Ways to Get Money If You Can't Qualify For a Traditional Loan

Getting loans is a common part of life for many Americans. Over a third of Americans take out loans. These loans are used to help people get an education, get a vehicle, and even move into their dream home. Loans can also be used to pay for bills, take vacations, cover medical emergencies or make large purchases.

However, getting a loan isn’t always easy, and this is especially true if you have bad credit. Certain lenders are only willing to work with individuals that have higher credit, as they often are less risky due to their good credit history. So what are you to do if you can’t qualify for a traditional loan?

Thankfully, there are some additional ways to get money if a loan simply isn’t an option for you. With that in mind, this article is going to go over a few ways to get or borrow money without a traditional unsecured loan.

Car Title Loans

If you have a vehicle, one of the best ways to potentially borrow money is to use a vehicle title loan. A vehicle title loan allows you to borrow money against your vehicle if you need money in a pinch. The amount you borrow will depend on the value of your vehicle and well as the lender you decide to work with.

While this can get you access to quick and easy cash, it also must be paid back relatively quickly in most cases. Also, using a vehicle title loan can also be quite risky. If you miss your payments and default on the loan, you could end up losing your vehicle. So be sure to only borrow amounts that you are completely confident that you can pay back.

These are available by many different lenders across the country. So whether you need some car title loans in Bakersfield or some in Orlando, you can likely find a lender willing to help.

Borrow From Friends or Family

Another great option to get money if you can’t qualify for a standard loan is to borrow from friends or family members. You will often not have to pay interest, or if you do it will likely be cheaper. While this is often the best and cheapest way to borrow money, it is not always easy for people to swallow their pride and ask for help. Some people don’t like asking for help, even if they need it.

However, many family members or friends will likely be willing to help you in your time of need, especially if it will save you money. Of course, if you ever borrow money from your friends or family, be sure to pay it back in full. It isn’t worth ruining a relationship for a bit of cash, so don’t take advantage of anyone.

Credit Card Cash Advance

Credit card cash advance

While you may not have access to traditional loans, there is a good chance you have a credit card. If you have a credit card, there is a good chance that your bank might offer a credit card cash advance. This is essentially a short term loan that you borrow against your credit card and your balance on the card. It can help you turn your available credit into cash.

Of course, be aware of the fees and interest rates before getting a cash advance. These types of transactions will normally have a processing fee, and interest will start to accrue as soon as you take out the money.

In conclusion, hopefully, this article has been able to help you borrow the money you need, even though you can’t qualify for a standard loan. Of course, these aren't your only options for gaining additional funding, but they are among the best and most popular. Other methods include things like putting up collateral, selling items, taking on extra work or spending less.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.