People who don't qualify for a personal loan have alternatives to high-interest, predatory lenders. These options can help cover an income gap, but each comes with pros and cons.
By ANNIE MILLERBERND of NerdWallet Personal loans provide fast, unsecured funds that can pay for anything from home repairs to medical emergencies. Instead of requiring collateral like a house or car, many lenders prefer applicants with strong credit and high incomes.1. TRY NON-BORROWING OPTIONSSee if you can come up with the money by making room in your budget and pulling in some extra cash, says Tania Brown, an Atlanta-area certified financial planner and financial coach.
Bring a"game plan" that includes a loan amount, interest rate and repayment term when you broach the subject to take the guesswork out of the decision, Brown says. For a small loan, an informal loan document between you and the lender could be enough. Larger loans may require a formal agreement. BNPL is an easy, fast option because there's no hard credit check or long application process, says Kristian Brennon, an accredited financial counselor based in Kansas City, Missouri.
"Make sure that you are getting exactly the amount you need and that you are mapping out a plan as to how you're going to pay this off," she says. "Life always is going to have ups and downs, and the key is learning how to manage," she says."That helps to turn what would be a crisis into just an annoying inconvenience."The best ways to be money smart this week Financial saving tips for locals who want extra spending money this summer.
Personal Finance 5 Ways Small Businesses Can Offset High Gas Prices Gas inflation has broken records at a dizzying pace: In June 2022, the national average gas price hit a high of more than $5 per gallon, according to data from…
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