in a low paid job but i need some cash, whats the best way for me to do this?

    thanks
    It depends on the reason you want the money for.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • chattychappy
    chattychappy Posts: 7,302 Forumite
    HappyMJ wrote: »
    It depends on the reason you want the money for.

    Why? I don't think the reason makes any difference..

    OP: do you really need "cash"? Or do you need to buy something that could, for example, go on a CC. What is your income? How long do you need it for - how much spare income do you have out of which to make repayments? What is your credit history like? What are your prospects for increasing your income (or chances of losing your income)?

    I'm assuming you want to borrow. Obviously you can raise cash by selling or begging off friends!
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    chattychappy wrote: »
    Why? I don't think the reason makes any difference..
    Of course the reason matters and makes a difference. If it's to buy a car as the old one has to go then a personal loan is better than a credit card. If it's to pay a bill then money does not need to be borrowed at all as all bills can be renegotiated and no payment made this month.

    If it's for food or to top up the electric meter as the OP has no food or credit then an interest free crisis loan from the DWP is the cheapest.

    If the money is needed to pay for a bus ticket or fuel to get to work then most employers will oblige by advancing a bit from the next pay packet.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • blitzboy
    blitzboy Posts: 477 Forumite
    sammy789 wrote: »
    like it says in the title. im in a low paid job but i need some cash, whats the best way for me to do this?

    thanks


    Get a 2nd job and earn the extra cash
  • Bravehearted_2
    Bravehearted_2 Posts: 669 Forumite
    chattychappy wrote: »
    Why? I don't think the reason makes any difference..

    OP: do you really need "cash"? Or do you need to buy something that could, for example, go on a CC. What is your income? How long do you need it for - how much spare income do you have out of which to make repayments? What is your credit history like? What are your prospects for increasing your income (or chances of losing your income)?

    I'm assuming you want to borrow. Obviously you can raise cash by selling or begging off friends!

    Of course the reason matters. Different cash requirements have different solutions e.g loan vs credit card vs sell stuff etc
  • jon142
    jon142 Posts: 277 Forumite
    do NOT use payday loans!
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    jon142 wrote: »
    do NOT use payday loans!
    There are also legitimate reasons to take out a payday loan if there is no other access to credit and the reason is appropriate such as emergency dental treatment or emergency vet fees when waiting for a credit card to be approved would be too long.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • jon142
    jon142 Posts: 277 Forumite
    HappyMJ wrote: »
    There are also legitimate reasons to take out a payday loan if there is no other access to credit and the reason is appropriate such as emergency dental treatment or emergency vet fees when waiting for a credit card to be approved would be too long.

    I can understand however the OP has little money as it is, a Payday loan will almost certainly put them in a worse position.
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