It is a horrible feeling when you need cash, yet you cannot get a loan. Whether you have bad credit or are simply maxed out on what lenders will provide you with, there are other ways to get the cash you need. Whether you ask mom and dad to front you the money, you get a refund anticipation loan, or you start a personal crowdfunding website, there are ways to get the money you need in a pinch. The catch is that you need to be crafty in the way that you ask for the money, otherwise why would anyone provide you with it?
Asking Relatives
Relatives are often the first and last people we want to ask for money. They are the people that know us the best, but also the ones we see the most. If a family member were to say no to your request, it could put an elephant in the room every time you are together. In some families it might even start a fight. Before you go to your family members, carefully craft your request. If you need to, write down the reasons you need the money and why you think they should help you out. The more authoritative and responsible you sound when you ask for the money, the more likely it is that you will receive it.
Refund Anticipation Loan
Do you have a refund coming to you in the near future? The most common is a tax refund. If so, you might be eligible for a refund anticipation loan from your tax preparer. Most of the larger tax preparation companies offer these loans in exchange for using the tax refund as collateral as well as charging an interest rate. The rates charged are typically much higher than any rate on a personal loan, but it will provide you with the funds you need fast. The bonus is that you do not have to worry about how you will pay the loan off – it comes right out of your tax refund, getting paid directly to the company that lent you the money.
Personal Crowdfunding
Crowdfunding is not just for would-be inventors; there are plenty of personal crowdfunding pages as well. Just as with business pages, however, is the need to have carefully crafted wording on your page. If you are in need of a large amount of money, your request will need to reach a large audience. This is only possible with proper keyword usage as well as persuasive language. It is not enough to beg and plead – readers need to truly feel what it is you are going through and see the dire need for the money. There are thousands of investors out there waiting to help people in need, but they need to be persuaded in a way that will put their money in your account rather than one of the thousands of others that are competing for the same money.
When you cannot get a loan, it is not the end of the road; there are any avenues that you can take to get the funds you need. The key to any of these avenues is a properly written request and/or contract. Everything needs to be in writing just to protect everyone as well as to engage the interest of those that might be willing to fund you the money. Whether you are asking family, getting a tax refund loan or attempting to use personal crowdfunding, you need to view the process as you would a sale – you need to be persuasive, authoritative and responsible and the money will be yours.
