Whether you get an unexpected bill or need to cover essential day-to-day expenses, borrowing money is sometimes necessary. Luckily, there are a few places to find a loan these days. From asking a loved one for a favor to working with an online lender, here are three ways you can borrow money today:
Borrowing from an online lender
Online lenders are lenders that allow you to fill out an application, get approved, and receive a loan all from the comfort of home. These loans can be a great borrowing option if you need fast funds, since they often come with an easy application process that you can complete in just a few minutes. If approved, you can receive the funds as soon as the same day you apply.
Here are some online loan options that may be at your disposal:
- Cash advances: Cash advances are short-term, small-dollar loans that can help tide you over until your next payday. These loans can typically provide you with a few hundred dollars.
- Lines of credit: Lines of credit are flexible loans that let you withdraw funds as needed, up to your set credit limit. Then, you’ll repay what you owe all at once or over time.
- Installment loans: Installment loans are short-term loans that let you receive a lump sum of money upfront. You can then repay these funds in fixed monthly payments, or installments.
Asking family and friends
Asking family and friends for money can be a viable solution for extra funds. Depending on who you ask and if this option is available for you, you may be able to avoid high-interest costs that might occur when borrowing from a lender.
You can also discuss a manageable payment plan and other factors that impact your ability to borrow and pay the funds back. While you should always aim to pay back on time and in full to whoever you borrow from, keep in mind that any discrepancies will not impact your credit score.
Working with your bank
Banks can also be a great choice for loans, as most offer this benefit. If you choose to go through a bank that you are already a member of, you may find it easier to be approved for a loan as your history and ties to the bank make you a more trustworthy borrower.
Even if you’ve never borrowed before or your credit is not excellent, it may be worthwhile to speak with your bank to see your options to decide what is right for your unique needs.
If you can, acquiring a personal loan with your bank may provide great interest rates and terms. Don’t be afraid to speak with the customer service department and ask what, if any, specials they are running.
Borrowing money can be a daunting task, but there are plenty of options out there to accommodate your needs. To make the right decision for your financial situation, take some time to thoroughly think through the options before making a commitment. While it may seem tough to secure funding, there are many ways you can easily get the funds you need quickly to cover expenses.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.
Name: Michael Bertini
Job Title: Consultant
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