Struggling to come up with the funds you need to get by? You’re certainly not alone. As many as 76 million Americans live in dire financial straits.

However, the knowledge that you’re in good company may not make the pinch of a tight financial situation any less painful. As you exhaust your funding options, you might find yourself asking: what is the best way to borrow money?

Asking your friends and family members for a cash infusion will soon get old. Instead of making those uncomfortable phone calls, try one of these funding ideas!

Some ideas on this list are normal, while others might surprise you. With these creative strategies, you’ll soon get your finances back in order. Let’s take a look at how to do it. 

1. Loan from a Credit Union

If the terms of traditional bank loans have you feeling disheartened, why not try a credit union?

Credit unions offer many perks to their members. For example, some offer bonuses for getting new members to sign up or refunds for out-of-network ATM fees. But even better, credit unions also offer loans with lower rates than most banks.

As a member, you might even be able to get an unsecured “signature” loan, which is fast and easy to apply for. A signature loan needs no collateral, just your signature.

Most credit unions have certain requirements for application, so check out the ones in your area and see if you qualify.

2. Crowdsourced Loans

Many crowdfunding sites, like the famous Kickstarter, offer ways to raise money for various needs. However, you can also find crowdfunding sites that function as a way to get a loan. 

These loans will come from strangers, not people you know. They’re called “peer to peer lending” sites. Peer to peer lending usually refers to the loans you get from friends and family.

But thanks to the internet, you can now connect with countless new people who might be able to lend you the funds you need.

3. Margin Accounts

If you have a brokerage account, a margin account will let you borrow some funds from it. 

With a margin account loan, you can use the funds you have in your brokerage account to serve as collateral for this loan. People typically use this type of loan to make new investments when the rate is low, instead of waiting to free up funds.

However, margin accounts aren’t ideal for all kinds of funding. They work well if you want to make new investments.

But if you want to use them to make other big purchases, such as a car, you’ll probably need to build up a fair amount of equity in your margin account first.

4. Retirement Loan

Sometimes, you can borrow money from your retirement account if you need a quick influx of cash.

The possibility of a retirement loan depends on your employer. Some employers will allow these kinds of loans, but not all will, and the terms and limits will differ. 

However, if you can get this kind of loan, the rates often run low. You’re borrowing from funds that you already have, so you don’t need to pay interest to a third party. 

But you will need to be careful because quitting your job or getting fired will change things drastically. Leaving the company usually means you’ll be expected to pay back the loan in full and fast.

Otherwise, you may need to pay steep penalties.

5. SBA Loans

Need funding for business purposes? The Small Business Administration might just have what you need.

These loans help get new businesses off the ground. For example, their microloan option offers relatively small loans for a variety of business purposes.

You can also get training from the SBA to help make sure you do what you need for business success.

6. Credit Card Introductory Offers

You already know about credit cards as a way to borrow money. However, you may have avoided using them up to this point. 

Credit cards have notoriously high interest rates, so they’re not an ideal source of long-term funding. But if you open a new card with a 0 percent interest introductory offer, you can buy yourself some time to pay off your balance.

Basically, these cards start with no interest for a set period of time, such as six or 12 months. During that period, you can charge to your card without worrying about accruing interest.

If you need to make a large purchase or get some quick funds, this is a great way to do it interest-free.

7. Private Lenders

If you have bad credit or other issues that might get in the way of some loan opportunities, a private lender might be just what you need.

With Private Lenders, you can find someone who will help you through just about any difficult situation. For example, if you’re on the Spanish ASNEF debt default list, looking up “creditos con asnef” will likely get you some promising results from private lenders.

Do your research, but don’t count any private lenders out just because you haven’t heard of them before. Ever since the 2008 financial crisis, private lenders have emerged as an important way to fill the gaps in lending options.

8. Sales Financing

If you need funding to buy a specific item, like a new bed frame and mattress, look into sales financing from the retailer. 

These loans allow you to delay paying for an item in full, paying it in installments instead. Many of these options are interest-free as long as you stick to the loan terms and pay it off in time. But if you miss the payment deadline, you might retroactively be charged interest.

What’s the Best Way for You to Borrow Money?

When you ask “What’s the best way to borrow money?” there is no single answer. Instead, it all depends on what you need the funds for, how much you need, and what your unique financial situation is.

With this list, you’re well on your way to getting the funding you need for all sorts of reasons. Of course, there are some even weirder ways to get money than the ones we’ve listed here.

Check out some of the weirdest facts about the hot new cryptocurrency, Bitcoin, here!