Money doesn’t grow on trees. But that doesn’t mean that sometimes you wish it would, at least just long enough to make some ends meet. But where trees don’t work, a few different types of loans might.
Five to look at specifically if you find yourself in a pinch might include loans from private companies, payday loans to get you through the week, bank loans (for things like purchasing a home, for instance), school loans so you can get the education that you need, and one often-overlooked option – getting loans from friends of family. With money, though, it’s important that the places you have transactions with have strong IT security as part of the loan process.
Private Company Loans
Sometimes your only answer to certain financial difficulties is getting a private loan. This might be for a business venture, or to go on vacation, or even to pay off another loan that is getting near a point where there will be other consequences for not paying on time. Your best bet is to make sure that whoever these loans come from are large enough to be legitimate, and also have some backing. Large loans from small, unqualified or non-secure places may come back to bite you in the end.
Getting stuck in the payday loan cycle isn’t a good thing, but if you have to use those types of options every once in awhile, it’s not going to kill you. It is a little bit of an emergency option, as in nearly every case, the interest rate is pretty astronomical, but if the consequences of not having cash on hand that very minute are strong enough, it’s an easy solution to head to the nearest place that offers this kind of thing and just budget quickly and accordingly in order to pay it back.
If you want to buy a home, many times your best bet is to get a loan from a bank. This makes sure that interest rates are locked in, there’s government backing, the laws and legal structures are completely in place, data security is aggressive, and there’s a bit of room for you to wiggle in the long term. For the responsibly progressive, this is a good choice.
Many people don’t have money on-hand to go to school. This is a simple fact of the matter. Tuition is expensive. Lots of people headed to college don’t have jobs or income. Which means that getting school loans is par for the course. Again, being very standardized, they’re a good choice in order to get in the door. Federal loans have maximum security on their IT systems as well.
Loans From Family and Friends
But if you want to avoid the legalese, the interest rates, the application processes, and potential dire consequences of loans from official places, don’t forget that you can always ask family and friends – this is the one option where you don’t have to worry about security at all!