So, you are in need of some cash. Your family members, friends, neighbors, even your golfing buddy are all tapped out. Trouble is, your car payment is due in 3 days and you can\'t be late. That Pontiac Solstice sitting in your drive is a great ride, a chick magnet, and more precious to you then food. Okay, a bit of an exaggeration, but you get my point: you need money and you need it now! Personal loans abound and they are one solution to a crisis situation. Is a personal loan right for you? More importantly: exactly what are your options? Read on and I\'ll show you the way!
Payday Loans: Payday loans have gotten a lot of press over the past few years as they are a great way to secure personal loans quickly and easily. However, fees and interest rates are high so if you aren\'t planning to pay it off within a few days you\'ll end up paying extra charges.
Cash Advances: Credit Cards are another way for you to secure a personal loan. By drawing on your card\'s cash advance feature, you can borrow a few hundred to a few thousand dollars without seeing a loan officer. You\'ll pay a fee for the privilege and the interest rate on a cash advance is quite high. However, if you can pay the loan off quickly it could be a viable personal loan alternative for you.
Equity Loans: If you own a home, your house may have some equity in it. Some lending institutions are so eager to lend money to you that they\'ll approve a loan on the spot. Be careful: the rate could be high and you are putting your house on the line. That Pontiac Solstice convertible may not be worth that sort of aggravation!
Friends, Family Members: Ah, now for a test of your familial relationships. Ask Mom, Dad, Gramps, Aunt Bea, or Sis for the funds. That cold hard stare back from them probably means \no\ but it could mean yes if you whimper. Groveling could help too. Seriously, a family loan could mean a low or zero interest rate for you. Better than the rate the loan shark guy at work wanted to charge you, right?
Retirement Funds: More than likely you won\'t be able to tap your retirement funds within three days time, but borrowing from your 401(K) can be a wise decision. Just remember to pay the loan back with interest to avoid tax penalties. Besides, that Pontiac Solstice will look pretty ratty when it comes time to bid your work place good-bye.
Yes, you do have choices when it comes time to securing a personal loan. Some options are better than others so it behooves you to check the fine print when seeking personal loans. Personal loans can be a good option for you for the short term, but likely a long term solution could involve you getting rid of that pricey Pontiac Solstice!
Copyright 2006 - For additional information regarding Matt Keegan, The Article Writer, please visit his blog for wit, quips, and freelance writing tips.
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