When you need to borrow money the reasons for this can be pretty different and take multiple forms. Maybe your paycheck has been delayed, or maybe your business has just collapsed, God forbid! Or maybe your account has been emptied by a sudden need.
One way or another, it’s possible for each and every one of us to find themselves facing the need to stabilize the financial situation one day. And, probably it’s kinda Murphy’s Law, but we usually have a very short period of time to fix the problem. And in addition, a strictly limited sum on our credit card. Familiar situation, isn’t it? Come on, it’s OK if it’s familiar!
Life costs a lot, and many things in America are just unaffordable without a loan1. Sad, but indisputable. We borrow for everything! To buy our first car, to fix it for the first time, to go to the university of our dream and get a future we want. When we need a place to live in, we go for a mortgage and keep paying it for 10-20 years. Even to get married we need a loan, and sometimes it is as big as said mortgage for the new family, unless you’re a supporter of minimalism, of course.
One word; to survive in America, you just must borrow. Doesn’t matter if this happens once or it is a repeated financial operation. Fortunately, you have lots of options – just have to know where to go to fix urgency and get help as quickly as possible.
No, seriously, you cannot imagine how many different ways to borrow money, there are for Americans! Want a quick guide to possible means to cover expenses and keep yourself up and running?
How can I borrow money with bad credit? Do not panic!
No one can deny the fact – borrowing money is not an easy process. It eats the wholesome handful of time, nerves and emotions. With all this paperwork, and running around the banks… It can be stressful as hell on its own! With the small amount of the loan, really, at one point you’ll find yourself questioning the relevance of the process.
If, in addition, your credit scores 2 aren’t irreproachable… well, we have rights to say, you’re in trouble. People used to be sure that borrow money with bad credit is nearly impossible.
Generally, they’re right, but “Nearly” is a keyword though. With a bad credit, the process is more complicated, as banks are reluctant about the work with such cases. It depends on a particular bank, however. In some of them, the client finally gets access to cash needed.
There’re ways for bad credit3 though. Just choose wisely.
You can use the help of a guarantor. Meaning: find a person with a reliable credit score, who’ll sign the application with you. Hence, the signature of a co-signer is the guarantee of repayment. Moreover, the rates will be lower, whereas the lender considers the application based on your fellow’s credit reputation. N.B. you both are responsible for repayment in time.
Address to the credit union for a membership. This will take time, but it worth it! Credit unions have typically lower interest rates, but the main thing is a mild credit score check. Your odds to be approved are good there.
Try to offer your property as collateral for the loan taken. This way the bank gets reduced risks, and you get expanded chances to get funds.
But if there’s urging to borrow money fast the counted alternatives are not the options to look for.
Where can I borrow money: a few more tips
In case you are thinking closely about the possibility of borrowing money, here a few more tips for you. Additionally, to the options mentioned above, you can choose some other way to fix your financial damage while waiting for the glory payday.
The simplest way is probably, to rent some cash from a friend. It’s a good way-out if the needed sum is small, like maybe a quarter, or a hundred. Just take time to discuss the possible percent clearly4. And be careful to repay in time, if you don’t actually, want to lose a friend.
Alternatively to that friend option, everyone can go online and try a peer-to-peer personal loan5. Meaning; on the web you can find a person ready to give you funds you need. There’re lots of sites offering to link you with potential lenders. On these sites, a debtor gives information like the needed sum, the name, the place of work, the credit scores, and so on. Then an applicant just waits for the offers. Note that percent rates, in this case, can differ significantly.
In addition to web options, here is a friendly reminder that it’s always possible to use your credit card. But what if you don’t have one? Keep calm and use a service online credit card providers offer. A credit card is just a few clicks away. The limits though are not wide – like $350-500, but still, it will help to pay that bill bothering you terribly.
To sum this paragraph up; remember, there are plenty of ways to borrow money when unplanned need says “Knock-knock”, don’t feel desperate.
Borrow money online easily from reliable providers
If you’re sitting in front of your laptop googling “I need to borrow money now”, let’s suppose that the combination of lack of money and time is really pressing. If you interested in the possibility to borrow money fast and all the options above don’t suit you for some reason, there is a fix for you.
Online lender companies, that offer payday loans for population, have been working in our world for several years in a row and with great success. A warning goes first; terms are rather brief and percent rates are high, remember this. But, hey, where else can you find a possibility to borrow money online instantly and without a pile of papers and data?
Because all you need to get cash you’re looking for is:
- Choose a lender company. Preference goes to reputable ones with all licenses OK and good reviews. Check on site;
- Go to the site, and chose a sum and a term to calculate the sum of repayment;
- Open an application form, and enter all the information required;
- Press on the “Apply” and wait for the approval.
The whole process will take 10 minutes or so. The part of applications approved differs from 80% to 97%. And in conclusion a piece of advice to everyone. Financial surprises are OK. They happen to everyone. Take care of the future and think about some minimal savings in advance.
- “Personal loans are surging in the US, fueled by fintech startups”. Qz.com. Accessed April 4, 2019 from https://qz.com/1334899/personal-loans-are-surging-in-the-us-fueled-by-fintech-startups/
- “Credit score”. Wikipedia.org. Accessed April 5, 2019 from https://en.wikipedia.org/wiki/Credit_score
- “Bad Credit Definition”. Investopedia.com. Accessed April 7, 2019 from https://www.investopedia.com/terms/b/bad-credit.asp
- “Family Loans: How to Borrow and Lend With Family”. Thebalance.com. Accessed April 10, 2019 from https://www.thebalance.com/family-loan-315551
- “6 Best Online & Peer-to-Peer Loans for Bad Credit”. Badcredit.org. Accessed April 10, 2019 from https://www.badcredit.org/how-to/peer-loans-for-bad-credit/