• Home
  • Tech
  • Business
  • Lifestyle
    • Health
  • Shop
  • About Us
    • Our Team
  • Work With Us
  • Contact Us
 
Suntrics – Your Daily News/Guide for Biz, Health, Tech & Lifestyle!
  • Home
  • Tech
  • Business
  • Lifestyle
    • Health
  • Shop
  • About Us
    • Our Team
  • Work With Us
  • Contact Us
Suntrics – Your Daily News/Guide for Biz, Health, Tech & Lifestyle!
  • Home
  • Tech
  • Business
  • Lifestyle
    • Health
  • Shop
  • About Us
    • Our Team
  • Work With Us
  • Contact Us

In Business

5 Alternatives To A Personal Loan Where You Can Get Money Easily

1.9K Views Recently updated on October 25th, 2022 Be first to comment

5 Alternatives To A Personal Loan Where You Can Get Money Easily

Whenever we need extra funds, one of the most common types of loans we see thrown around are personal loans. These loans have an easy approval process, don’t have many requirements, and you can apply online. 

Personal loans are also quick; you can get the money as fast as 24 hours or the next day upon approval. However, one problem with them is that they are not necessarily the cheapest out there. If you have a less than stellar credit score, your interest rate will increase, and your borrowing amount will be limited.

There are a few alternatives if you’re looking for an easy way to get the money you need. Each option has advantages and disadvantages, so it’s important to weigh all of your options before you decide. 

Here are a few alternatives to a personal loan:

Table of Contents

  • Here are a few alternatives to a personal loan:
    • 1. Credit Cards
    • 2. Personal Line of Credit
    • 3. 401k Loans
    • 4. Payday Loan
    • 5. Credit Union Loans

1. Credit Cards

Credit cards are great to shop or pay bills because you can bring them anywhere you go and are very convenient if you don’t like carrying cash with you. Not only that, but they also have rewards and cash back programs that let you earn points that you can redeem and use on other purchases.

When you open a credit card account, the company or the bank gives you a set limit. This limit is the total amount you can spend or borrow, and it can be reduced based on how much you borrow and will only return to its original amount once you pay off your balances. 

The good thing about credit cards is that they have a grace period where you can pay off your balances without paying the interest.

2. Personal Line of Credit

A personal line of credit is an unsecured loan, which means you don’t have to give collateral when applying for it. It works much like a credit card with typically an adjustable interest rate, a monthly repayment schedule, and a credit limit. 

With a personal line of credit, you can borrow small loans up to your credit limit. Then, after you’ve paid it off, you will be allowed to borrow again. Typically, the length of loans is open-ended, with no set date for your credit access to expire.

There are some conditions to personal lines of credit too. For example, you can’t use these funds for business or investments. However, some purposes allowed are medical bills, car repairs, home improvement projects, student loans, and big events like weddings.

3. 401k Loans

If you are employed in a company that provides you with a 401k, you can apply for a 401k loan. 

The interest rate for these loans is higher by a point or two, but the money will be back to your account.

Typically, you can only borrow up to $50,000 from your 401k account, and some even allow employees to get 50%. However, you should only get it when you’re secured with your job as there will be some complications when you suddenly lose or change your job. 

For example, if you take out a 401k loan and suddenly lose your job or make a shift, you’ll have to pay off the entire loan within the given time. If you don’t do that, the IRS will add a 10% penalty, and the loan will become taxable.

4. Payday Loan

If you’re looking for short-term financing because you’re short on cash for a few weeks, payday loans might be the thing you need. 

These are short-term loans meant to be paid by your next salary, hence the name. The requirements for payday loans are typically less stringent, but the APR can go up to triple digits. So, if you’re planning to get payday loans, you have to make sure that you pay them off within time, or you’ll find yourself in a debt trap.

5. Credit Union Loans

Loans

A credit union loan is also a type of online personal loan. The only difference is that they are less stringent regarding requirements and will even let you borrow if you have a bad credit score. However, before you can access these loans, you’ll have to be a member of the credit union for some time.

Final Words

Personal loans are a great source of financing; however, they are not exactly cheap, especially when you’re having trouble with your financial life. There are a lot of personal loan alternatives out there, and all of them have pros and cons, so make sure to pick the one that best suits your needs.

Alternatives To A Personal LoanFinancePersonal Loan
Share

Alfred Allen

Alfred Allen, Editor In Chief/Founder of Suntrics, with a master degree in Journalism from Parkland College and a decade of diverse writing experience, is a veteran storyteller. Alfred was a former journalist which made him have a passion for exploring new things, hoisting his content to resonate with audiences across the world.

You may also like

Installment Loans Online

View Post

Installment Loans Online And The Alternatives To Escape Cash Crunch For SME Owners

Finding The Best Yishun Money Lender

View Post

Things To Consider When Finding The Best Yishun Money Lender

Debt Collection Lawsuits

View Post

Prevailing In A Court Of Law: 11 Common Defenses To Debt Collection Lawsuits

Payday Loans Online Same Day

View Post

$255 Payday Loans Online Same Day: How Does It Work?

RRSP Loan

View Post

RRSP Loan: Does It Make Sense To Borrow To Invest?

Online Payday Loans For Bad Credit

View Post

Online Payday Loans For Bad Credit Struggling Vocalists: Know More

Novi Loans Can Fuel Your Ambitions

View Post

From Dreams To Reality: How Novi Loans Can Fuel Your Ambitions

Payday loans online

View Post

Prominent Reasons Why Payday Loans Online Have Gained Popularity

No Comments

Leave a Comment

Previous Post

Why You Should Study…

In Lifestyle

Why You Should Study In A Coworking Space

View Post

Next Post

How To Inspect A Used…

In Lifestyle

How To Inspect A Used Car For Purchase

View Post

Introducing Suntrics! 🌞

As Featured In

suntrics google news suntrics e27 suntrics yahoo suntrics News suntrics channel Innovation suntrics Tweakyourbiz seventeen suntrics Tweakyourbiz Porch smallbizclub

INSC Digital magazine

Recognition & Awards

Business Excellence Awards
Health Blog Award
Award

Categories

  • Business (626)
  • Health (675)
  • Lifestyle (1,037)
  • Tech (391)

Recent Posts

  • Applying for Jobs in the USA with Free Visa Sponsorship
  • Behind the Scenes of a Professionally Presented Business
  • University Guidelines for Producing Plagiarism-Free Work
  • Swamp Excavators Explained: What Makes Them Ideal for Wetland Projects
  • How to Smooth Skin Around the Eyes After a Flash Disaster
Suntrics – Your Daily News/Guide for Biz, Health, Tech & Lifestyle!
  • Home
  • About Us
    • Our Team
  • Work With Us
  • Contribute
  • Contact Us
  • Privacy Policy
  • Terms and Conditions

Disclaimer: We do not provide medical advices. Our health-related articles are for informational purposes only.

© 2024 Suntrics | All Rights Reserved.