When trying to get a personal loan from a bank they often want some guarantee that you will repay them. This guarantee is usually in the form of some sort of collateral which is an asset that guarantees the loan. The most common forms of collateral are cars and homes, but there are other ways to get a quick personal loan if you don’t have a car or home to use as collateral.

Here are 10 ideas to think about if you need a quick personal loan:

1. Take a cash advance from a payday loan company. This only works if you need the cash for a short period of time because payday loans need to be paid back within 2-3 weeks. Alternatively, you can give yourself a quick personal loan by taking cash from a credit card.
2. Withdraw cash from your savings account. I know most people have checking accounts these days, but many neglect savings accounts which can be a good source of quick cash. If you don’t have one, consider opening a savings account specifically for emergency money.
3. Use a store credit card to buy what you need. Of course this isn’t really a personal loan, but it is quick and depending on what you need the cash for you may be able to buy it at a place for which you already have a credit card.
4. Use your insurance policy to get cash. Depending on the type of life insurance you have you may be able to tap it for a quick personal loan.
5. Get an SBA loan. If you’re trying to start a business the Small Business Association may be able to help you with a small loan. Don’t overlook this valuable government agency if you need a quick loan to start or fund a business.
6. Get a direct personal loan from a site like Prosper.com or Lending Club.com. Both of these sites match people looking for loans with people willing to lend money. The interest rates are pretty competitive and once you’re qualified as a borrower it can be a great way to get a quick personal loan.
7. Get a personal loan from a friend or family member. You might think they won’t be willing to lend you the money, but they may surprise you. Anyway, it never hurts to ask.
8. If you own your own business you can get a loan through the business, typically much easier than obtaining a personal loan as banks are more willing to lend to businesses.
9. If you have a retirement plan at work you can often borrow money from there and pay yourself back for the loan. Just be careful to understand all the terms or you could end up paying a penalty on this type of personal loan.
10. Get someone with good credit to co-sign the loan for you. This may be easier than getting friends or family to lend you the money themselves. Plus, it will help you re-establish your good credit which might be a good selling point to convince them to help you now.

As you can see there are many creative and different ways to get a quick personal loan. So, if you need some money now, but you have bad credit don’t give up. One of these 10 ideas might be your ticket to a quick personal loan.

Related posts:

1. Consolidate Your Debts With A Quick Personal Loan
2. Choosing The Right Options For You When Getting A Secured Personal Loan
3. Low Interest Personal Loans
4. A Guide To Applying For Quick Payday Loans
5. Personal Loans Explained

You should know that if you already have bad credit you won’t be able to get a low interest personal loan. Personal loans typically have higher rates already than other loans like your mortgage and you need a very high credit score if you want to get a personal loan with a really good interest rate. If you have good credit check with your bank or credit union and see what kind of rates they offer on personal loans. Because you already have a relationship with them they will be more likely to offer you a personal loan than some company that hasn’t worked with you financially before. If you have bad credit though don’t despair, you still have options for getting a personal loan.

One option is to go through the online company called Prosper. Prosper matches willing lenders with those that need small personal loans. Once you sign up with their site you’ll be reviewed and assigned a credit rating. At that time you can then post a loan request. The cool thing about Prosper is you get to set up a profile there and you are able to tell your story, why you need the loan, you can even post pictures if you like. After posting the loan request the interested lenders on Prosper will bid on your loan to fund it. It’s really a grassroots effort toward getting personal loans and adds a personal touch as well, since most of the lenders will be more understanding than banks typically are.

Of course you also have the option of getting a payday loan, however these should really only be used in emergencies because of their high interest rate. A payday loan is not the type of loan you want to use for personal purchases. With a payday loan you’re required to pay the loan back very quickly, usually within 30 days and the interest rate is astronomical, so it just doesn’t make sense to use a payday loan unless there is no other way to get money you need for an emergency situation. Payday loans have helped many people when used correctly, but they are certainly not low interest personal loans.

Related posts:

1. 10 Ways to Get A Quick Personal Loan
2. Personal Loans Explained
3. How To Compare High Risk Personal Loans And Save Money
4. Choosing The Right Options For You When Getting A Secured Personal Loan
5. Consolidate Your Debts With A Quick Personal Loan