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Where Can I Get A Loan - Finding Sources for Personal Loans

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Consumers with glistening credit scores and large bank accounts probably do not need to take out a loan; they already have money. Those who struggle with finances and get behind in payments often find it difficult to get a loan. That leaves many frustrated would-be borrowers with the question, “Where can I get a loan?”

Can I get a personal loan?
Don’t overlook the answer to “Where can I get a loan?” being a close friend or relative. Sure, Uncle Henry is tight with his money. That’s why he still has it. It might feel awkward but asking for a loan for a legitimate reason from a family member might be your best bet. Be careful to explain the reason for the loan and a specific plan to repay the money. Just be prepared in case you get rejected. Don’t have a tantrum and whine about it; be polite and thank the person for their consideration.

Do I have any home equity?
If you’ve paid your mortgage long enough to build up some equity, using your home as a way to get needed resources makes the most sense. The loan is spread out over several years and the interest rates are much lower for home mortgages than other types of loans. You might end up paying a little more each month but the change should not be too drastic.

If you do not own a home, consider buying. It might sound strange if you are already looking for a loan but when you scratch your head and say, “Where can I get a loan?” home ownership provides many people with financial opportunities. With the recent housing slump causing houses to be at lower prices and interest rates still hovering at record lows, buying a home allows you big breaks on your tax bill and a source of stability.

Do I qualify for a no credit check loan?
If you have a bank account, a decent job and a few other typical documents, your answer to “Where can I get a loan?” can usually be a pay-day loan company. In exchange for the risk of loaning you dollars, you will end up paying extremely high interest rates. Be very careful of getting caught up in a constant borrowing cycle with this type of loan. It’s nice to get money when you need it but two weeks later when you have to to pay off the loan, you might instantly need another loan because of the excessive interest rates. You could be trapped. Use this type of loan as a last resort.

If you are still broke and asking yourself, “Where can I get a loan?” you have a few more choices. A few smaller independent banks still do loans based on collateral. If you have a clear title to a vehicle you might be able to get a traditional loan from a small bank. Another option is to look on line for a benefactor or a group of lenders offering fair interest rates on loans to people with lower credit scores.

If you check into your options and discover that no one will give you a loan, sit down and reassess your situation. Instead of getting a loan, do you have a valuable item you could sell? Can you take a second job? Ask an expert for advice about your financial situation. Then seriously consider all the possible options.

Have a plan ‘B’ in mind. When you ask yourself, “Where can I get a loan” the answer might be that you can’t. That’s when you suck it up, reassess your situation and move forward.

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