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.

Smaller banks

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.

Credit cards

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

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.

Signature lenders

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.

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