Let’s face it, unless you have sterling Credit, most of us have a little trouble getting a Loan when we need one. And while it would be better to pay off all of our debt, cancel excessive credit card account, and get a job that pays you loads more, not everybody is able to do these things. For the rest of us, there has to be a less arduous way to borrow money. Fortunately, there are such methods. Here are three.

• Equity Loans. Many people don’t realize that they have secret savings accounts that are constantly being added to each and every month. If you own a car, house, or other significant property, the amount that you have paid off of that loan is a lump sum called equity. Equity is the money that comes back to you if you were to sell the property. If you happen to have a house that’s totally paid off, if you were to sell it, you’d receive a huge windfall. But even if you don’t have your property completely paid off, the portion that is paid off belongs to you. You don’t even have to sell the property to use the equity. There are equity loans which use the equity as collateral. You keep your equity as long as you pay the loan back on time. For more for the best title loans Tampa has to offer, and you’ll really learn the power of this option.
• Online and Mobile Lenders. For hundreds of years, loans only came from brick and mortar institutions. Many people still look for loans this way, taking a drive to the nearest bank branch or sitting across the table from an independent lender. While these still exist, the rise of internet and mobile lending has created a great deal more competition in this space, driving down costs and creating more options (especially for those with little or bad credit).
• Peer to Peer Lending. There are a number of companies worldwide that act as brokers between individuals. One individual has money, the other needs it. The person with money lends the requested amount through the broker (who arranges all of the contract and legal documentation), and the borrower pays the person back over time according to the terms of the arrangement. Most P2P lending companies use a reverse auction bidding system, in which potential lenders bid on your loan request. The person who offers the lowest interest and fees gets the loan, creating the most affordable loan for you.

These three options are available to people who don’t have good credit. Don’t think that because your credit is in the toilet you will not be allowed to take out a loan. These loan options may be non-traditional, but that doesn’t mean they’re sketchy. In fact, all borrowers should be glad of the disruption that has happened in this industry, and take advantage of it while interest rates are at historical lows. Good luck on your search for a good loan.