Earn or Borrow: Pros and Cons of Each Way

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People usually avoid loans but sometimes it is the only right way to get extra money. Check all the pros and cons and choose the best solution for your financial needs

Life troubles always appear unexpectedly. Sometimes we need to take money urgently somewhere, and there is little time to get it. We will talk about ways to quickly find money, among which there are options for earning and borrowing.

We will also talk about the riskiest options that we recommend abandoning.


Online Lending Advantages

It is the easiest and fastest way to borrow money, but microcredit will not help you out for a long time. Agree that living by closing one loan and at the same time opening the second is not very comfortable. Thus, you can easily drive yourself into a debt hole, from which you will have to get out for a long time.

Of course, no one is immune from unforeseen circumstances when funds are already needed. And spending time looking for part-time work is just pointless. In such cases, microfinance organizations are best used. They usually offer microloans and loans without additional paper red tape. A very good way to get money.

Getting money, even having a bad credit history, is possible. To do this, you need to use special services to provide such services online. Payday loans for bad credit will help you get the right amount for a certain period.

Choose only from proven companies that are licensed for credit services. So you definitely will not become victims of fraudsters who lure people and then demand to return exorbitant amounts.

Online Lending Advantages

What people usually used a payday loan (Source: Payday Loans: Market Trends)

Work and Work Again

If you already have several open loans, the first thing you can do is get a part-time job (including work on the Internet). In other words, not get into the next debts, but simply earn the necessary amount. It’s not that easy, but it’s possible.

Usually, such a method helps those who do not need the loan immediately. That is, money is needed urgently, but not instantly. If you have the slightest probability, try using it.

Two points should immediately be clarified:

  1. In such ways, they do not earn millions. But you can easily find a part-time job that will give you additional income. Some freelancers (a specialist who works for many customers, often from home on a fee schedule) are building up the customer base and gradually turning initially additional income into a permanent one.
  2. With the search for an employer, you should always be careful: work only through verified sites, at least basic check the customer on the Internet, and, if possible, take an advance payment. Good services are those where the customer throws money into the account, and they are credited to you automatically after the work is done. This guarantees both the customer and the contractor.

Part-time or Permanent Income

If there is some time to find money, you can earn it yourself and do without a loan. Even if you have to borrow money, additional earnings will be needed to pay the debt. Consider a few simple options for how to make some money quickly.

Several ways to earn money on the Internet:

  1. Sale. Whether it’s handmade goods or the old things you don’t use. There are many sites for such a transaction. Think about which product you can easily implement; it is advisable to choose what is relevant. And earning a certain amount will not be difficult.
  2. Write promotional articles, translate texts. On special exchanges, you can find a lot of tasks of various types, from writing reviews under a specific mobile phone to translating an article on medical topics. If you never wrote anything, then start with simple orders where you need to write on forums. After that, you can read how to write SEO texts and try to get a similar order. In such sources, you can find both one-time tasks and a regular customer. If you are a designer, developer, SEO specialist, foreman, a specialist in context advertising or video editing, you will find a part-time job for yourself on these services.
  3. Become an online tutor. If you can teach anything, try finding students on the Internet. You will be able to work online or go offline. Find the right schedule. You can train by Zoom, Skype, or video communication in instant messengers.
  4. Become a streamer. Do you like to play computer games? Why not try yourself as a streamer? It is a person who hosts live video broadcasts on special platforms. Initially, streamers recorded only videos where they go through computer games. They can conduct reviews of games, conduct a talk show live, comment on other people’s games. Popular streamers make very good money. You can earn money in several ways. The first is that viewers make voluntary donations because they like the broadcast or want to order a song/action on the air. The second is the advertiser pays for advertising their product in strips.
  5. On job search sites, you can often find one-time earnings. People need the services of a courier, homemaker, gardener, babysitter for a child, or an assistant in the kitchen for several days.

Interesting fact: The Canadian Payday Loan Association reports that nearly 2 million Canadians use payday loans each year.

Where You Shouldn’t Look for Money

We list the most dangerous ways you can find on the Internet to quickly get money:

  1. Casinos and slot machines. Attempts to win casinos are useless, although sometimes newcomers are lucky. It is almost impossible to earn money in the Casino because everything is set up there so that customers leave more money there than they take. It is casinos that always win, otherwise, they would not exist.
  2. Playing on the currency exchange. Trading on Forex for earnings on currency fluctuations is too risky. Changes in the exchange rate of a certain country can be predicted if it knows its market well, monitors political and economic news, and understands how they affect the national currency exchange rate.
  3. Binary options. Another almost 100% way to lose all the money is to try to earn money on binary options. The game on the principle of “all or nothing” is associated with risk. Rates are made to guess the direction of price movements for certain assets (growth or fall) and the maximum or minimum price level.

You can quickly find additional part-time work and even permanent remote work on the Internet if you have certain professional skills. On special exchanges, it is easy to find additional one-time earnings. You can use the services of MFIs in cases where money is needed immediately and wait several days; there is simply no way.

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