What Are Different Ways To Borrow Money? 5 Ways
By Robbie T. James
When you have the need for more cash than you currently have on hand, the situation can become a distraction in your day-to-day life. And, when that need becomes more and more intense, it can begin to dominate your every waking moment. Where will you get the cash you need?
One of the most obvious answers is to try to earn more money. But, sometimes that is not a realistic option, especially when the clock is ticking and those bills are not showing any signs of going away.
The next-most obvious answer is to borrow the money. The question then becomes, “Who do I know that I can borrow from?” After all, money does not grow on trees for anybody: rich and poor alike value their money and do not want to part with it easily.
What you need are some ideas about reliable, time-tested resources for getting quick access to cash. If you are wondering, “What are different ways to borrow money?”, here are 5 ways:
1. Borrow from a friend or family member:
This is an attractive option because it usually involves not having to pay any interest (although, paying interest to a family member or friend is definitely a possibility). The biggest downside to this option is the awkward moment when you have to muster up the courage to ask that special person if you can borrow money: never a comfortable thing to do. And, there is also a big potential risk to this option: if you end up not being able to repay the loan, you could do some serious damage to the relationship.
2. Borrow from your boss:
If you have worked at your company for a number of years, you may be able to borrow a few bucks from your boss. To ease the awkwardness a bit, you can always promise to borrow against a future paycheck. Or, tell your boss you will pay him or her back over the course of 2-3 paychecks. Put everything in writing.
3. Borrow money from a pawn shop:
Have something of value to offer a pawn shop, such as a good piece of jewelry, a collector’s item, a musical instrument, etc.? If so, you can probably get a loan from your local pawn shop. Just remember that the interest rate will probably be pretty steep if you go this route.
4. Borrow against a future paycheck:
Payday loan stores have become big business. They are just about everywhere, including likely in your town. If you have a steady income and can bring recent check stubs with you, a payday lender will give you a loan. Just write the lender a check for the borrowed amount, plus the interest and any other fees they charge. They will cash it on a future date.
5. Borrow using an unsecured personal loan:
One other option to consider is an unsecured personal loan. These loans are called unsecured because taking one out does not require that you put up any collateral (unlike, with say, a pawn shop). Still, repayment terms are usually a bit more flexible than with a payday loan. And, you can usually get qualified in a hurry.
The next time you are in need of cash fast, consider these 5 different ways to borrow money.
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