Because the web is full of scams and time-wasters, I’ve compiled some of the most common solutions to the timeless “I need money” problem. These should get you pointed in the right direction.
This is a little ditty we call the “I Need Money Blues”.
Verse 1: I Need Money to Avoid Foreclosure
Before you borrow more, know the alternatives. You may be able to participate in a debt workout program with your lender. They prefer to work with you and avoid the foreclosure process as well. See how debt workout programs work, or investigate government refinance programs designed for homeowners who've hit hard times.
Verse 2: I Need Money to Buy a Car
If it’s a new set of wheels you’re looking for, you’ll need an auto loan. Be sure to manage your budget here because people tend to get themselves ‘upside-down’ quite easily using auto loans. This means that you owe more than your auto is worth, and it’s hard to get out of this mess.
Verse 3: I Need Money to go to School
This is an easy one. The US government is eager to help you further your education. If they can’t help, banks usually consider education loans to be a pretty good risk. First, try the Free Application for Federal Student Aid and check with your school’s Financial Aid department for additional resources.
Verse 4: I Need Money to Buy a Home
The place to start is the Mortgages 101 page at About Banking. You’ll find out how to get the best mortgage for that home of your dreams.
Verse 5: I Need Money to Fund my Business
Entrepreneurs can accomplish anything with the right funding. If banks won't lend directly to the business, you'll have to get creative or personally guarantee loans. Build business credit so your venture can borrow on its own.
Verse 6: I Need Money for Home Improvement
A lot of homeowners use home equity loans to fund home improvement projects. It’s a good way to get a lot of money at a decent rate. To buy or refinance and make improvements at the same time, consider a government backed FHA 203k loan.
Verse 7: I Need Money to Pay Other Debts
Some borrowers benefit from a debt consolidation program. Of course, these only shift your debt – they don’t eliminate it. Nevertheless these programs can help.
Verse 8: None of the Above, I Still Need Money!
Whatever it is you want to buy, there’s a good chance you can borrow for it somehow. Person to person lending, also known as P2P or peer to peer lending, may be a solution for you.
Still singing the “I Need Money Blues”? Visit the Banking Forums and ask the other readers of this site what you can do.