How to Borrow Money Without a Bank

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Most people think that the only way to borrow money is to go to your bank. However, if they do not want to do this or think that the bank will not lend them any more money, then they may think that they have no other choices. However, below are some options that could be considered instead of borrowing from a bank.

Borrow from Friends and Family

Some people do not have family and friends that have money. However, there are a lot of people out there who do and so it can be a good idea to consider asking them to lend it to you. It can be a much cheaper way of borrowing and if you only need a small amount it is likely they will be happy to lend it. If you think that it may have an effect on your relationship, with you feeling pressure to pay it back, then you may decide that it is not such a good idea.

Payday Loan

Payday loans are a very short term loan for a small amount of money. These can be useful to help you cope until you next get paid. There are online companies and high street stores which will lend money like this. They do no credit check and so you will be able to borrow the money even if you have other loans. However, they can be expensive and if you do not pay them back, the charges can be very high.

Logbook Loan

A logbook loan is one taken against a vehicle that you own. If it is in good enough condition you will be leant some money and you will have an agreement to pay back some each month. If you do not make the payments the vehicle will be repossessed so it is a risky thing to do if you rely on your vehicle to get you to work.

Store Card

A store card is given out by a shop so that you can buy things from them and other shops belonging to their chain. They do a credit check and so they will not give a card to just anyone. However, it can be an alternative way to borrow money than using your bank. However, the interest rates can be high and you will be limited as to where you can use the card.

These are just a few examples of where you can borrow money without using a bank. There are other places as well such as credit unions and peer to peer lending and it is worth investigating all your options before deciding which one to use.

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