It is not uncommon for people to fall into debt. This happens for several reasons.

  1. Because of financial illiteracy. When expenses exceed income, it will obviously lead to debt and an inability to pay it back. When expenses increase day by day, it leads to loans or borrowing that end up being very difficult or even impossible to pay back. More details at the link:
  2. Because of the loss of one’s main source of income. For example, a person loses his or her job and has several loans to buy home appliances and also runs out of credit limit on a bank card. There are either no savings of one’s own, or not much at all. This, too, can lead to debt.
  3. Due to force majeure. Such circumstances can be natural disasters, accidents, or illness. Such force majeure situations pull in additional costs, which can lead to the inability to pay back debts on loans and credits.

What to do when you have debts, but no money?

  • The first way is to earn money. For example, find a part-time online or weekend job. Reconsider your current job, your experience in this position and think about changing your job to a higher paying one. Take another large loan secured by an apartment, a house, or a car. This type of loan is quite risky, because there is a chance in the bank’s refusal or loss of property if there is no money to repay the loan. It can still be a way to pay off many small loans with one big one.
  • Borrow money. Undoubtedly, it is possible to borrow money from friends, colleagues, relatives. The main thing is that they should have the necessary amount of money and not have to pay it back at short notice. It is better to talk about this right away during the borrowing process.
  • Lombard. You can apply for money in a pawnshop to get money. But to do this, you need to pledge household appliances, office equipment, jewelry, precious stones or metals. You can also leave your car in a specialized pawnshop as collateral.
  • Application. You can easily get money to pay off debts in a cash advance app. In just 15 minutes, you get the necessary amount of money without a certificate of income, without guarantors, without collateral. All you need to do to apply for the loan is to follow the app’s prompts. At the moment, this is the most convenient and modern method to get money quickly. If you want to get money quickly using your smartphone, you will just need to install the app. This way you will be able to always have access to the money and use this option if necessary.