Alma, there are a few options if you need to borrow money.
- Your current bank/credit union is usually the best option. This is especially true if you have maintained your checking and savings accounts in good standing.
- Joining a credit union for the purpose of borrowing money can be a helpful option. Their nonprofit status makes these loans easier to qualify for and repay, especially if you run into money problems down the road.
- Peer lending has gained in popularity. You basically borrow money from someone down the street or across the country. There are two primary companies (Prosper, Lending Club) that facilitate these loans.
Major cities often have more options than rural areas so it can help to check with local organizations first.