Borrow Money Online

Top 5 Ways to Borrow Money

During these tough times many of us are finding it increasingly difficult to make ends meet. With the cost of living increasing and individual pay rises becoming a rarity, money doesn’t seem to stretch as far as it used to. In order to maintain a decent cash flow for your household, long term cut backs and changes need to be made to your lifestyle. Sometimes however, it takes a single utility bill or unexpected car bill to tip your finances over the edge. At this point, you may seek quick ways to borrow money online or the high street for a financial fix to your money troubles.

When you find yourself in a situation like the one explained above, you’ll be tempted to look at fast quick solutions in order to pay off your debts. However, finding a quick fix can prove to be very costly if you don’t do your research first – desperation can cloud your judgement. Before borrowing any money, be sure to guarantee your cash advance from a trusted source beforehand. By doing this, you decrease the chances of being stung at a later date. The following shortlist provides a few safe solutions to make money online:

1. Credit Cards

A long standing staple amongst the financial world is the credit card. Providing you have a solid credit history, credit cards are widely available as a way to borrow money online. Credit cards also allow you to take a cash advance (fees apply) instantly for use with purchases. You essentially create your own personal loan at a respectable interest rate, which can be paid back at the agreed interest rate. If you are travelling abroad, a credit card is a great safe way of making purchases as you’ll be protected by the card company against fraud. Be sure to let your credit card company know that you’ll be travelling abroad to avoid having your card “frozen” – It does happen.

Unfortunately, credit cards aren’t the best option for those looking for a loan for bad credit. If you fall into this category then one of the other options below could work better for you.

2. Payday loans

Recent controversy in today’s media has left the payday loan in a very negative light. There’s some truth in the media questioning whether a payday loan is as bad as a “loan shark” – if you don’t treat payday loans with respect then you’ll quickly realise that they aren’t an effective way to borrow money online.

Ensure that you are able to pay the payday loan back within the allocated time period – If you doubt for any reason that you’ll be able to meet the payback deadline then we suggest you seek an alternative means of borrowing money. High accumulated interest rates from unpaid payday loans could cause you serious long term problems.

Payday loans aren’t a recommended way to make money fast, especially if you’re seeking loans for bad credit. As mentioned later in this article, try seeking help from a family member or dedicated firm.

Seek help borrowing money

3. Peer lending

Like most legitimate ways of making money online, peer lending involves putting forward your case for borrowing against a panel of individuals willing to offer money. Unlike frowned upon “loan sharks”, peer lending or person to person lending is considered a safe way to borrow money online utilising existing social networks to communicate. The main advantage of peer lending for borrowers is that you often get a lower rate than a bank can offer you. With a variety of different peer to peer lenders available on the internet, be sure to include them as a potential option in your search for safe ways to make money online.

4. Family and friends

This option is entirely circumstantial but being able to borrow from somebody who knows you well can pretty much topple any safe way to borrow money online. The trust that you have with a family member or close friend is priceless, and can often prove to be a stress free option for individuals looking to clear debts. From a legal point of view, a verbal agreement is more than enough to solidify a loan agreement from one party to another. However, we’d imagine you’d only borrow money from a family member knowing you’d be able to pay it back.

In addition to this, working with a family member normally means that your credit history does not affect whether you’re eligible for the loan or not. Those looking for bad credit loans or loans for bad credit can often find comfort in borrowing from family or friends.

Preparation and warnings

The above options are a handful of some of the ways to safely borrow online. It’s important to keep savvy when browsing the internet for quick “cash in hand” schemes, as more often than not they are designed to catch people out.

The internet is rife with unscrupulous individuals out to take advantage of web surfers, especially when it comes to money. The following bullet points should help you avoid disaster when borrowing online:

  • Find a contact number and call them – When speaking with someone, it can often give you an idea of the company and what kind of business ethos they carry. A lack of telephone number shouldn’t fill you with confidence.
  • Email the company – Emailing a company with a handful of simple questions will give you an idea of how active they are. You don’t want to borrow money online from a company that you can never get in touch with.
  • Look for feedback – Scour financial forums for previous experiences people have had with companies to get an idea of the service you can expect. If you can find nothing but bad feedback, be grateful that no harm was done to yourself.
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