Quick Solutions When You Need A Few Extra Quid*

*This is a collaborative post*

Money is the bane of a lot of people's life. Well for those who don't have it at any rate! If you're anything like me, I find that it's usually just when I'm getting back on track with my finances that something crops up... Most often than not it's car related! So what's a girl (or guy for that matter) to do when you're short of a few quid and in a desperate situation? There are a few solutions but not all are ideal for everyone.

One important thing to remember is not to panic! It won't solve the problem or make you feel any better. The worst thing you can do in situations like this is to make a rash decision that you'll later regret, so take some time to work out what solution is best for you.

Where to get a few extra pounds when you're dire straits...

The Bank Of Mum & Dad

Some of us have parents who can bail us out in times of need which is great because hopefully they won't charge you any interest. Although they might lord it over you for a while... If not, perhaps you have a really good friend or other family member you could ask. Just be sure if you do go down this route that you do pay them back as not doing so could be damaging to your friendships or relationships.

Make Extra Money

This is easier said than done I know, but if you work somewhere where overtime is available then why not ask for a few extra hours?

Blogging is also a great way of making some extra pennies but it isn't instant. I'd been blogging for almost two years before I started making any income from it. It's so much fun but a lot of dedication and consistency is required.

If you have any unwanted items then you could sell them on eBay or on one of the Facebook groups. If the internet isn't your thing or if you don't want to deal with sellers fees and postage, then why not have a car boot sale instead?

Take Out A Payday Loan

This isn't something that should be undertaken lightly as it's not a long term solution to debt or indeed if you have serious money problems. If you are in debt and are struggling then I highly recommend you check out the charity StepChange who I looked up when I was in difficulty. But for a short term solution when you're in need of quick money, a payday loan can be ideal.

So what exactly is a payday loan?

A payday loan is a flexible form of short term credit, designed to be borrowed over a short period. These types of loan are ideal for those who need a quick bit of cash to help deal with a financial emergency.

As it sounds, a payday loan is meant to be paid back within 30 days usually on or before your next pay day. Not to be confused with installment loans which are paid in two or more installments, a payday loan is paid back in one installment.

Most payday loans UK can be applied for online making it quick, simple and straightforward. You can also choose to apply for your payday loan with a specialist payday loan broker such as CashLady. One of the advantages of applying through a broker such as CashLady, other than it being a free service, is that your chances of being approved are increased. Cash Lady are an established short term loan leader who are also dedicated to ensuring that the customer has an easy journey and knows all the information before committing to a loan.

Each loan provider will have set criteria but generally to apply for a payday loan you need to be at least eighteen, a UK resident and usually in full time employment.

Unfortunately there is usually always a downside to everything. With payday loans it's that the interest rate is much higher than with a long term high street lender. And as with most loans, any missed repayments could negatively impact your credit rating.

And Afterwards?

Once you've got yourself sorted for the immediate future, it's then a sensible idea to come up with a long term plan so that you can build some savings to fall back on. That way if you're ever in a sticky situation again you can afford to deal with whatever life throws at you.

For instance, work out a month by month budget and see where you can cut back on spends. Then on payday, put a little of this money away into a savings account or at least somewhere that's not easily accessible. I know myself how tempting it can be to spend money if it's there looking at me in my bank account so it's a much better idea to move it somewhere else. And look at it this way, even if you only put £10 a month away, that will still be £120 at the end of the year. Pennies build into pounds if you just give it time.

Have you ever found yourself in a situation where you needed money and fast? Or perhaps you've had to take out a payday loan before? What are your thoughts on this?