I Need to Borrow Money Right Now
1: Borrow From the Bank of Mum and Dad to Borrow Money
If you're desperate for money and have a terrible credit score the best option might be to go to the bank of Mum and Dad for a loan. I know it's embarrassing to ask parents for money but sometimes it’s the only option. Parents are always willing to help their children and if you're in a tight spot and need emergency cash most parents are more than willing to help out. To make the transaction seem more appealing to your parents create a loan agreement with a payment schedule so they know exactly when you will return the money.
2: Ask Friends for Money
Close friends are also willing to help out and it's certainly worth asking if you need some emergency cash. Find a friend who trusts you and have every intention to pay the money back. You could even go as far as offering something valuable as a collateral. I've lend a lot of money to friends and one thing that clinched the deal was when a security offered. Why not offer your laptop or phone as a security so they know you'll pay the money back. Again create a loan agreement with a schedule and a security so they are more willing to lend you money. You could even offer interest or a thank you bonus to help sweeten the deal.
3: Ask Your Employer to Borrow Money
If you need emergency cash you could go to your employers and ask them for an advance or to lend some money. Most employers have some money put aside to cope with emergencies so you could ask them for a cash advance. You could even ask them to deduct the money from your salary before it is paid so there is a guarantee you'll repay the money. If you have a genuine need for the money then employers are more than willing to help out.
4: Ask Neighbors for Money
This might seem odd asking a neighbor for help however from experience I've seen that neighbors are more than willing to help out. It's important to establish a good rapport with your neighbor from the beginning and to build trust so they will be willing to lend you money. Try to explain your situation to your neighbor and have the loan contract and security to hand to show that you're serious about paying the money back. As long as the transaction is backed with a contract most neighbors who trust you will be more than happy to help.
5: Ask Local Businesses for a Loan
Local businesses love doing their bit for the community and pride themselves on helping individuals who need a helping hand. To ask a local business for a loan you need to make an appointment with these companies and explain why you need the money. Again it's important to have a loan contract to hand and a security to help broker the deal. Most local businesses love publicity so explain to them that you're more than happy to express your gratefulness to a local newspaper about the businesses generosity. Businesses are more than likely to lend money if you have a genuine need, sometimes they might even give the money for free.
6: Ask Religious Organizations to Borrow Money
Religious organizations such as Church, Masjid, and Synagogues all have donors who contribute to their discretionary fund. This money goes towards running the organization and to help the community with worthwhile causes. When you have a genuine need these organizations will be more than willing to help out. There is a strong possibility that you might get the money for free. If you are not offered free money you could always ask for a loan backed with a security which might just convince the religious ministers.
7: Use a Zero Percent Credit Card
If you have a satisfactory credit score you could always try applying for a zero percent credit card to borrow from. Apply for a credit card which offers money transfers to bank account otherwise you won't be able to withdraw the cash. The longer the zero percent period the better it is for you as you'll have more time to pay off the loan. Also be wary of initial charges which range between 0 and 5% of borrowing. It's important to list your income and expenses so you know exactly how much you can afford to repay.
8: Find the Least Expensive Payday Loan
Payday loans have a high interest rate so it's best to avoid them. If however you have exhausted all other options you should apply for the best payday loan. Your aim should be to find low interest, low charge loans which do not penalize you excessively for a missed payment. Payday loans are changing and more companies are placing an emphasis on helping customers rather than maximizing profits.
9: Apply for a Guarantor Loan
If you have a poor credit score and know someone with a good credit score whose willing to help you out you could apply for a guarantor loan. A guarantor loan is backed by your friend so if you fail to make a payment your friend will be asked to repay the loan. These types of loans are becoming more popular as friends are very willing to help close friends out without lending their own money.
10: Find Buy Now Pay Later Catalogs
If you need the money to replace items in your household like appliances you could apply for a buy now pay later loan from catalog companies. These companies have relaxed credit requirements where you can spread the payment over 12 months to help you purchase items. You can buy items from clothes and shoes to household appliances and furniture. Your credit limit will be increased if you can prove you can pay off the loan on time.
I Need to Borrow Money Right Now
The above 10 ideas are robust ways to borrow money when you need emergency cash. As always it's important to spend the money wisely and complete a income and expenses form to see how much you can afford. Also always keep a loan contract with a schedule of payment and security to make the transaction real.