If you find yourself in desperate need of money it’s not out of the question for you to consider each and every opportunity that’s available to you (within the limits of the law, of course).

Unfortunately, this could lead you toward a loan shark. While everything may look good at first, you need to remember one thing: there is never a good time to trust a loan shark, as there are other more reputable ways to get your hands on the money you need.

Here are three reasons why you can never trust a loan shark:

• These “lenders” are out for themselves. They’re in the business of making money, no matter what it takes, as opposed to forming a mutually beneficial relationship. For this reason, you could find yourself in a bad spot before you know what hit you.
• They don’t care about your finances. When you borrow money you hope that doing so will improve your finances, not make things worse on you. This isn’t likely to happen when you borrow from a loan shark. For example, super high interest rates are all too common with these so-called lenders.
• They’ll do whatever it takes to make more money. You’re seeking a loan that will allow you to reach a particular goal, such as pay down medical debt or deal with some type of personal emergency. A loan shark, however, has one thing in mind: making as much money off of you as possible, even if it causes more harm than good.

Now do you see why it’s never a good idea to trust a loan shark? No matter what you’re told upfront, you should never fall prey to one of these scams.

Rather than jump the gun and accept money from a loan shark, consider all your other options. From a credit card to a personal loan, you can find a reputable lender that’s willing to do business with you.

Even if you’re looking forward to putting your marriage in the past, there will come a point when you realize the impact it will have on your finances.

Depending on your situation, you may find yourself strapped for cash once your divorce is finalized. For example, this often comes into play if your spouse previously made most the money for your family.

This can lead you down many paths, with some people considering a loan as a means of getting by for the time being.

While there is nothing wrong with taking a loan if you need it, you must first consider the lender.

For example, turning to your family is often a good idea. Conversely, relying on the services of a loan shark is a big mistake.

Here are three reasons why newly divorced individuals often find themselves considering a loan shark:

• It’s an easy way to get their hands on the money they need. With a traditional loan from a conventional lender, there is a lot of paperwork to complete. Furthermore, there’s a greater chance of a denial. A loan shark makes things easy on you, despite the fact that the terms and conditions aren’t in your best interest.
• They’re not thinking straight. With so much going on around you, from property division to child custody, you may not think everything through. As a result, you could end up in a relationship with a loan shark.
• They panic. When your financial situation changes and you find yourself in desperate need of money, you’ll do almost anything. If panic sets in, it’s easy to turn to a loan shark because there isn’t much chance of a denial.

Divorce is difficult enough. You don’t want to make things worse on yourself by opting to borrow money from a loan shark. Instead, consider the many legitimate ways to secure the money you need during this challenging time of your life.

Do you need money in a hurry? Are you willing to do whatever it takes (within reason) to get your hands on the funds you require?

If you answered yes to these questions, there may come a time when you find yourself consulting with a loan shark. While this sounds like a great idea, being that you can obtain funds without much of a hassle, it can backfire on you soon enough.

Here’s something you should always remember: it’s better to turn to your family (if this is an option) than a loan shark. Here are some of the many benefits of going down this path:

• Your family wants you to figure things out, whereas a loan shark is simply trying to make money off of your situation.
• You can trust your family to do the right thing. Even though a family member may charge you interest for a loan, you can discuss the terms and conditions to ensure that they fit both parties.
• You are not putting yourself in danger. As unfortunate as it may be, you’re putting yourself in a risky position if you decide to do “business” with a loan shark. If you can’t pay or fight back against what you consider a wrongdoing, you can find yourself in a dangerous situation.

Now do you see why it always makes more sense to call your family when you need money?

This isn’t to say your loved ones will absolutely bail you out, but it’s a good place to start. If you first contact a loan shark, there’s a good chance you’ll never look into another option. Subsequently, you could find yourself fighting an uphill battle in the future.

Do you have any experience borrowing money from family? Did you make the right decision? Share your top borrowing tips and advice in the comment section below.

With 2017 quickly coming to an end, it’s time to turn your attention to the new year.

Are you an entrepreneur with a big idea? Are you a small business owner with visions of growing your company in 2018?

If you answered yes to either question, there may come a point when you begin your search for funds. In other words, “it takes money to make money.”

While there are many places to turn during your search for funds, don’t lose sight of the fact that some sources are better than others.

Here are three of the best ideas to consider:

• Cash on hand. If you have enough cash in the bank to start or grow a business, this should be the first place you turn. Here’s why: you don’t have to rely on an outside party, meaning you’ll never pay interest.
• Bank loan. A common funding source, there are both local and national lenders hoping to hear from you in the near future. Compare several lenders – paying close attention to the terms and conditions of the loan – to ensure that you make the right decision.
• Credit card. Often preferred over a bank loan, you can apply for a credit card today and have access to the funds you need by tomorrow (as long as you’re approved).

With pros and cons of each option, you can’t afford to make a rash decision. The funding source you choose could have an impact on the trajectory of your business, so there’s no room for error.

Speaking of making an error, don’t think twice about doing business with a loan shark. This may sound like a great idea, as you can obtain the cash you need in short order, but the interest rate (and other pitfalls) will have you regretting your decision soon enough.

With so many alternatives, there’s no good reason to turn to a loan shark.

It doesn’t matter if you’re starting a new business or growing your current company, cash is and always will be king. If you need funding in 2018, start with one or more of the ideas above – but never a loan from a loan shark!