Alternatives to Personal Loans - Top 10 Personal Loan Alternatives
What are the alternatives to Personal loans? This is one of the most frequently asked questions on The Millionaires Giving Money Blog. People are fed up with taking out loans and want an alternative. People have finally realised that they can't live this way, making ends meet at the end of the month with a personal Loan is not savvy personal finance. If you're having financial difficulties and are experiencing financial despair and just want to feel better about your money just keep reading. In this post, I will share 10 alternatives to personal loans that you should consider to save money on interest. I've also got some bonus tips to make you feel better about money. Who wants to go through life feeling miserable about money, it's time for change.
Alternatives to Personal Loans - Top 10 Personal Loan Alternatives
Option 1: Ask Your Parents for a Loan
I know, I know, this may seem like an unusual alternative to personal loans but it just makes sense. Rather than paying interest which is making you poorer, you should at least try asking your parents for money. The chances are they have plenty of money just lying there and you need money, it just makes sense. The reason why parents turn down their children when it comes to lending money is because they fear they will default on repayment and it will leave a sour taste in their mouth. If you can take away all their concerns you have a good chance to borrow the money. I always say keep things professional, have a professional legal agreement in place, have the loan amount, lenders name, borrowers name, when you intend to pay the loan back, or the dates you will make the partial payments. You can sweeten the deal by having a security in place that you have to sell if you default on the loan, you could also have a bonus payment to pay your parents once the loan is paid off. All these measures will help you get some money from your parents and you won't be paying excessive interest that will make you poorer.
Read More
Blog 1: I Need $2000 DOLLARS Right Now What Can I DO?
Blog 2: I Need $10,000 DOLLARS Right Now What Can I DO?
Option 2: Ask Your Friends for a Loan
This is exactly the same concept as asking your parents for a loan. Again, this is one of the best alternatives to a personal loan because you will be saving so much money in interest payments. Previously, when I was a mess with my finances I asked my friends for a loan rather that taking out a payday loan, I saved a bundle and fixed my personal finances quicker. Same method. keep things professional and as before have a loan agreement in place which stipulates the lender, borrower, loan amount, security, repayment dates and bonus payments which can be paid once the loan is paid off. I've seen this method has a excellent chance of success so it's worth a try.
Option 3: Sell All Your Items and Forget Getting a Loan
Option 3 is to sell items you no longer need. What is the point of getting a loan and having things you don't need around the house. It would make more sense to sell your items and at the same time forget getting a loan. Imagine how much money you could save and you could get rid of some of your clutter at the same time. Be wise, don't pay interest when you don't have to because you'll be getting richer. Remember paying interest make you poorer. This is definitely one of my best alternatives to personal loans. To start, make a list of all the items you can sell and then advertise them all on eBay, make sure you take lots of pictures and put a incredibly useful description and price the items competitively. You should be able to raise at least 1000 dollars or even more!
Read More
Blog 3: Can I Ask ELLEN DEGENERES for Money?
Blog 4: I Need $5000 DOLLARS Right Now I Will Do Anything
Option 4: Ask Your Employer for a Cash Advance
This option has helped me so much when I got myself in trouble. Many people don't realise this but your employer will help you if you are adding value to the business. Also, this is one of the best alternatives to personal loans because you're paying zero interest so you're not getting poorer. If you're experiencing financial hardship just go to your employer and explain your circumstances. If you've made a difference to the business and added value your employer will help you. There are many options you can ask for, you can ask for more overtime, you can ask for a advance on your salary or you could just ask for a loan where the payments would be taken out of your salary. This is a fantastic option and a fresh alternative to personal loans where you won't have to pay any high interest as opposed to instalment loans or payday loans.
Option 5: Get Cash Deposited in Your Bank from a Credit Card
I thought this was too good to be true, but, it is real! Some credit cards offer interest free cash which can be deposited into your bank account for a number of months,some of my credit cards were offering 18 months interest free cash deposited to my bank account. Call up your credit cards and see if they have any offers, if you have good credit you are more likely to have these offers available. Some credit card companies offer the interest free cash amount for a fee of 2 to 4%, it's still worth considering bearing in mind the alternatives which are personal loans, payday loans, and instalment loans which all come with high interest which as we all know will make you poorer.
Option 6: Pawn Your Valuables for a Cheap Pawn Loan
Another great alternative to an expensive fast and easy instalment loans or payday loans is pawning your valuable items. You will get cash for any items which you pawn and then you can have your items back once you pay off the loan which is usually much more competitive that a payday loan or a bad credit instalment loan. This is particularly helpful if you have horrible credit. Make an inventory of all the valuables you have and take it to a reputable pawn store and get it valued and see if you can secure it against a loan. Just a few important points to remember, if you fail to repay the loan all your items will be kept and sold. Make sure you take this option if you are absolutely sure, the last thing you want is to get a pawn loan and then lose your valuable items.
Option 7: Do You Really Need a Loan
This isn't really an alternative to a personal loan but it's an important point to raise because sometimes we don't really need an easy instalment loans or payday loans but take it out anyway. Remember that paying interest will make you poorer and worsen your personal finances in the long run. Ask yourself do you really need a instalment loan and if you don't just forget about it. If it is absolutely necessary to take out a loan then consider all the options in this post.
Option 8: Go To Your Bank Manager for a Cheap Loan
OK, so again, this is not really one of the best alternatives to personal loans but it's worth considering because you can save a lot of money. Suppose you have a good relationship with your bank and have relatively good credit compared to other banks you might be able to ask your bank manager for a cheap loan based on your relationship with the bank. If you can explain your credit file and persuade your bank manager it was a one off then there is a good chance to you'll be approved for a loan at a relatively low rate.
Option 9: No Alternatives to Personal Loans
If you have no options remaining for alternatives to personal loans then your best bet is to take out a very cheap personal loan, instalment loans or payday loans. You might even consider a peer to peer loan, car title loan or guarantor loan. What you have to do is go to a loan comparison site and find the best deal, by just taking this step you could save a lot of money on in interest payments. Remember the lower the interest rate the better, and the less you pay in interest the less poorer you will get.
Option 10: Want to Feel Better About Your Money
If you're always worried about money and searching for alternatives to personal loans it might be a good time to reflect and change. No one wants to worry about money, no one wants to be miserable with money. Everyone just wants to feel relaxed about money. We can reach this level of relaxation by laying the foundation for good personal finance. I always tell people to increase their financial IQ. Read amazing books such as Rich Dad Poor Dad, The Automatic Millionaire, The Millionaire Fast Lane, I Will Teach You to Be Rich, and 7 Habits of Highly Effective People. All these books will give you absolute clarity when it comes to personal finance and as each day goes by you will start to feel better about money. You will begin to budget, you will look for ways to slash your expenses and boost your income. You'll even begin to establish an Emergency Fund and start investing in the future. Start your personal finance journey today and you can stop searching for alternatives to personal finance, easy instalment loans and cheap payday loans.
Read More
Blog 5: Free Money Giveaway No Strings Attached
Blog 6: I Need $2500 DOLLARS Right Now Please Help Me
