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Ways to Borrowing Money When the Bank Refuses You

Ways to Borrowing Money When the Bank Refuses You

If you have ever applied for a personal loan from a traditional bank, you probably know just how painstaking it can be. Not only do you have to jump through hoops and fill out long forms to provide personal information, you may also have to talk to a banker.

If traditional bank loans offered the best deals, the best interest rates, and more, maybe all this work would be worth it. The truth is, however, there are better deals out there for you to enjoy.

If you need cash but don’t want to undergo the hassle of pursuing a traditional bank loan, consider these options instead.

Zero Percent Interest Credit Cards

If you want to borrow money for a limited amount of time, a zero percent interest credit card may be what you’re looking for. Not only does this give you the ability to secure a “free loan” during the card’s zero percent interest introductory offer, but you can get easily approved for this kind of credit card.

While all zero percent interest credit cards offer no interest on balance transfers from anywhere between 12 to 21 months, make sure to read the fine print on your own loan.

When it comes to paying off your loan, you can do it in many small payments or fewer large payments. It is important to know, however, that your balance will begin accruing interest at your card’s regular interest rate once the promotional period comes to an end.

Car Title Loans for Bad Credit

If you have looked into several options and have come up short, one option that could be a great help to you is a car title loan. A car title loan is very different from the other options on this list because they are small secured loans that are tied to the value of your car.

If you are looking for a quick injection of cash, a car title loan car be a great option.

Basically, the way they work is quite simple. You apply for your loan by using your car to qualify. That means that in order to qualify you must have a car with a lien-free loan. Car title loans typically do not require a credit score check, which can be a great thing for some who are struggling with less-than-ideal credit scores.

It is important to keep in mind, however, that because car title loans are secured loans, if you fail to repay your loan within the payment term provided to you by your lender, you do run the risk of having your car repossessed. See our list of title loan laws per state

Peer-to-peer Lending

If you are looking for a way to get a non-traditional loan, one option to consider is peer-to-peer lending. With peer-to-peer lending, you will borrow money from individuals who crowdfunds loans for profit online. These types of loans typically feature lower interest rates than traditional bank loans. On top of that, you can complete the entire process online which makes it fast and easy. On top of that, because you will be looking for a loan on a massive database, you can look for loans or lenders that perfectly match your needs and financial outlook.

If this sounds like an attractive possibility for you, consider taking a look at popular peer-to-peer lending sites such as Lending Club and Prosper.

Reach out to Family and Friends

When you are looking for some financial support to get through a tough time or make a big-ticket payment, there is nothing wrong with looking for help from the people who believe in you and support you. If you are worried about turning a personal relationship into a business relationship, keep in mind that there is never anything wrong with writing up a contract to make it official. Either write a contract stating how you will pay back your friends or family members.

Home Equity Lines of Credit

If you are a homeowner and have considerable equity in your home, you may be able to borrow against it. With a Home Equity Line of Credit (popularly known as a HELOC), you will be able to enjoy the benefits that other loans simply cannot offer.

Since your home is being used as collateral in the loan, banks are able to offer incredibly lower interest rates on most HELOCs. Even better than that, the interest you pay on your HELOC is likely deductible on your taxes if you also deduct the interest on your mortgage.

When it comes to repaying a HELOC, they tend to be fairly flexibly in terms. Most of the time, you can decide your monthly payment, either paying interest only or principle plus interest depending on your needs, how long you plan to live in the home, and more.

Online Lenders

Because online banks don’t have to pay for the upkeep of a brick-and-mortar storefront, they are typically able to offer lower rates on their loan products. When considering a personal loan from an online lender, it is wise to shop around for a multitude of options. Interest rates can vary greatly, and it is always to wise to see what options are available to you.

Repayment terms on online lenders can also be flexible depending on which loan and lender you choose, so make sure you read the fine print and choose a payment term that works best for you.

Good luck!

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