August
15 - 2012

Three Ways For Small Businesses To Get A Loan

Trying to get a loan for a small business can be very difficult these days. The interest rate might be too much or some are just afraid of taking their chances with living on credit. A lot of companies today are working hard to meet the consumer in the middle so business can be established between the two. There are three good options to consider when you try to come across money for your small business.

Consider pay day loans to be your first option. This is a great place for the average unbanked person. A lot of help with short term cash loans can be found here. With these establishments, a person’s credit score is not a big deal. Most of the time, you do need a pay stub when you go in and apply for a loan. This is so they can get your information and how much your next pay check will be to see what you can borrow. Most pay day loan stores also cash checks directly through them. This is of course with a fee. Fees apply to borrowing money as well. The fees can be hefty sometimes, but this is the price you pay for cash now.  A great resource for this is paydayloansonline.com.

Another way if you need cash right this instant is a cash advance from a credit card. This can be risky though, because the interest rate for a cash advance could be well over double of your APR. Many people don’t read the fine print when it comes to cash advances and usually burn their selves because they bit of more than they could chew. If you take your time and do a little bit of research on your rates and limits, borrowing on credit can be a breeze.

One of the last ways to get money when you are unbanked is peer to peer lending. There are websites online that let you do business with other people that are in the position to lend out money. You inform them of your situation and how much money you need. Now of course this is with a fee. The fee will vary from person to person. Having fair to good credit in this particular instance is the best way to get the cheapest rate from your lender.

All in all, life isn’t over for the average unbanked person. Yes, the fees might be a little higher or sometimes tedious, but there are ways out there to obtain it. Just make sure to take care when borrowing and never borrow more than you can afford. With a little time and preparation, using payday loans, a credit card, or peer to peer borrowing can really be beneficial when you’re in need of fast cash.

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