Getting a Loan

Loan options

Get financial information ready. Whether you have credit or not, it's important to get any financial related information that will help you get a loan available. This includes, check stubs from recent jobs, bank statements and credit reports from all three credit rating agencies. If you don't have any of the above, you will need to get receipts or estimates for any collateral you are willing to put up.

Banks. Many people don't like going to banks because of their extensive credit checking process, but if you have good credit, this is the most secure way to get a loan available. You will also pay a lower than normal interest rate if you go to a Credit Union. It all depends on how good or bad your credit score is.

Peer to peer lending. This type of loan is given by an agency like Prosper who connects individual lenders and borrowers under one online lending environment. This is a great option for almost anyone out there because you won't have to go through a bank. The best part is, if you have no credit, you will just be charged a higher interest rate.  

Payday loans. This is a short-term loan given by a payday loan service which has minimum requirements. The only requirements to get a loan are; a bank statement from at least six months back and a pay stub from your most recent job from up to six months back.

Pawn your title. This is a last resort as no-one likes to pawn their title, especially if you only have one vehicle. The good news is, you will not have to give up your car, just your title. Make sure you wash your car and fix any minor issues that would cause concern. You will also need to borrow the minimum so you can get your car back.

Pawn shops. I'm sure everyone has heard of pawn shops at some point or another and your opinion likely depends on how well your experience was handled. If you are having trouble getting a loan, this is a last resort but still a viable option. Expect to pay a higher than usual interest rate on the loan given and if you don't pay on time your item will be kept after a 30 day period.