It would be nice if out paychecks covered all our expenses each month and even allowed us to sock a little bit away. Alas, an unexpected car repair, a medical emergency, an emergency trip to see family in another town, always seem to happen.
Personal Loans Can Help
Technically, a personal loan is a sum loaned to person to use at his or her discretion. Unlike a mortgage or a car loan, they are not required to be used toward a specific purchase. If an unexpected need should arise, here are ten different ways you should evaluate to come up with the cash you need.
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One - The Friendly Loan
Such a loan could be a great way to get a little extra cash since it probably will not incur any interest charges. These have to be treated tenderly though. Failure to repay on time, or at all, could result in damaged or destroyed friendships.
Two - The Family Loan
Much like a friendly loan, this is probably not going to incur any interest rates either. Family members may be more willing to cut some slack on timely repayment. But this could result in bad blood if mishandled, too
Three - The Company Loan
If you have been with the same company in good standing for a number of years and are well-liked, your boss or company might be very willing to give you a hand. Also, they have access to your paycheck.
Four - The Pawnshop Loan
Get the silver tea service that used to belong to Aunt Nelly out of the attic. Actually, any valuable asset can be used as collateral. A late model TV or jewelry are often accepted. But, do you want to put a sentimental object at risk should you default?
Five - The Payday Loan
If you have a steady paycheck, you have good chance of getting a payday or cash advance loan. The interest rates are high. The lender usually requires a post-dated check. And, you are going to need your next paycheck, too.
Six - The Title Loan
If you have a late model vehicle, you can turn over the title to a lender as collateral. These loans have hefty interest rates as payday loans. You are allowed to keep your car, but you could have the repo man come get it if you default.
Seven - The Equity Loan
Should your home or other real estate you have be worth more than its mortgage, you could borrow against that equity. These loans offer very good interest rates and comfortable repayment terms. A good personal loan choice.
Eight - The Line-of -Credit Loan
This kind of loan operates much like a home equity loan except that you only borrow what you need when you need it. The contracts behind this can be tricky, but these usually offer good rates and comfortable repayment terms.
Nine - The Secured Loan
This sort of loan works like an equity or collateral loan, but usually for higher dollar amounts. Talk with the lender about what you can use, often unusual items, for collateral. These lenders are usually eager to work with folks with bad credit.
Ten - The Unsecured Loan
This is an ideal loan but pretty tough to land, especially if you have bad credit. The best way is to shop around, usually on the Web, and find five lenders. Start applying one at a time. Learn from any rejections. Ask why and use the knowledge when you apply to the next.
Something Will Work
Choose one of the above approaches that best serves you. Check your credit scores before you go loan shopping so you have an idea of what lenders will be looking at. Be patient, but persistent. You will eventually get the cash you need.
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