November 6, 2015

Can’t Get a Loan? Here are Some Alternatives

Written By Jack Ryder
Last updated November 11, 2017

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Simple. Thrifty. Living.

Many Americans experience a financial hardship at some point in their lives and need a personal loan to help them out. However, banks sometimes make it very difficult to get a loan, especially if you have poor or bad credit. Thankfully, other alternatives to personal loans are available and easier to get.

If you have a good job but little in savings and need money for an unexpected expenditure, a payday loan might work for you. Payday loans are offered at high interest rates but are meant to be short term. They are typically for a small amount of money, so you should be able to pay them off quickly. When you get a payday loan, you give the payday loan office a check, postdated to a predetermined future date, in the amount of the loan you need plus any interest. In return, you receive cash. While the interest can be high, as long as you pay the loan back at the postdated time, you’re fine. However, if the check bounces, you may incur significant costly penalties. One of the most reliable payday loan providers with the lowest rates is LendUp or you can check out our review of CashNetUSA for a comparison.

Many credit cards offer cash advances, but these often carry a high interest rate, too. If you aren’t sure you can pay the cash back in a short time, it may not be worth it. The interest can quickly add up to a large amount of debt.

Many online services offer loans to people with credit problems of all types. However, you should research these services thoroughly and always read the terms of any loan. If you have bad credit, the interest rates may be very high. You also want to ensure that the service is reputable by seeking out reviews and testimonials. Good online loan services include Lending Club and UpStart. You can check out our review of Upstart here.

With any of the above alternatives, always consider how you’ll pay back the loan. It can be very easy to fall further into debt if any of the loans carry high interest rates and you can’t pay them back quickly. You should only consider these types of loans if there are no other viable options.

About the Author

Jack Ryder

Jack Ryder has been working as a reporter and writer in the personal finance space for many years. He enjoys breaking down complicated finance information into easy-to-read articles, so his readers can better navigate their financial lives. He is currently the Editor of the Credit Repair and Debt Relief categories, although enjoys writing about all things finance. Jack has had articles appear in publications from the Huffington Post to Business Insider. You can contact Jack at

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