Being able to cover the expenses that pop up unexpectedly, while still keeping your financial head above water, is exactly what a personal loan is all about. Unfortunately, need often trumps knowledge in these situations, and many first-time borrowers are left with the unanswered question, "Where can I get a loan?" The answer doesn't just start and end with standard financial institutions, much to the good fortune of many who lack the credit to obtain standard loans, and pursuing other options can often prove to be in your best financial interest.
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Standard Bank Loans
When most people consider "Where can I get a loan?, they think of banks, large and small, as they are well-qualified to not only process standard personal loans, but also, they have the most legwork associated with obtaining them. Choosing a bank to handle your personal loan request and paperwork should only be undertaken if one is willing to fully flesh out the plethora of documentation required. Typical banks require a full review of your credit history, a history of prior experience with the bank, listings of current revolving credit, your employment status, and your income to expense ratio. If you are unwilling, or unable, to meet or provide these expectations and information, then another option might be best for you.
Peer to Peer Lenders
Trailing close behind banks in necessary paperwork are peer-to-peer lending services, whose benefits are immense for borrowers but whose entrance is often barred by high standards. A standard lender shouldn't expect to turn to a peer-to-peer lending network to answer the question, "Where can I get a loan?" as more often than not the requirements for credit scores alone will prevent a successful application. If, however, you are one of the few that have rigorously maintained his credit score, are a full U.S. resident, and have an excellent debt to income ratio, you may qualify to enter one of these networks, which provide very low interest rates and flexible payment plans.
Credit Cards
Not many think the answer to "Where can I get a loan?" will find them swiping plastic, but this can easily be a quick, painless remedy when a small, fast loan is needed. Still, a credit card can just as quickly spiral out of control when abused, as many have figured out through their spotty history of debt, and credit cards should not be employed when debt repayment cannot be structured to minimize interest. When planning for use as a personal loan, attempt to schedule credit card repayments to be complete in no more than 1 to 2 months, preferably repaying your debt in full before the grace period to avoid any accruing interest.
Payday Loans
Unless you're taking out a payday loan with your boss or employer, a practice that rarely happens now as most company policies forbid it, you should rarely look to a payday loan to solve the dilemma of, "Where can I get a loan?" Payday loan services' terms and conditions often skate the boundaries of usury, and many have predatory loan clauses that can result in a significant loss of money or personal effects if fully agreed to. The flip side of the payday loan equation allows for many that would be unable to receive a standard personal loan to be able to secure a cash flow, often rather quickly. Whether or not quick, low-criteria loans are worth the exorbitant fees, high interest rates, and harsh agreements is ultimately up to you.
Family and Friends
If you ever find yourself asking out loud, " Where can I get a loan?," when with friends or loved ones, and they inform you that they would be happy to loan you money, then luck is with you. Luck is rarely with a borrower, however, and instead, you many have to go looking to obtain a loan from their relatives or friends. Borrower beware, getting a loan from a close relation can sometimes result in a damaged relationship, and a loan between acquaintances should only be entered into if both parties fully know the risks and obligations.
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