Brainy Loans

Options to consider if you're unable to get a Personal Loan

Getting personal loans means obtaining unsecured funds that can be used for expenses, home improvement projects, and anything else you encounter in life.

Due to the flexibility of the loans lenders have specific criteria they are looking for such as good credit scores and minimal debt. Personal loans tend to have strider criteria, not many borrowers are able to qualify for such options. We will show you options to consider if you’re unable to get a personal loan.

Credit Cards

Getting a credit card will offer you a line of credit, providing a convenient option to obtain funds in emergencies. Credit cards are versatile, meaning you can use them to pay for almost anything, such as car repairs or medical expenses.

However, unless you find a credit card that offers a promotional 0% interest rate for the first few years, paying for things with a credit card can become expensive if you don’t pay off the balance at the end of the period.

Most credit cards have high-interest rates, which can range from around 20.40% and higher. That being said, credit cards are easier to get approved for, and many lenders don’t have strict criteria, making them a popular option with many borrowers.

Pros of a Credit Card

Cons of a Credit card

Purchase protection

High-interest rates 




Debt Accumulation

Home equity loans or HELOC'S

Your home could be an amazing alternative to personal loans. Many individuals don’t always realize this but have a lot of equity trapped in their homes. A good way to access the capital is by taking out a home equity loan or a HELOC which will give you funds to cover unexpected expenses.

HELOCs will offer a line of credit to let you borrow money as needed. This will give you time to repay it over a fixed period of time but in most cases will come with a balloon payment. A home equity loan could be a good choice for you because they often come with lower interest rates since the property is offered as collateral. 

Pros of Home equity loans or HELOC

Cons of Home equity loans or HELOC

Low-Interest rate.

Risk of foreclosure

Larger Loans Amounts

Ballon Payment


Tied to Home Value

Personal Line of Credit

A personal line of credit will be a revolving credit that is similar to credit cards but usually will be unsecured. This type of loan offers borrowers access to a set amount of money that they can borrow and repay when they need it.

You can have a large amount of personal line of credit but you only pay interest on the money you borrowed. A personal line of credit could be a good choice for emergencies and unexpected expenses.

Also, a good option for business owners to help them cover some expenses until they receive the funds from the good that were sold. 


Pros of a Personal Line of Credit 

Cons of a Personal Line of Credit 


Variable interest rate

No Collateral Required

Fees every time you use the loan

Lower Interest Rates the other loans

Eligibility Requirements are strict

Peer to peer lending (P2P)

Peer-to-peer lending, also known as P2P lending, is a way for individuals to borrow money directly from other individuals through an online platform. This process does not involve traditional banks, making it a popular alternative to traditional banking.

Typically, these platforms will match you with other investors who want to lend money and charge a fee for their services. There are usually fees associated with using a P2P platform, such as an origination fee, late payment fee, prepayment fee, service fee, and collection fee. Many P2P platforms focus on short-term loans, but you may also find some that offer longer-term loans.

Pros of Peer To Peer Lending

Pros of Peer To Peer Lending

Low-Interest Rate/

Limited amounts

Borrowers with lower credit scores still have a chance to qualify.

Not as regulated making it easy to be taken advantage of.

Transparent loan terms.

Has a lot of fees which can be higher than traditional banks

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