Struggling to Survive? Here Are 10 Reliable Places to Find Money

Are you living from paycheck to paycheck? Do you need to pay your mortgage, or need to buy a car, or repay student loans but you don’t know where to find the cash? You are not alone.

You and millions of other Americans are floating in the same boat. Many people are struggling with debts and not just student loans. By the end of 2017, Americans had accrued 13 trillion dollars’ worth of debt, this is according to the New York Fed report.

The figures are shocking. They speak of households in the U.S. with millions of people unable to afford basic needs. Most of us cannot afford homes or even cars without taking loans. This is the plight of most Americans.

But borrowing money is not an easy process. It takes time, a lot of time, and lots of emotions to get you through the lengthy process. Never mind it is risky, too. So, you have to be careful when borrowing. Make sure you repay the loan on time and don't bite more than you can chew - don't borrow what you can't afford to repay.

Knowing where you to get financial help it's just the beginning. You need to know how to plan your loan money to achieve your financial objectives. If you feel you're ready to borrow money, here are 10 places you can get the financial help you need.

1. Traditional lenders. Think banks!

Banks are entities you can trust to find the cash you need. Perhaps you are a customer with one of the national banks. Take advantage of their loan programs then.

As a customer, it is easy for you to borrow money thanks to your banking with them, and also customer trust. They're a good number of banks nationally that offer loan services including Capital One, Wells Fargo, U.S. bank, etc.

But why should I borrow from banks, you ask? Because banks have a wide array of loan options that fit your needs. Not all, though. National banks or a good place to start with if you need different funding options with great flexibility.

National banks are likely to pick a loan that works for you in regard to incentives, fees, period (time), terms, and anything to help achieve your financial goals. But national banks don’t necessarily mean great loan services. You may be disappointed when you want to talk to someone and you can’t find reliable customer support, or agent to help.

Do your due diligence. Traditional lenders like banks tend to have many requirements before disbursing loans to customers. Many of them will want to know your credit worthiness and how much you've been borrowing for a given period. Woe unto you if your credit rating is low.

2. Credit unions

If banks are not your cup of coffee, consider taking a loan from credit unions. They are popular lenders, too, and a good alternative to banks. Reasons to borrow from a credit union:

Lower interest rates on loans
They are located within communities they serve
You can walk in into a credit union and talk to a customer or agent for clear explanations. No more over the phone “meetings” with an agent or loan expert.
Flexibility is guaranteed during the loan application process

The downside of credit unions is convenience. In this age of mobile banking and online shopping, customers are less inclined to visit a credit union’s office to process a loan. Also, small credit unions have limits to how much loan products and services they can offer customers.

3. Online lending programs

Need a loan in bed? It's a click away. You can get loans from online lending programs like this company or lenders as fast as the next day or hour. But don't let the convenience of online lenders and programs get into your head. There's a lot to be cautious of.

Be careful before taking a loan online. However, these loans are easy to access and it takes little time to get approval hence the convenience. Most of these lenders do not pay close attention to your credit score rating.

Here’s what you need to be wary of, though. They put exorbitant interest rates on their loans. It is not a surprise if you pay an annual percentage rate of 200% on a loan. That’s insane. If you want to get into a debt trap, this is the way.

4. Peer-to-peer loans

P2P loans are a form of an online lending program. Getting funds is simple. However, unlike other online lenders or traditional lenders, peer-to-peer loans are dispatched to you by an individual. This individual can decide to give you half the money or fund you 100%.

You then repay the loan including principal amount and interest rate. The good thing about P2P loans?
Reasonable prices
Flexible repayment terms that range between 3 and 5 years
No pressure to repay quickly

Perhaps the bad thing about peer-to-peer loans is the hidden high-interest rates. Also, if you don't find an individual to fund your loan, it’s back to the start. That’s not so encouraging.

5. Retirement savings are an option

If you're employed and have retirement savings, best go for it. You can take a loan against your retirement savings. But there's a limit to how much money you can access as a loan. The internal revenue service (IRS) determines how much you can get. Often, you are eligible to alone half the balance of your savings.

If you have credit issues or poor credit score, this is a good funding alternative. The payment period is within 5 years. This money is yours so you will pay back interest to your own money. Drawbacks? Your retirement money won’t compound as long as you have removed it.

6. Get a cash advance

Have an emergency and need money as soon as possible? Great! Request for a credit card advance through an ATM, and voila you have the money. If you are at the end of your tether and need money for an emergency, this is the easiest and quickest option to access money.

However, cash advances come with additional fees. Interest rates are equally high. Ultimately this makes advances an expensive funding option.

7. Go the private business way

Some businesses tap on the need of customers to buy an item they fancy or desire. Most of these businesses provide loans to help buy whatever you need. Retailers such as a car dealer can provide funding options for customers. This is a good source to get money.

Getting a loan from a private business such as a furniture store or a big box store is easy. Just need to purchase from them, and then ask for a loan on site. Most of these lenders are willing to help and even offer discounts provided you qualify for the loan.

8. Consider a payday lender

Do you want instant cash? These lenders are willing to help you out. Of course, in exchange for exorbitant fees and interest rates (think 400% APR). Most payday loan lenders require you to repay the loan after a fortnight. This can drive you into more that if you are unable to repay the loan. This loan should be your last resort to getting quick cash.

9. Ask relatives, friends, to help you get money

If you're completely stuck and out of options, you can call your friends or family to help you get back on your feet financially. You may be ashamed to call up your friends or relatives and tell them you need help, but it’s worth a try.

Why should you go the relative and friends way? Borrowing your family money is perhaps the easiest way you can access funds. It bears no consequences, and if any they are minimal. However, this can hurt your relationships with your friends or family when you don't get to back their money on time. This can make people resent you.

10. Sell valuable items

Lastly, you can try to sell valuable items to get money. But you need to think this through before you can go ahead and sell valuable items that mean so much to you. For items to be valuable it means they are meaningful to you. Selling them could mean selling a part of you with them. So think about it before you try.

What makes this a good place to find the money you need? Sometimes items you've not used for a long time could mean they don't hold so much value. You can put them up for sale if you need quick cash. Needing to sell online? No problem. Selling online is incredibly easy, as long as you have the best invoice template.

Parting Shot

Life can give you a hard punch on the face, and you know how bad that can get because you've been there before. We have all been there before. You are struggling to pay rent and utility bills, and you need to buy food, too. So, you need cash and fast.

The good thing is there are a handful of options you can try to find money. You could consider taking a bank loan or seek funding from a credit union. If those options don't come in handy seek an online money lender. Or better yet, go the peer-to-peer loans way. There are many options you can take to get quick cash.

But remember to look out for red flags such as incompatibility with your needs, crazy interest rates, exorbitant fees, etc. When you do due diligence before getting a loan, you’ll save yourself heartache, pain and getting yourself into a debt trap.