You need money, but you do not know how to borrow it? See our guide!
High debts, an unexpected health problem, an essential purchase. There are many situations where the need for money is immediate. Those who do not have an emergency reserve and need to solve problems quickly have no other solution: they need to borrow money. There are some options in the market, such as payroll loan, overdraft, personal loan, among others, each suited to the user profile and also to their possibilities. Check out how to borrow money and solve your problems:
Those who need to borrow money can not fail to see the payday loan options. In this modality the discount of the benefit is realized directly in the payroll or of the social security benefit of those who contract. By offering more security to the creditor, the interest charged is substantially lower than in the case of overdraft or credit card. However, not everyone has access to this type of loan, the people working with freelancers, for example.
A personal loan can be made easier than a paycheck, since in the case of account holders of the financial institution, it is possible to apply even through the Internet Banking of the institution. However, rates are higher than the payroll model. Not everyone is eligible for a personal loan: anyone who has the dirty name in general can not get access as well as people with a credit restriction.
The only plus point of the overdraft is the ease of access. As it is available in the checking account, it can be used immediately. However, the interest rates charged on overdraft are among the highest in the market. The result: When you can not pay off the debt quickly you can pay more than double what you borrowed. Only use this feature to cover a small gap and return the amount you borrowed as soon as possible so you do not incur interest.
Credit Card Revolving
Just like the overdraft, the credit card rotary stands out for ease: if you have a pre-approved withdrawal limit, you can withdraw money directly from the ATM. However, the interest charged is extremely high, surpassing those of payroll and personal loans. It only pays off in emergencies and should be paid as soon as possible so you do not have to bear high interest charges.
How to get money from people
Those who need money to solve their problems can also appeal to individuals. Asking for help from friends or family may be an advantageous option, especially since you do not have to pay interest. However, it takes a lot of intimacy with the person and even the courage to make the request. In addition to known, there are individuals who offer the possibility of lending money even to those who have the dirty name of the market. They are called moneylenders. This is the worst option for those who need borrowed money, since, besides being unreliable, these people charge very high interest rates, and can even outperform overdrafts.
You have learned how to borrow money. However, use these options as your last alternative. For a safe and quiet financial life, it is important to organize financially and prepare for emergencies.