There comes a time in many peoples’ lives when they need a larger fund than they have in their bank account. This is not necessarily a sign of poor planning or any deficiency on your part; it’s simply that you can’t always apprehend when necessary costs will arise. Whether it’s because your car needs replacing sooner than expected, because an unexpected bill has surfaced, or because you’ve got a once-in-a-lifetime opportunity that you can’t afford to miss, there may come a day when you require a boost.
However, a lot of people are completely unaware of the wide array of borrowing options available to them, and when certain factors disqualify them from a lender’s criteria, they don’t know where to turn. So, if credit cards, secured loans, and their ilk won’t work for you, here are a few other choices that might suit you better…
#1: A Pawnbroker
When we think of pawnbrokers, most of us picture miserly old men sitting at the back of a darkened shop, the path to their counter lined by towering piles of junk. Luckily, modern day pawnbrokers are nothing like this common misconception would suggest, and they can actually offer a great option for those who don’t want to indebt themselves. The way they work is simple: you offer an item, and in return receive an offer. If you manage to pay back your debt before the end of the term, your asset is returned to you; if you don’t, it will be seized in lieu of it.
#2: A Guarantor Loan
If you don’t have the credit rating to secure an ordinary loan, why not consider a guarantor loan? Available from companies like TrustTwo, these involve having a second person act as security for your debt should you default on it. This means that should such a scenario come to fruition, your guarantor would be held accountable for repaying the sum you borrowed. Although they can be incredibly useful, however, this type of loan is only a realistic option for those with a financially stable friend or family member willing to trust them enough to act in such a capacity.
#3: A Bad Credit Loan
If you don’t have someone to act as a guarantor on your behalf, you might want to consider a bad credit loan instead. Rather than using your credit rating alone to assess your suitability, these also take into account factors like your age and income, making them a good bet for many who would fail if measured against a more traditional yardstick.
If your bank balance is in need of a boost, could one of these options work for you?
(Guest Post)






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