We’ve all been there. The car breaks down and the $400 to replace the air flow sensors just isn’t there. You need to borrow money to get it fixed…fast. You need a way to borrow money that’s not going to put you in debt for the rest of your life.
I’ve compiled this list of ways to borrow money as a guide for all the ways you might consider but not all are created equal.
Religious and non-profit organizations are one of the fastest ways to get a little extra cash or help with must-have items. Some of these organizations won’t give you cash but will give you things like groceries or household items.
Friends and family is always a tough one when talking about borrowing money. It’s one of the fastest and best sources. If you’re going to borrow money from family, make absolutely sure you need it and can pay it back.
Peer to peer loans are a new way to borrow money and work through online sites set up for the purpose. These websites connect investors with borrowers. A borrower applies for a loan and agrees to make monthly payments with interest.
Personal loans are similar to p2p loans but easier to get. Personal loans are available to borrowers with credit scores well below what would be approved by a bank or even a peer-to-peer site.
Margin lending is a low-cost way to borrow money for anyone with investments. Most investing platforms will lend you up to a third of your account value to take as cash or reinvest in more stocks.