Places you can borrow a Money

There are many reasons you might need extra cash. There could be a family emergency or you could simply need some time off to enjoy that vacation of a lifetime. But sometimes your available funds just are not enough. So what are your options when it comes to getting that extra cash? You might not know – but there are many options when it comes time to borrow money. But finding the source of funding that suits you can be tricky. Here are some options that you should consider.

1. Banks.

Financial institutions are usually our first Port of Call. But personal loans can be pricey in terms of interest charges. You might have some wriggle room if you are an existing client – and have a good credit record. It’s certainly worth checking with them.

2. Credit Unions.

This option may not spring to mind immediately – in part due to the reputation that Credit Unions have far as becoming a member – but that reputation might be undeserved, especially when it comes to the amount of interest you will be paying on your loan. The downside is that you have to be a member – and the requirements can be stringent. On the flip side of the coin, if you have family who are already members, they can make a serious recommendation.

3. Online.

We live in a world where the Internet is king- and that has meant that online lending is now possible. There are advantages to taking out a loan from an online lender – for one thing, your loan is typically approved very quickly. But caveat emptor (beware the buyer as it is said in Latin). You need to do your research – check-up to see if that loan provider has a good reputation. A simple Internet search will usually provide you with the information you need to decide if that source of a loan is right for you. Once you’ve established that they are right check with your financial institution to see if they can beat those interest rates.

4. The Payday Option.

Payday loans attract enormous interest charges due to their short-term nature. If you are struggling to make ends meet during a specific month (and unexpected costs do rear their heads) they are a viable option as far as bridging finance is concerned. But be aware that the money will usually have to be paid back when you next get a paycheck (the next month). If you do your numbers you’ll find that you can be paying an interest rate of around 400% (if calculated annually). this is not a great idea. But in emergencies, it’s worth considering. Just don’t roll over the loan into the next month.

5. Get rid of it.

As painful as it may seem sometimes your neighborhood pawn shop can be a friend. If you really need ready cash then take a good, long look at your possessions. Dispose of things that are not vital. Do you really need the dishwasher – you’ve got a sink. You can get a loan from them – but you are going to pay big time. Just get rid of the dishwasher or that coat you haven’t worn in two years. If you need cash in hand it’s an easy solution.

6. Friends and family.

Put your pride in your pocket. these are folks who care. But always know that you are going to have to pay it back – and know that you need to do it quickly. Nothing will sour a relationship quicker than money owed.

When all is said and done, you have options. But think carefully. Do your research. Don’t be impulsive.