Ways to Borrow Money
Life is full of surprises, and sometimes you need to borrow money just to get by. Maybe you’ve started a new job and you have to wait for your first paycheck, or you got a flat tire on the way to work, or your refrigerator broke and you need to buy a new one. These things happen all the time, and they can be difficult to cover if you aren’t prepared.
According to CBS News, 78 percent of people in the United States are living paycheck to paycheck and about 56 percent have less than $100 left over at the end of the month. If you fall into either category, you’ll need a way to pay for unexpected expenses if they arise.
What to do if you need money now
Getting cash when you have an unexpected expense and need money quickly can be a challenge, especially if you aren’t prepared. The answer for many people is to borrow money.
However, if you have bad credit, don’t have a standing relationship with a lender, or don’t have any assets you can use for collateral, you may not qualify for a traditional personal loan from a large national bank. This means you may need to explore alternate options to get the help you need.
Different ways to borrow money
There are many financial institutions other than large national banks that may be able to help.
You could see if a regional or local bank would be willing to extend you the money you need. Credit unions may be another option. Smaller banks may be a little more flexible with plan approvals than the larger banks.
You might also have the option to charge whatever it is you need on your credit card, either by using one you already have or by getting a new one. Depending on your needs and available credit, you could pay with the card or take out a cash advance. The downside is that there may be fees in addition to possible high interest rates, and you don’t want to risk going over your limit.
Payday lenders are another option. They generally provide cash advances based on current pay stubs, and in many cases your credit score is not even considered. However, the fees and terms can be difficult to manage. You may have less than two weeks to repay your loan and you’ll still have to pay all the fees and interest.
Payday lenders and credit cards are not your only fast cash option. You can also get a signature loan. Signature loan companies may loan you money on your signature alone, without a need for collateral. Like payday lenders, the fees could be higher than other options, but you could get your money fast and you don’t have to have good credit.
How to borrow money online from LendUp
If you reside in an eligible state where LendUp operates (CA, LA, MO, MS, TN, TX, WI), you can get started by creating an account. Next, choose your loan amount (up to $250) and apply for a loan. Loan decisions are available instantly, 24 hours a day, and you can get your money in as little as one business day. There are no debt traps and no hidden fees—ever.
If a loan from LendUp sounds like a good fit for your needs, apply today.
Apply for a LendUp Loan here:
What is LendUp?
LendUp is a socially responsible direct lender dedicated to helping our customers meet their short term needs.Learn more about LendUp »
Apply in as few as 5 Minutes
Good Credit not Required
What people are saying
an innovative new payday loan banking model that’s more Silicon Valley than Wall Street
LendUp is leveraging technology to redefine the payday lending experience, bringing a new level of innovation and transparency to an industry that desperately needs disruption.
...LendUp is a better product than the traditional payday loan.
A lending startup with a heart
Hear from our customers
Testimonials reflect the individual's opinion and may not be representative of all individual experiences with LendUp. Customers received compensation in the form of points on the LendUp Ladder.