Have you gotten into a financial emergency that requires more money than you have on hand? If so, you'll need to find a way to borrow it from a financial lender. If you are not quite sure who you can turn to, here are some options to get the loan that you need for your emergency.

A Bank

If you are looking for a safe choice to borrow money from with a low interest rate, a bank will be your best option. However, chances are that you will need collateral to borrow money from the bank. You must consider the financial risk you're taking by providing collateral, especially if you are unable to pay the loan back. For instance, if you need to use your home as collateral, that is an incredibly high risk. The collateral should be around the value of the money you are borrowing for it to be a fair option for you.

A Peer-To-Peer Lending Site

A more modern alternative is to use a peer-to-peer lending site for the money you need. These sites let you work with other people online to borrow money and schedule payments. In fact, it can be set up for payments to be automatically withdrawn from a checking account so that you do not have to think about it.

These lending sites have different interest rates depending on how risky the loan is and terms that are reasonable in length for repayment that can be measured in years rather than weeks.

A Payday Loan

Using a payday loan can be ideal when you need the money quickly and plan on paying it after your next paycheck. That is because the interest rate for these loans is incredibly high. You really only want to use a payday loan when it is truly to get you by until your next paycheck and you need the money right away. Do not think of using a payday loan for anything that is over a long term, since the interest rate makes it impractical.

A Vehicle Title Loan

Another option is a vehicle title loan, which, as the name implies, uses your car as the collateral. This is for smaller loans that are no more than what your vehicle is currently worth. This is a much more reasonable collateral than using your home, which may make the loan worth it, even when you are not 100% sure you'll be able to repay the loan.

To learn more about your options, contact a company like American Cash Advance and Title Loan.