As consumer prices and interest rates have been going up this year, meeting financial needs can be challenging. That’s likely to continue in 2023, so now is the time to financially prepare. Options like an unsecured personal loan or title loan could help you cover some of this year’s expenses and position you for more success in the new year. Here are some ways to meet your financial needs in 2023:

1. An installment loan to consolidate debt

Debt consolidation isn’t the only use for installment loans, but it’s a productive way to end the year if you want to lower your overhead in 2023. This is particularly true if you’re carrying high-interest credit card debt.

Installment loans are personal loans that are typically unsecured, so no collateral is required to be approved for one. Lenders do look at your credit score and credit history when deciding whether to approve you, but some offer less strict requirements. If you get denied the first time you apply, keep searching. There are other options out there.

2. A cash advance to cover your immediate needs

It’s hard to look at next year if you’re struggling to get through today. Cash advances are small dollar loans that can get you a few hundred dollars to cover expenses. You’ll typically repay this loan in two to four weeks, on your next payday.

Cash advances typically don’t require you to have a great credit score or long credit history to be eligible. Lenders will consider additional factors when deciding whether to approve you, like income and employment history. Interest rates on these loans may be higher, but they can get you over the hump if you’re struggling.

3. A title loan to get through the holidays

The holiday season is right around the corner. We’re all hoping that consumer prices come down, but we certainly can’t count on that. If you own a vehicle, like a car or RV, you can use its title as collateral to take out a loan to get through the holidays.

To be eligible for a title loan, you must own your vehicle outright. The loan amount you can receive will be determined by how much your car is worth, and you can typically receive 25 to 50% of its appraised value. If approved for a title loan, you can keep driving your car as you repay what you owe.

4. A line of credit for variable expenses

Setting up a personal line of credit through a bank or online lender is a proactive step that can help you with variable and unexpected expenses in 2023. With this flexible loan, you only borrow what you need. You can keep drawing on funds as needed, up to your pre-determined limit, as long as you keep up your payments. Additionally, you’ll only pay interest on the amount you borrow.

The bottom line

We still have a few months left in 2022, so now is a great time to start financially planning for next year. You can prepare for 2023 by consolidating debt with an installment loan, covering your immediate needs with a cash advance, taking out a title loan to get through the holidays, or setting up a line of credit to pay variable and unexpected expenses in 2023.