How To Borrow Money from People When the Chips Are Down

It’s terribly helpless to be broke. You are desperate to catch any port in the storm. Notwithstanding that it feels helpless and sounds miserable, the fact is that some of America’s richest men, including Henry Ford, have been down this road. What pulled them out of bankruptcy and penury to make them so rich? For a start, they had to borrow money from people to start over. They were smart enough to convince people to lend them so much investment that they shot into the stratosphere once their business succeeded. Actually, convincing people to help you out of it is not as hard as it appears to be. Everybody’s got his soft spots; you just need to hit them right! Here are a few tips:

Have A Catch

Now, this is a reality: people don’t usually help others unless they see some benefit in it. But what’s wrong in this? After all, you are also looking for your benefit at their expense. Yes, this is how you should see the picture if you really want to get something out of them. You need to convince them that helping you now is in their own benefit. How do you go about that? Try to see through the other person’s heart. What does he need? What’s his ambition? What does he want for himself in the long-run? Some people want to build connections; others are always searching to make an investment. Think of what you can offer. Are you borrowing money from people because you need to pay your Ivy League fees? Does this person like to brag about his connections? How would he like if he has an Ivy League ‘bestie’? Can you share something with him that he really wants? ;)

Build Confidence

This is extremely important whenever you set out to borrow money from people. You have to build their confidence in two things: your sincerity; your ability. Without this, you will never be able to borrow a penny from them. Convince them that you are a person of integrity who is held back only by lack of finances. As soon as they believe this they shall be more than willing to help you out. Just never let them suspect your intentions.

Don’t Ask for All the tea in China

No matter how badly you want it, never ask for a king’s ransom from somebody. If you really need it badly, try to borrow it from more than one person. Split the amount into smaller sums. If you do it, there is no reason that you’d fail to borrow money from people to meet all your needs. Many of us are willing to pay, only if the right guy comes forward. ;)

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Car loans

It is more and more common for people to buy a car on credit. You see more and more ads for cars and the cost per month. But is it really a good choice to borrow money to purchase a car? And which loans are available?

Can you get a loan without a job?

Can you get a loan without a job? If we are talking about taking a loan with a bank, then the answer is yes: you do not have to have a job that provides you a regular paycheck. With that said, you need to either have a source of income of some kind, some collateral such as your car, or another person that will cosign the loan for you. These are the only realistic alternatives to get a loan without a job.

Borrow Money Fast

We have all run into abrupt financial problems such as a trip to the emergency room, broken car or forgotten bills. In such cases, you need to get access to cash and fast. You can have money in your pocket like almost immediately with personal loans and credit card advances. You can also ask for a loan from your credit union or bank, but this takes a bit more time. Before you accept cash from your first willing lender, take a few minutes and think, especially if you have bad credit or no credit. The chances of getting high interest rates from fast cash are high.