Money problems do not come invited and you can be in a tight situation anytime. Why wait till the last minute to scramble & make arrangements? Here are 10 ways to secure a personal loan for yourself so that you have these tricks up your sleeves whenever the need arises.
This can be the most obvious yet the wisest decision to access funds. Borrowing from family implies less or no interest rates and impact on credit history. It might be a tad bit uncomfortable unless you are close to them. However, it is advised that you draw up a simple agreement on the terms, so that everything is black & white and does not impact your personal relationship.
A home equity line of credit (Heloc) is useful as a personal loan for bad credit; wherein you keep your home as a collateral. It is reassuring to the creditors as the home builds a safety net for them. The loan amount is a percentage of your home value.
Fortunately, there is a loan market that caters to those with bad credit. Typically,with high interest rates, these personal loans without credit checks are a life saver.
These are your traditional loans where you keep an asset as a collateral. Almost similar to a Heloc, the ambit of collateral options spread to your car, home, office or deposits. The advantage of this loan type is lower interest rates.
Payday loans exist to get you by till the next payday. Here you simply write a post-dated cheque dated for your next payday and the lender provides you with credit in return for it.
A good example is Instant Credit Loans US. These are platforms where you can get in touch with a vast network of lenders who are willing to lend small amounts of money in order to earn some interest on their stagnant cash.
Another in the category of secured loans, title loans are specifically taken on your car. The year of manufacture, the model and the usage determine the amount that the lender will finally provide to you as a loan.
Usually a natural outcome when you borrow from banks, co-signed loans are the fall back option for those looking for personal loan with bad credit. A relative or friend with good credit acts as a co-signer and is the lender’s guarantee in case you default on your loans.
Suggested to be a last resort, this loan on your 401(K) or any other retirement account can be useful in tight situations. The best part is that you end up paying the cost of loan back to yourself.
If you are lucky enough to be a part of a credit union then it is advised that you use the benefits thereof to your full advantage which includes lower interest rates and really favorable borrowing terms.
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