When you run into a financial roadblock, it can seem like an impossible obstacle to overcome. You want to get yourself out of money trouble by borrowing money without digging a deeper hole of debt. So where should you go to borrow extra cash in the safest, most affordable ways? There are plenty of options for money lenders, but one of these four options might make the most sense for you.

Where To Go When Cash Flow is Low

Family and friends: You may hate to be a bother, or maybe asking for a loan from a family member or a good friend seems embarrassing. But a friendly loan from a loved one may the best way to get through financial stress. You two can determine the terms, the time frame in which they expect to be paid back, and what kind of interest rate is involved. Less pressure, less trouble, and more trust make this type of loan option the safest.

Banks and credit unions: Banks and credit unions can provide you with personal loans, but a good credit score is necessary—and there will be a non-negotiable interest rate associated when you borrow money. Credit unions are controlled by and reserved for members of a specific group or community (e.g. state employees) and often have more forgiving interest rates than traditional banks. Check websites like Bankrate to find out which banks near you have the lowest interest rates.

Credit cards:  A credit card may be a good solution if you need to pay for a large purchase over time, or need a way to purchase goods and services between paychecks. However, you will need a good credit score to secure a card, and you must be wary of high credit card interest rates for balances that are carried over from month to month.

401(k) plan: Typically a savings plan reserved for use after retirement, borrowing money from a personal 401(k) may be a way out if you are faced with a hefty financial burden and see no other suitable option. Like other things you might not know about your 401k, any money you’ve contributed to your 401(k) plan is yours. However, make sure you understand fees associated with taking out money early.

When You Need an Emergency Option, You Have a Friend to Turn to…

Financial troubles happen, and there are ways to safely and quickly resolve these burdens. A little research and knowledge can go a long way in the realm of solving money problems. Unfortunately, some people are held back from some of these options by poor credit scores, distance from family, and lack of a 401(k).

You still have a reliable option in cash advance loans. There are two primary types of these loans, a payday and car title loan. Here’s a breakdown of these loans in their most basic sense:

  1. A payday loan gives you a quick cash advance based on your current employment and pay. There are maximum limits and a higher interest rate, but it can be paid off quickly upon receiving your check when your pay period allows.
  2. A car title loan allows you to borrow money, up to a specified limit, when you place your car title as collateral on the loan. This is often used for more expensive bills or needs, so you’ll want to be cognizant of how long it may take to pay you back. The advantage is that you keep the car as long as you’re making payments.

You can learn more about these alternative loans and other money management tips here.