You're happily using your stove to prepare dinner, when you notice that your oven isn't working. You fear the worst: your stove needs to be replaced. Unfortunately, the balance in your bank account isn't sufficient to pay for a new appliance. Check out a few ways you can replace your broken appliance when your bank account won't cooperate.
1. Take Out a Payday Loan
Take a moment and look at your budget for your upcoming paychecks. If you will have the money to pay for a new oven in a couple of paychecks, consider taking out a payday loan.
When you take out payday loans, you write the lender a postdated check for the amount that you borrow, plus any fees charge by the lender. The lender doesn't deposit the check until you get paid. Though you have the option to extend the loan, most payday lenders recommend paying it off as soon as possible to minimize the fees associated with borrowing the money.
This option buys you a bit of extra time to figure out how you can rework your budget to pay for a new oven. During this time, you can also explore other ways to get cash, like selling your old appliance for parts.
2. Rethink Purchasing a Brand New Appliance
One way to drastically reduce the cost of replacing your appliance is to purchase a used appliance instead of a brand-new one. Search local resale sites for gently used appliances that meet your needs.
You can also check local appliance stores to see if they are selling any of their display models. Display models are the appliances that customers examine before making their purchases. The display model may have a few scratches, but it should work like a new appliance.
Another place to check is your local scratch and dent store. These stores sell like-new appliances that have a little bit of cosmetic damage for a steep discount.
3. See If You Can Skip One of Your Regular Loan Payments
If you currently make payments on a personal loan or auto loan, see if your lender permits you to skip a payment without penalty. Some lenders permit their customers to skip one loan payment each year for a small fee; the lender doesn't report the payment as missed, and it just tacks the payment onto the end of your loan. The fee for this service is usually substantially smaller than the loan payment. You then have extra cash that you can put towards a replacement appliance.
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