How to Borrow Money If The Banks Will Not Lend to You

If you need a personal loan and your credit is shot and traditional banks will not lend to you then follow these steps to find an alternative to borrow money.

Instructions

1. Do not get a payday loan. Simply do not do it. There are alternatives out there.

2. Try some of the community lending sites, like prosper.com. They will allow you ask for a loan from the general community, its sometimes called peer to peer lending. You can specify the loan amount you need and the maximum interest you are willing to pay.

3. If you reason and explanations are valid and you can show the community that you will pay back the loan then you have the chance of them bidding small amounts towards the total loan amount you need. Once you have received the amount you need then the bidding can continue with lending outbidding each other by lowering the interest rate.

4. Do not rush into any loan, take time to look over the prosper.com website and look at other peoples loan requests, do some research and find out the sort of amount and interest you can request based on your credit score situation.