Sometimes you need a large amount of cash up front to pay for stuff. If you don’t have the money for it then you probably shouldn’t buy it in the first place. But if it’s an emergency and you need money fast, you do have several options. There are other ways of getting a loan other than these options, but stay away from these types of fast cash loans. Here are some more reputable places where you can get a personal loan.
Peer To Peer Lending
Two popular p2p lending sites are Lending Club and Prosper. With these loans, you apply, and if accepted, investors will fund your loan. Most investors will invest $25 each in your loan until you get the amount you were asking for. The payments (including interest) will be dispersed to the investors. Interest rates may not be all that great for borrowers, but it will probably be lower than your bank can offer you, if they even will loan you anything.
Getting a cash advance from your credit card company is not that difficult. There’s a reason why the credit card companies make it so simple. They want you to get it because they make a killing off the interest. Use this option with caution because due to the high interest rates charged you may find yourself paying it off for years to come.
One of the quickest ways of ruining a relationship is to borrow money from a relative. If however for any reason you don’t pay them back you can expect big problems. What if you’re late on a payment and they complain. Are they whiners or are you abusing them? What if you do them a favor, should they excuse your tardiness? What about late fees, did you make an agreement beforehand about that? What if they’re asking for too much interest, is that rude of them? As you can see, when you mix family with money matters it brings in feelings. Money is business and you should really only deal with people who you have no personal relationship with.
You can walk right into your bank and ask them for a personal loan. Whether they give you one is a totally different story though. If you go in there with a sad story and beg them for money they won’t loan it to you. You already know the way banks work. If you can prove you don’t need the money and have a lot of cash to pay them back then they will loan you the money. But of course it’s only the people without any money who need to apply for a loan in the first place. You can expect your bank to not only pull up your credit report but they’ll want to see your bank statements, work history and check stubs. They might even want some collateral to hold in case you don’t pay it back. If you eventually do qualify, you can expect them to charge you a whole bunch of interest.