Latest news with #financialemergency
Forbes
4 days ago
- Business
- Forbes
How To Go From Zero To Client In Less Than 24 Hours
We've all encountered those moments where a financial emergency strikes and we need a few hundred dollars immediately to cover an unexpected bill, medical fees, repair, or other urgent expense, like a loan or debt repayment. Whatever the reason, when a financial emergency calls, it's easy to get anxious and overwhelmed, especially if you're out of work or employed with a fixed salary by an employer who has no intentions of increasing your pay anytime soon. And to be frank, no doubt, your browser history is filled with multiple Google searches like 'how to make money quickly,' 'how to make money fast,' 'how to make $100 in a day,' etc. But as much as survey websites and mystery shopper sites and other quick money and scam sites may promise or guarantee your first $100 within a day, deep down, you know that isn't true. There's no legitimate way to make money overnight. Definitely not a few hundred dollars. Getting rich quick is a fable, and you know it. So, why is this article titled, How to Go from Zero to Client in Less Than 24 Hours? The reason is because although you can't make money overnight, you technically can if you already have the right systems in place. If you're the casualty of a round of layoffs, broke, or stuck in overthinking mode, you can quickly create a system which allows you to land a client fast at the times when you most need the money. By the term 'systems,' this means you need to have strong networking skills and an online presence. This doesn't necessarily mean that you have millions or even thousands of followers, but what it does mean is that you create a memorable brand that sticks online, and you've developed some reputation for caring genuinely about people and their needs, not just the business they can bring you. Having a system means that you have a solid, clear, undeniable offer statement in place, and a service or product with a quick turnaround in an in-demand area. These elements as your foundation will enable you to go from having zero in your bank account to having $100, $200, or several hundred dollars in your bank account within the next 24 hours. Let's break this down into steps: When deciding to launch a business, start freelancing, or grow a side hustle, we often overcomplicate things because we assume that we need something big and grand to get going. No, you do not. All you need is to use a simple skill that you already have to solve a highly specific problem that has a large enough audience for it to be in demand. Identify the one thing that you're naturally good at and connect it with a pain point in your target audience. It doesn't need to be your life's calling or something you do for the long term, but it can be something that you use to tie you over when finances are tight or in between jobs. To create your clear offer statement, you can say something like, I can help you achieve XXX so you don't have to struggle with XXX . The first part of this statement needs to be results-driven. Examples: resume revamp, video editing for Instagram and TikTok, email marketing sequences for solopreneurs in specific industries Why rewrite the script and start from scratch when you could use what already exists? Instead of making life harder, building a brand new website and expecting people to view it and buy your offer in 24 hours, utilize the sites where traffic already naturally flows. Go where there is a proven ecosystem, like Nextdoor, Upwork, Fiverr, Facebook groups, and LinkedIn Services. This enables you to start quickly and gather proof that your idea actually works, before committing to establishing a long-term platform. Instead of charging excessively at this point, your goal is to play modest with your offer's price, but overdeliver with the results. This is why it's essential to pick a very quick-and-easy-to-deliver service, because it allows you to complete relatively quickly, while giving you room to add more value and increase the quality of your output. When you overdeliver and surprise your client, especially within a short time-frame, this leads to them wanting to work with you again in the future. But more than this, you establish a portfolio rapidly, and they're more likely to give you a glowing testimonial or review at the end. This makes it ten times easier for you to secure your next client, because you have proof of work, and evidence that what you say you do, actually does as advertized. This is how you approach making money and boosting your salary in 2025. Not with sham sites that sound too good to be true or reward you with peanuts for hours of work, but with a simple skill, delivered exceptionally well, packaged in an unbeatable, concise offer, and promoted where your audience is already actively shopping for it.
CBS News
15-05-2025
- Business
- CBS News
What happens if you can't pay back a payday loan?
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. Falling behind on a payday loan could result in big trouble for your finances, but there are ways to tackle the issue. Getty Images Payday loans are marketed as a fast fix for financial emergencies, offering quick cash — generally in amounts of $500 or less — to cover unexpected bills or expenses between paychecks. You borrow the money and the payment is due a couple of weeks later, along with the associated fees and interest. That can help you bridge the gap between your paychecks and financial needs when you don't have access to other borrowing options, but what starts as a temporary solution can quickly turn into a cycle of debt that's hard to escape. After all, between the sky-high interest rates and aggressive repayment terms, payday loans can turn a few hundred borrowed dollars into thousands of dollars owed in just a matter of months. For example, the typical $15 per $100 fee on a two-week payday loan equates to paying an annual percentage rate (APR) of nearly 400%, according to the Consumer Financial Protection Bureau (CFPB). That makes the nearly 22% average rate on credit cards pale in comparison. And if you can't repay the money you borrowed by the due date, which many borrowers can't, you're often forced to roll it over, triggering more additional fees and interest. For those already living paycheck to paycheck, repaying these loans on time can be nearly impossible, especially when basic living costs like rent and groceries are also piling up. If you've taken out a payday loan and find yourself unable to repay it on time, it can be incredibly tough to dig your way out. But while payday loan companies can be aggressive, you do have rights, and there are ways to take back control of your finances. Find out what your debt relief options are now. What happens if you can't pay back a payday loan? To start, it's important to understand that payday lenders operate differently than traditional banks or credit card companies. Many require access to your checking account upfront, so if you miss a payment, they might attempt to withdraw the full amount due, plus fees, directly from your account. This can result in a cascade of overdraft charges from your bank and leave you without enough money for essentials. Here's what else typically happens if you can't pay a payday loan on time: Additional fees and interest : Every time you miss a payment or roll over the loan, the fees pile on. In some cases, borrowers end up paying more in interest and fees than they originally borrowed. : Every time you miss a payment or roll over the loan, the fees pile on. In some cases, borrowers end up paying more in interest and fees than they originally borrowed. Aggressive collection tactics : Payday lenders are notorious for their collection methods. While they are subject to federal and state laws (including the Fair Debt Collection Practices Act), some may use harassing phone calls : Payday lenders are notorious for their collection methods. While they are subject to federal and state laws (including the Fair Debt Collection Practices Act), some may use Damage to your credit : While many payday lenders don't report to major credit bureaus, some do. And if your account goes to collections, that debt could show up on your credit report : While many payday lenders don't report to major credit bureaus, some do. And if your account goes to collections, that debt could show up on Lawsuits: In extreme cases, a lender may sue you Despite the pressure payday lenders can apply, it's important to remember that you can't go to jail for failing to repay a payday loan. However, some unscrupulous lenders may still use scare tactics to suggest otherwise, so don't fall for it. And, there are also some strategies you can use to try and tackle what's owed to a payday lender — which could make it easier to get out of the debt cycle you're trapped in. Take steps to get rid of your high-rate debt today. What debt relief options can help get rid of a payday loan? If you're feeling overwhelmed and can't keep up with your payday loan payments, it may be time to consider other solutions. Here are some of the most effective strategies: Debt consolidation With good enough credit, you may be able to take out a loan with a lower interest rate to pay off your payday loan in full (as well as any other high-rate debts you want to get rid of). This lets you consolidate the debt into one monthly payment, usually at a much more manageable rate and with a longer repayment term. Credit counseling Credit counseling agencies can help you create a debt management plan that lowers the cost of your debts while streamlining your monthly payments. As part of this process, the credit counselor will try to negotiate lower interest rates and fees with your creditors. While not all payday lenders will agree to work with you on your debt, some will. Debt settlement In some cases, you can negotiate directly with the lender (or with the help of a debt relief company) to settle the payday loan for less than what you owe. Be aware, though, that your credit may take a hit, and there may be tax consequences if a large portion of the debt is forgiven. Bankruptcy If payday loans are just one part of a much bigger debt problem, filing for bankruptcy may be an option worth considering. Chapter 7 bankruptcy can discharge unsecured debts, including payday loans if you qualify. It's a serious step, but it can offer a clean slate for those with overwhelming financial burdens. The bottom line Falling behind on a payday loan can be scary, especially when lenders start applying pressure. But no matter how dire things feel, you do have options and you don't have to go through it alone. Reaching out for help from a certified credit counselor or a debt relief professional can be the first step toward breaking the payday loan cycle and building a healthier financial future. Payday lenders count on borrowers feeling trapped and desperate. But don't get discouraged. Even if you can't pay back your loan right immediately, taking action now can help you reclaim your finances and peace of mind.
