Where to Get a Personal Loan

By Contributing Writer

  • Overview

    You may, at some point in time, need to acquire a personal loan. If you are in an emergency situation in which you need additional money immediately or you just want extra cash in your pocket, there are several avenues you can take. In some cases, having good credit can be helpful in receiving a personal loan, but even individuals with less-than-stellar credit can find ways to get personal loans. It's all in knowing where to go.
    • Step 1

      Go to a payday loan company in your local area. To do this, you will need to apply in person to a local business that provides cash advances. You will probably need to provide legitimate proof of employment and checking account information to prove that you are capable of paying back the loan. You may also be asked to show a valid form of ID, for proof that you are at least 18. Some payday loan companies let you put your car up for collateral, if it is 10 years old or less, in good condition and you can provide the title to the vehicle. Be sure to compare payday loan companies in your area, since some charge lower interest rates than others. You should also check with your local Better Business Bureau, to see if a loan company has a history of complaints.
    • Step 2

      Apply online for a payday loan. The advantage of applying for a fast personal loan online is that a credit report is not required and all such companies require is your basic information and checking account data. The downside to such personal loans, however, is that the interest rates are extremely high. You also need to find out whether the online loan provider is reputable. A wise thing to do is to read reviews by others who have done business with this loan company, to find out what their experiences were.

    • Step 3

      Head for the pawnshop with items that have some degree of value. While you will only receive a small portion of their actual worth, you will get the loan and may eventually be able to get your valuables back, once you pay off the loan, with interest. For that reason, be sure that you don't lose your pawn ticket.
    • Step 4

      Get a cash advance from your credit card company. If you are in good standing with the company and are not already heavily into credit card debt, getting a cash advance should be simple and the interest rate should be low, for the next couple of months. However, to avoid the interest rates rising too high, it's smarter to pay off the loan as soon as you can.
    • Step 5

      Ask your boss for a personal loan, if you have a positive reputation on your job and have a good relationship with your employer, it may be possible that he will agree to advance you pay at a decent rate of interest. Be certain that you follow through on repaying the loan, however, or it could put your job in jeopardy.
    • Step 6

      Get a personal loan from a family member or friend. You will most likely have to fill out and sign a promissory note, with the amount of the loan written, the amount of interest on the loan and specifications about the amount of the installments you agree to pay to reimburse the loan. Be aware that this can cause problems and personal conflicts, if you are unable to follow through on repayment.
    • Skill: Moderate

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