How Do I Avoid Asking Family for Money When I am Short on Cash

In a scene repeated hundreds of thousands of times every week, perfectly responsible and hard-working adults wrestle with a question: How to ask friends or family for a loan? It’s not a comfortable situation, and not always successful. Increasingly, those people are short on cash themselves, so a “no” response is not about your request as much as it is their own financial situation.

If you do not or cannot get a loan up to 5000 dollar from relatives or friends, you might switch to a “plan B,” as follows:

  • Suffer the consequences of no cash – Either you cannot pay some bills (and suffer financial consequences as a result), or maybe you will not be able to make a timely purchase. Both may bring additional costs, such as late-payment fees or having to purchase something at full price instead of on sale.

  • Go to the neighborhood “loan guy” – Otherwise known as a loan shark, a private loan with an individual comes with many risks. One is that they are unregulated and therefore able to set their own loan terms, including high interest rates. And many will hold collateral, such as a car title or valuable item from your home – steep prices to pay if you are unable to make repayment terms.

  • Get a payday loan – This is perhaps the best-managed choice. A legitimate payday loan company will be clear on loan terms and not be able to pose any form of threat. Online payday loans are hugely convenient compared to any loan alternatives – you will need about ten minutes to complete an application, and the money is wired into your checking account by the next morning.

Another form of loans that are available in some states is car title loans. But as with loan shark borrowing, they come with the risk of loss – of your car. A payday loan carries no such risk.


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