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Everyone finds themselves at a point in life when they need to borrow money. Be it for a new home, to pay for a car, or to start a business. When this happens, you need to know where to look. There are plenty of lenders out there for all credit types, but not all are created equal.
So whether you can take your time to research the best rates or simply need money fast, be sure to consider your options and assess the risks before you take the plunge. Look for loans with low interest rates, few fees, and flexible repayment plans. Be sure to compare offers so that you find one that fits your budget and gives you the best possible rates for your credit score.
To help you out when life’s unexpected expenses leave you in a financial pinch, we’ve put together a guide for the best ways to borrow money.
1. Bank or Credit Union Personal Loan
Personal loans from banks and credit unions are a reliable and structured way to borrow money. While they typically require a credit check and a score of 670 or higher, some institutions are more lenient. You can generally find lower interest rates, fixed monthly payments, and a clear repayment plan. So check in with your bank or credit union and see what they have to offer.
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2. Online Personal Loan
Online personal loans have gained popularity due to their accessibility and convenience. Many online lenders are willing to work with borrowers with lower credit scores – as low as 560 – and instead, consider alternative factors like income and employment history. They typically have a quick approval process, no collateral, and a variety of lenders to choose from. Interest rates can be higher, so it’s essential to compare offers and read the fine print.
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3. Personal Line of Credit
A personal line of credit is generally unsecured and works like a credit card. You borrow a line of credit from a bank or credit union and then pay it back with interest. It typically has a lower interest rate than a credit card so it’s a good short-term solution. You can take out another line of credit once you pay the first one back, but only for two years.
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4. Buy Now, Pay Later
Buy now, pay later services have gained popularity for smaller purchases. They allow you to make a purchase, pay a small downpayment typically 25% of the price, and then pay for the rest in installments over time, often with no interest. They are a great option for immediate emergency purchases you can’t put off.
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5. Cash Advance from a Credit Card
A cash advance from your credit card is basically using your card to buy cash rather than goods or services. They are typically fast and easy to get when you’re in need of quick cash. There’s no separate application, no credit check, and no collateral but there are generally high fees and interest rates, often significantly exceeding your card’s standard APR. So be prepared if you choose this option.
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6. 0% APR Credit Card
A 0% APR credit card can be a lifesaver for unexpected expenses and one of the cheapest ways to borrow money if used wisely. During the introductory 0% APR period (anywhere from 6-21 months) you can spend within your credit limit without paying any interest or fees. Just be sure to have a plan to pay it all off before the 0% APR period ends. After the introductory period ends, high-interest rates kick in.
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7. Peer-to-Peer Lending
Peer-to-peer (P2P) lending platforms offer an alternative to traditional banks. They connect borrowers with individual investors willing to fund loans. P2P lending can be an attractive option for those with lower credit scores as approval criteria tends to be more flexible often with a minimum credit score requirement as low as 600. Be aware, there is a potential for high fees and interest rates. Carefully research and compare P2P lending platforms to find the best terms and conditions that suit your needs.
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8. 401(k) Loan
A 401(k) loan allows you to borrow money from your retirement account, up to 50% of your savings. It’s a relatively simple process with no credit check required, and the interest paid goes back into your own account. However, this option comes with a significant caveat: you’re risking your long-term retirement savings. If you fail to repay the loan within the stipulated timeframe, you could face penalties and taxes. Only consider a 401(k) loan if you’re confident in your ability to repay and have no better alternatives for accessing funds.
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The Bottom Line
When you’re facing financial challenges there are multiple ways to borrow money quickly. Assess your situation carefully, compare options, and choose the one that aligns with your needs, financial goals, and offers the best rates. It may take time, but it’s better in the long run to find the right option for your budget. Remember to borrow responsibly and work on improving your credit for a more secure financial future.
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