{"id":3317,"date":"2021-08-26T09:00:00","date_gmt":"2021-08-26T14:00:00","guid":{"rendered":"https:\/\/www.accrediteddebtrelief.com\/blog\/?p=3317"},"modified":"2023-12-20T17:19:19","modified_gmt":"2023-12-20T23:19:19","slug":"what-is-the-best-way-to-borrow-money","status":"publish","type":"post","link":"https:\/\/www.accrediteddebtrelief.com\/blog\/what-is-the-best-way-to-borrow-money\/","title":{"rendered":"What Is the Best Way To Borrow Money?"},"content":{"rendered":"\n<p>Most of us have been in a situation where we\u2019ve needed to borrow money. For some, borrowing comes in the form of&nbsp;<a href=\"https:\/\/www.accrediteddebtrelief.com\/private-student-loan-relief\/\">student loans for college expenses<\/a>, a mortgage for a new home, or a personal&nbsp;<a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/what-is-a-line-of-credit\/\">line of credit<\/a>&nbsp;to start a new business. For others, borrowing has allowed them to make ends meet when they were in a financial bind.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>If you need to borrow money, you have a variety of options. However, you\u2019ll eventually need to pay your lender back, so it\u2019s important to have a repayment plan. Below, we\u2019ll review the most popular ways to access a loan, examine the pros and cons for each, and discuss an important alternative to borrowing.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Examine Your Options &#8211; Quick Links<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#Credit-Card-or-Cash-Advance\">Credit Card or Cash Advance<\/a><\/li>\n\n\n\n<li><a href=\"#401(k)-Loan\">401(k) Loan<\/a><\/li>\n\n\n\n<li><a href=\"#Pawn-Loan\">Pawn Loan<\/a><\/li>\n\n\n\n<li><a href=\"#Friends-and-Family\">Friends and Family<\/a><\/li>\n\n\n\n<li><a href=\"#Payday-Loan\">Payday Loan<\/a><\/li>\n\n\n\n<li><a href=\"#Personal-Loan\">Personal Loan<\/a><\/li>\n\n\n\n<li><a href=\"#Online-Lender\">Online Lender<\/a><\/li>\n\n\n\n<li><a href=\"#Debt-Consolidation-Loans\">Debt Consolidation Loans<\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Credit-Card-or-Cash-Advance\">Borrow with a Credit Card for Purchases or Cash Advances<\/h2>\n\n\n\n<p>Credit cards can be an incredibly fast way to borrow money for purchases and build a positive credit history. Many offer rewards, such as cash back or airline miles, which can be used to make traditionally expensive purchases more affordable. Many credit cards also offer liability protections and fraud monitoring, providing their users with a more secure way to spend.<\/p>\n\n\n\n<p>If you find yourself in need of cash, you can use your credit card to get a&nbsp;<a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/what-is-a-cash-advance\/\">cash advance<\/a>&nbsp;through an ATM or a bank. For most credit cards, cash advances are limited to a few hundred dollars at a time. They also come with additional ATM and bank fees, as well as a flat charge or percentage of the amount you advanced.<\/p>\n\n\n\n<p>Unfortunately, the ease of making purchases with credit cards makes it easy to spend beyond your means. Many credit card users have fallen into the trap of only\u00a0making minimum payments, allowing their debt to grow. Although credit cards can help build credit, they can also hurt your credit score if you miss your payments. Additionally, interest rates and fees can add up quickly, making it even harder to work your way out of credit card debt.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>Pros of Borrowing with Credit Cards<\/td><td>Cons of Borrowing with Credit Cards<\/td><\/tr><tr><td>Fast way to borrow money<\/td><td>Easy to overspend<\/td><\/tr><tr><td>Easy to build credit history<\/td><td>High interest rates and fees<\/td><\/tr><tr><td>Liability and fraud protections<\/td><td>Easy to miss payments or only pay monthly minimums<\/td><\/tr><tr><td>Reward programs<\/td><td>Missed payments can damage credit score<\/td><\/tr><tr><td><\/td><td>Cash advances are limited to a few hundred dollars at a time<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"401(k)-Loan\">Borrow From Retirement Through a 401(k) Loan<\/h2>\n\n\n\n<p>If you are in serious need of money, you may consider tapping into your retirement fund. While it\u2019s not technically a loan because it doesn\u2019t involve a lender or have any credit history requirements, you can \u201cborrow from yourself\u201d by accessing a portion of your 401(k) money before retirement.<\/p>\n\n\n\n<p>The upside to this type of loan is that since your 401(k) is already part of your assets, you don\u2019t need a credit check. However, it\u2019s important to keep in mind that pulling from your retirement fund can minimize the amount of money you\u2019ll have access to in the future.<\/p>\n\n\n\n<p>One of the&nbsp;<a href=\"https:\/\/loans.usnews.com\/articles\/how-do-401-k-loans-work\" target=\"_blank\" rel=\"noreferrer noopener\">biggest risks of taking out a 401(k) loan<\/a>&nbsp;is if you lose or change your job before you\u2019ve made all of your repayments. While you can roll your retirement plan over to a new employer, you cannot roll over a 401(k) loan. If you don\u2019t repay your loan before your federal income tax return deadline, the unpaid balance becomes taxable income and triggers an early distribution penalty.<\/p>\n\n\n\n<p>There are some rules set by your employer and the IRS regarding how much you can pull from your 401(k) and when it should be repaid. The IRS requires that you repay a 401(k) loan within five years, but some employer plans can be extended to 15 years under certain circumstances, such as using that money to buy a home. Make sure that you\u2019ve reviewed and fully understand the agreement before taking out this kind of loan.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>Pros of Borrowing from Your 401(k)<\/td><td>Cons of Borrowing from Your 401(k)<\/td><\/tr><tr><td>Can access retirement funds early<\/td><td>Depletes your retirement savings<\/td><\/tr><tr><td>No credit check needed<\/td><td>Risk penalties and taxes if you are unable to pay in time<\/td><\/tr><tr><td>Repayment within 5 to 15 years<\/td><td>Unable to roll over loan if you lose your job or change employers<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Pawn-Loan\">Borrow Money Fast Through a Pawn Loan<\/h2>\n\n\n\n<p>If you\u2019re willing to put a treasured item on the line, you may consider a collateral-based loan through a pawn shop.<\/p>\n\n\n\n<p>With this process, you\u2019ll need to take something of value, such as a piece of jewelry, electronics or a collector\u2019s item, to a pawn store. The pawnbroker will evaluate your item and offer a short-term loan based on its value. Once the borrower pays the loan back, the pawnbroker will return the collateral.<\/p>\n\n\n\n<p>Pawn loans are a fast way to borrow money, but the actual amount you may receive is dependent on the value and condition of your collateral, as well as the current demand for that particular item. If you are unable to pay back the loan in the agreed-upon time, you\u2019re at risk of losing your collateral altogether.<\/p>\n\n\n\n<p>Pawnshop loan offers and interest rates can also vary based on your location. Depending on your state, you may be paying&nbsp;<a href=\"https:\/\/thehustle.co\/the-unpredictable-economics-of-pawn-shops\/\" target=\"_blank\" rel=\"noreferrer noopener\">2.5% to 25% interest a month<\/a>&nbsp;on your loan. Different shops have varying specialties and profit margin goals as well, meaning that the offer you\u2019ll receive on your collateral can vary wildly depending on which pawnbroker you go to.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>Pros of Borrowing with a Pawn Loan<\/td><td>Cons of Borrowing with a Pawn Loan<\/td><\/tr><tr><td>Fast way to obtain a small, short-term loan<\/td><td>Shop keeps item if borrower doesn\u2019t pay them back<\/td><\/tr><tr><td>No collection action or effect on your credit report if loan isn\u2019t paid back<\/td><td>Loan amount limited to value and condition of collateral, demand for item<\/td><\/tr><tr><td>Usually no credit check<\/td><td>Loan offers and interest can vary greatly<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Friends-and-Family\">Borrow Money From Friends and Family<\/h2>\n\n\n\n<p>If you\u2019ve exhausted all other options, you may consider asking a friend or family member to loan you cash. If they\u2019re able and willing to lend you money, this can be an easy way to tide yourself over without a formal application process or expectations of paying back interest.<\/p>\n\n\n\n<p>However, money is often tied with emotions, making it incredibly hard to borrow money from a loved one without it affecting your relationship. Being in debt to someone you know personally can bring about feelings of shame and embarrassment.<\/p>\n\n\n\n<p>Lending money is often associated with a shift in power. For example, if you accept a loan from your parents to pay for a wedding, they may only lend it to you under the condition that they get a say in the guest list and the planning process. Additionally, the longer you wait to pay a friend or family member back, the longer you\u2019ll feel indebted to them it can cause tension in the relationship.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>Pros of Borrowing From a Friend or Family Member<\/td><td>Cons of Borrowing From a Friend or Family Member<\/td><\/tr><tr><td>Less formal than getting a loan<\/td><td>Can negatively impact your relationship<\/td><\/tr><tr><td>Expectation of paying interest isn\u2019t likely<\/td><td>May cause feelings of embarrassment and shame<\/td><\/tr><tr><td><\/td><td>Shift in power dynamic<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Payday-Loan\">Borrowing Through a Payday Loan<\/h2>\n\n\n\n<p>If you are in need of a short-term loan and feel confident that you can pay back the money with your next paycheck, the thought of pursuing a&nbsp;<a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/what-is-a-payday-loan\/\">payday loan<\/a>&nbsp;may have crossed your mind.<\/p>\n\n\n\n<p>Depending on where you live, you can either request a payday loan online or through a physical lending branch. After you\u2019ve been approved and receive the money, you\u2019ll be expected to pay back both the loan and any associated borrowing charges by the due date, which is usually within two weeks or by the time of your next paycheck.<\/p>\n\n\n\n<p>It\u2019s easy to secure a payday loan, as most payday lenders only require an ID, a bank account and a consistent source of income. The biggest downsides are the&nbsp;<a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/what-is-a-payday-loan-en-1567\/\" target=\"_blank\" rel=\"noreferrer noopener\">high APRs<\/a>, which can be as high as 400%. Additionally, if you\u2019re unable to pay back your loan in full by the due date, most payday lenders will encourage you to roll your debt over into a new short-term loan, which comes with more fees and even higher interest charges.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>Pros of Borrowing With a Payday Loan<\/td><td>Cons of Borrowing With a Payday Loan<\/td><\/tr><tr><td>Easy to qualify for \u2013 bad credit accepted<\/td><td>Limited time to pay back<\/td><\/tr><tr><td>Quick to receive funds<\/td><td>High APR and fees<\/td><\/tr><tr><td><\/td><td>Easy to fall into a cycle and incur more deby<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Personal-Loan\">Getting a Personal Loan From a Bank or Credit Union<\/h2>\n\n\n\n<p>You may consider going directly to your bank or credit union if you have a good credit history. Working with a brick-and-mortar location can mean having access to more personalized help with your loan and the application process. If you have a history of working with a particular bank or credit union, you may also have better odds of getting approved for a loan with lower rates and better terms.<\/p>\n\n\n\n<p>There are some banks and credit unions that don\u2019t offer personal loans, so you\u2019ll want to double-check what\u2019s available at yours before you get too far. If you\u2019re approaching a financial institution as a brand new client, getting approved for a loan can be more difficult and take more time.<\/p>\n\n\n\n<p>Credit unions and banks typically don\u2019t have a pre-qualification process that can allow you to see potential loan rates and terms. Additionally, costs of operating physical branches might be passed on to customers in the form of higher rates.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>Pros of Getting a Personal Loan From a Bank or Credit Union<\/td><td>Cons of Getting a Personal Loan From a Bank or Credit Union<\/td><\/tr><tr><td>Pre-existing clients have higher approval odds and typically receive better terms<\/td><td>May have higher rates due to the costs of running brick and mortar branches<\/td><\/tr><tr><td>Access to personalized help with the application and loan management processes<\/td><td>Strict lending standards and regulations that can make it harder to get approval<\/td><\/tr><tr><td><\/td><td>Approval process takes more time<\/td><\/tr><tr><td><\/td><td>Usually don\u2019t have a pre-qualification process to see potential rates and terms<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Online-Lender\">Borrow Money from Online Lenders<\/h2>\n\n\n\n<p>If you\u2019re looking for speed and convenience, online lending may be right for you. Many of these services allow you to prequalify with a soft credit pull (which won\u2019t alter your credit score) before applying and agreeing to a hard inquiry. It\u2019s also much easier to shop around and compare different lending groups and loans, as well as find lenders who offer&nbsp;<a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/bad-credit-loans\/\">bad credit loans<\/a>.<\/p>\n\n\n\n<p>If you\u2019re not tech-savvy, you may want to stick with in-person lending. Those in need of assistance with their online-only loans often need to wait in line on the phone or in a help chat to speak with customer service representatives.<\/p>\n\n\n\n<p>Due to the nature of online services, you\u2019re more likely to come across untrustworthy websites posing as lenders. The&nbsp;<a href=\"https:\/\/www.consumer.ftc.gov\/articles\/0078-advance-fee-loans\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Trade Commission advises consumers to be on the lookout<\/a>&nbsp;for shady ads and websites that do the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201cGuarantee\u201d that they\u2019ll give you a loan before you apply<\/li>\n\n\n\n<li>Brush off your credit history<\/li>\n\n\n\n<li>Aren\u2019t registered in your state<\/li>\n\n\n\n<li>Ask you to wire money or pay an individual person<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>Pros of Borrowing From Online Lenders<\/td><td>Cons of Borrowing From Online Lenders<\/td><\/tr><tr><td>Speed and convenience<\/td><td>Scammers often pose as online lenders<\/td><\/tr><tr><td>Can prequalify with a soft credit pull<\/td><td>Limited customer service options \u2013 no in-person help<\/td><\/tr><tr><td>Easy to shop around and compare lender and loan options<\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Debt-Consolidation-Loans\">Debt Consolidation Loans<\/h2>\n\n\n\n<p>One very common reason that people have for taking out a personal loan is to help manage their debts. While they\u2019re often referred to as&nbsp;<a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/what-is-a-debt-consolidation-loan\/\">debt consolidation loans<\/a>&nbsp;when used for this purpose, the borrowing process is generally the same as that of a personal loan. Once the borrower receives the funds from their loan, they\u2019ll then put that money towards paying off multiple other debts. This allows them to then focus on only paying back one debt.<\/p>\n\n\n\n<p>While this strategy doesn\u2019t reduce the total amount of debt that you may have, it can help combine multiple monthly payments into one. You may also be able to reduce your interest if you have good credit and are able to secure favorable terms and a lower interest rate.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>Pros of Borrowing for a Debt Consolidation Loan<\/td><td>Cons of Borrowing for a Debt Consolidation Loan<\/td><\/tr><tr><td>Can help reorganize multiple debts and multiple monthly payments<\/td><td>Doesn\u2019t reduce the actual debt that you owe<\/td><\/tr><tr><td>May help to secure a lower interest rate<\/td><td>May be difficult to secure better terms if you have poor credit<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Alternatives to Borrowing<\/h2>\n\n\n\n<p>If you\u2019re struggling with debt, borrowing money can turn into an unhealthy cycle. Whether you\u2019ve become a repeat payday loan customer, are shuffling your debt from one creditor to another, or are having difficulty paying back your loved ones, it can be incredibly difficult to break out of debt on your own.<\/p>\n\n\n\n<p>Rather than adding more stress to your finances by borrowing, you may want to consider tackling your debt with the help of a&nbsp;<a href=\"https:\/\/www.accrediteddebtrelief.com\/debt-relief\/\">debt consolidation company<\/a>. Accredited Debt Relief has helped thousands of individuals across the U.S. break the borrowing cycle by providing customized solutions that fit their clients\u2019 needs. We\u2019ve been able to help thousands of clients on their path to a better financial future. Learn more today about how Accredited Debt Relief can help you through a&nbsp;<a href=\"https:\/\/www.accrediteddebtrelief.com\/free-quote\/\">free consultation<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most of us have been in a situation where we\u2019ve needed to borrow money. For some, borrowing comes in the form of&nbsp;student loans for college expenses, a mortgage for a new home, or a personal&nbsp;line of credit&nbsp;to start a new business. For others, borrowing has allowed them to make ends meet when they were in [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":3444,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","footnotes":""},"categories":[50],"tags":[],"class_list":["post-3317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-planning"],"accredited":{"author":{"name":"Anna Caldwell","url":"https:\/\/www.accrediteddebtrelief.com\/blog\/author\/acaldwell\/"},"categories":[{"name":"Financial Planning","slug":"finance-planning","url":"https:\/\/www.accrediteddebtrelief.com\/blog\/category\/finance-planning\/"}],"thumbnail":"https:\/\/www.accrediteddebtrelief.com\/blog\/wp-content\/uploads\/2021\/08\/768x432_TopDollarBlog_SEOMove_BM.jpg"},"acf":{"edited_by":"","reviewed_by":"","fact_checked_by":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Is the Best Way To Borrow Money? - Top Dollar<\/title>\n<meta name=\"description\" content=\"There are multiple types of loan options available to those who need fast money. 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