5 Ways To Borrow Money

Due to high inflation rate, handling our finances is harder now compared to previous years. Thus, to make ends meet some are getting sidelines here and there and borrows money here and there too.

But I must tell you borrowing money should be your last resort. Why? it’s hard to sleep at night knowing that you have debts to settle. That’s a piece of advice if you want a peace of mind.

I won’t judge you though if you badly need to borrow money, so here are 5 ways where to get one.

BORROW FROM FRIENDS / RELATIVES

If you are credible and known to have integrity in following through in whatever you say you’ll do, your friends or relatives might be comfortable to lend you some amount. Borrowing from friends and relatives is the cheapest way (maybe the easiest too) because most of the time they don’t add interest rate. Just don’t break their trust by not paying on the day you told them so that you can still borrow again and will not break your relationship with them .

BORROW FROM BANK

If you have credit cards you can borrow cash advance immediately using any ATM machines. You can pay it straight or you can ask them that you’ll pay it monthly (with bank interest of course). If you don’t want other people close to you to know that you are having a hard time, then this is the best option. The transaction will just be with you and the bank. The amount though depends on your credit limit, that’s why it’s best if you have high credit rating.

BORROW FROM COOPERATIVES

If you are a member of a savings and credit cooperative, then I suggest to borrow from them. They actually offer different kind of loans including pay day lending options. They have something for small business, educational loan, house renovation and even car loan. The interest rate is lower than the bank as far as I know. But then again, as mentioned you need to be a member first and have a share capital as basis for your loanable amount.

BORROW FROM LOAN APPS

There are a lot of loan apps nowadays. You only need to submit proof of identity and proof of billing on the app and once approved they will send the money on your bank immediately. No need to go to a physical store or company. Just be careful on missing out a payment because I heard that some are notorious on following up. Some even inform your contacts on social media that you haven’t paid your loan yet. How embarrassing right?

PAWNSHOP LOAN

If you have any gold jewelries, gadgets or any valuable items, you can bring them to any pawnshop as a collateral in exchange of money. The amount of course depends on the value of the item. The pawnshop will evaluate it and they may give you 30% of the estimated value of the item you brought to them.

That’s it, I hope I was able to help you in choosing ways to borrow money. I just hope you’ll be able to pay it on time.