Advanced Tactics For When You Are Waiting On Your Money
Have you ever been in that most frustrating of positions when you know there’s money in the pipeline, but it’s taking its sweet time in reaching you? Indeed, it can be very frustrating because your bills and responsibilities don’t stop just because there’s a delay in your cash flow, something that means you can get behind and incur all the penalties, both financial and otherwise, that go along with this. The good news is some strategies can help you cope when you are waiting on money to get to you and they usually rely on an advance of some kind. Keep reading to find out more.
Factor that invoice
The first solution to a cash flow problem relates primarily to businesses because it relies on having invoices due that have not yet been paid by your clients. Luckily, by factoring an invoice you can release the majority of its value for immediate use.
Of course, the factoring service will include a fee, so you won’t get access to 100% of the funds. However many people choosing this option are happy to trade this off because it releases money into their account quickly, and without having to take out a loan.
Get a probate cash advance
Another situation where you may be waiting on money that you know will come to you eventually is when there is a hold-up in the proceedings of a will. Indeed, many things can get in the way of will executions such as delays with the legal team or appeals from other beneficiaries.
Fortunately, there is a process in place that you can make use of if you do find yourself in this position. It’s to apply for a probate cash advance while you are waiting for the will to be completed. Of course, there are some benefits and disadvantages to getting a probate advance to consider before you make your choice, so be sure to educate yourself on these as you come to your conclusion.
Use a payday loan company
Another type of advance that you may wish to use if you are waiting on money that you know is coming your way is a payday loan. Indeed, the whole concept of payday loans is based on the fact that they advance you an amount, and when your pay hits your account, on payday, you pat them back.
It is worth noting that payday loans are only meant to be a short-term fix for your situation. It is because of this that they are relatively quick and easy to apply for and payout almost immediately. They do, however, have vastly inflated rates of interest apply to them in most cases, so it’s vital that you check this before going ahead.
Use your overdraft
Last, of all, you may wish to dip into your overdraft facility if you are wanting money coming to you. Almost like an advance to yourself from your account. Of course, before you choose this option it’s best to check whether you have an interest-free overdraft. Otherwise, you could run up substantial fees on your account.