Do you need instant cash to pay your rent or mortgage? Finding a place to get a personal loan is a way for you to get the money you need during a financial emergency.
You may not know where to start when you need a loan.
There are reputable sources that you can rely on to honor your requests to borrow money. Focus on getting a loan from top lenders you trust.
Here is a list of 7 places that give loans.
1. A Credit Union Is One of The Best Places That Give Loans
Credit unions are a popular option in comparison to banks because they work with borrowers with less than average credit scores. Furthermore, you will find this is a hassle-free way to get a loan.
You need to be a member of the credit union to apply for a loan from them. If you’re not a member, you can stop by a local branch for a consultation with an expert to learn about becoming a member and getting information to apply for a loan.
Another important benefit of using credit unions is that they offer a lower rate. So, if you don’t have good credit, you have a good chance of securing a loan that fits your needs.
2. Borrow From Banks To Grow a Business
Do you need funds to grow your business?
If you don’t have the money to sustain your business or if you want to buy inventory for your operation, you should think about applying for a bank loan.
If you already have a bank account, you can also apply for a personal loan.
Borrowing money from your bank assures you that there is enough capital to make your business successful. With regular cash flow, you minimize the risks of business failure.
A bank loan gives you the convenience of building your business credit, there are predictable monthly payments, and you can also get a loan for various purposes.
3. Get Funds From Online Lenders
If you need a convenient way to get a loan, you can use online sources. Online lenders make the process easy for you to get quick funding.
The application process is quite simple and you don’t have to wait a long time to receive approval.
Another great benefit is that you don’t need perfect credit to borrow money from most of these lenders.
In some cases, you can receive the money within three days. So, if you don’t qualify for a bank loan, you can try borrowing from an online lender.
4. Retirement Plans
You have the benefit of borrowing from your retirement loan for any reason.
When you borrow money from your retirement plan, you need to pay back the amount within 5 years. One major benefit of borrowing from your 401(k) is that it’s your money you’re borrowing.
5. Get Help From Payday Lenders
Payday loans are easy to access and there are fewer requirements. Regardless if you have poor credit or no credit history, you have the opportunity to get a loan.
You also need to keep in mind that these are short term loans, which means you may need to pay it back within 2 weeks in one lump payment.
There are online lenders that you can find to apply for a payday loan. In some cases, you can get an approval within an hour or the next day.
You may have to pay late fees if you’re unable to repay the loan within the specified time frame. If you roll over your debt, more fees will accumulate on top of the initial amount you have to repay.
6. Get a Loan From A Pawn Shop
Thousands of pawnbrokers provide people with the option of getting fast cash.
There are no credit checks or application process for you to receive a loan from a pawn shop. This type of loan varies from the traditional way of borrowing money.
How does it work?
With a pawn loan, you’re putting up a valuable item as security for the money you want to borrow.
By searching around your home, you may come across valuable items that are worth several hundred dollars. Some of these may include gold and diamond jewelry, luxury watches, antiques, and music equipment.
You can bring these items to the pawnshop to use as collateral.
At the shop, a professional staff member checks the value and condition of the items before deciding to give you a loan.
Bear in mind that if you’re unable to repay the loan, the pawnbroker could end up selling your items to someone else.
7. Borrow From Loved Ones
If you’ve not been successful in getting money from other sources, you can try borrowing from your friends or loved ones.
This is the easiest way to borrow money without having to worry about someone checking your credit score or going through a lengthy application process.
When you borrow from friends, you need to assure them you will pay the money back. Repaying the loan ahead of time makes you credible and improves your relationship with people.
Which Lender is Right For You?
Getting a loan is an important financial decision, so you need to make sure you’re borrowing from the best places that give loans.
Learn about professional lenders you can turn to when you’re having a tough time with your finances. These lenders should also make the process easy for you to compare loans and choosing the one that’s right for you.
If you want to learn about more places to borrow money, get in touch!