In this difficult economic climate there are many places that are lending money as they recognise that is what a lot of people need. However, it can make things complicated if you want some money as it is difficult to know which to choose.

Big Box Store

There are is selection of big box stores that offer loans these days. These are often brands that you trust but you would not normally use them for borrowing money. You should check to see what safeguards there are with using a company like this. Most financial institutions have protections and insurances and you want to check that the big box stores do as well. This means that they will have to follow certain guidelines too which will protect you as a customer. They will not want to treat you badly, as they have a reputation to uphold and being well known and well liked brands, they will want to uphold that.

Financial Institution

Most people would traditionally go to a financial institution to borrow money. These are the experts, many having lent money for decades and some for centuries. They are expected to stick to guidelines that will protect the customers and they are likely to have a good range of choice with regards to lending. They can be more expensive though.

Friends/Family

Borrowing from friends and family is something that some people like to do. They feel that it is a cheap way to get money and there may not be the pressure to pay it back. This will depend on whether your family and friends have the money, whether they agree to lend it to you and whether you feel okay with asking for it.

Credit Union

A credit union is a non-profit financial institution. Although they are not a charity, they can sometimes lend money at a cheaper rate than banks and building societies and are therefore worth considering when you are looking for a loan.

It is worth considering all of your options and look at the costs of using them. Cost is very important with a loan as the charges, fees and interest can add up very quickly and make some of them very expensive. However, do not automatically go with the cheapest either as you need to consider the reputation of that company and the chance that their prices might go up as well.