A Personal Loan from a friend
To some it is never a good idea to borrow money from a friend but there may be ways that you can borrow money without it leading to problems in your friendship. If handled correctly you may be able to borrow the money and save yourself interest and fees. The first thing is to remember not to take things personally. If you ask your friend and they refuse it is important to remember that this may not be because they do not trust you but rather that they feel it will risk your friendship. If they do agree to borrow you the money, make sure that you agree and put everything in writing beforehand. Ensure that you are both happy and able to manage all of the agreements that you come to especially the amount to be borrowed and the timescale to be paid back.
A Personal Loan from a private lender
There are now a wide range of lenders that you can borrow money from. These include banks and building societies to payday loan companies. They all offer different rates of interest, varying limits on the loan amounts they are willing to borrow and different repayment spans. The trick is to get the one that suits you the most. Whilst the interest rate on a bank loan may be enticing if you cannot afford to meet their monthly repayments and default on your loan you may end up paying substantially more than you would have done had you gone with a lender with a higher interest rate put more manageable monthly payments.
Before approaching a prospective lender you should first consider exactly how much you have to borrow. This is the minimum that will comfortably enable you to resolve your financial problem. Then consider how much you can comfortably afford to pay back each month, taking into account any foreseeable changes in your financial circumstances such as a change in career or new addition to your family which you know will reduce your ability to repay. With this in mind you should now do your research. This does not mean actually apply for loans of several different companies just review their terms and conditions and rates of interest to see if they suit you and they will be likely to give you a loan.
Some companies such as H & T Pawnbrokers have a transparent loaning system which makes it clear who will or will not be eligible for their loans and how much you may borrow and the terms of repayment. Whilst not all companies will make their loans systems clear, however, do not be discouraged and if you do have difficulty with any of their terms you should call them to clarify.