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!

Life throws you lemons and puts you in situations you wish you were not in. Sometimes you need a little help financially, but you may feel as though you are unable to get help because you have bad credit. Fortunately, there are ways to get a loan even if you have bed/terrible credit, and I am not talking about PayDay loans, which I would advise you to stay away from no matter the situation. Below are a few tips to help you get a personal loan. Make sure you do your homework when researching, and always compare your options if you have them.

Inquire with an existing bank that knows you: If you do have a relationship with a bank, I would recommend reaching out to them first to see if they can provide you a loan. They may not be able to help, but sometimes smaller banks who know you will be more willing to help.

Use a home equity line of credit: If you have equity in your property, you could get a low-interest, tax-deductible line of credit to spend any way you like. You can get the funds rather quickly, and the rates are very good right now. Just remember your house is collateralized to the loan so if you default on the loan, the bank can repossess your house.

Credit cards: Credit cards do offer cash advances up to a certain amount. You are already “approved” up to a certain amount, and you know what the interest rate is. On the downside, credit card rates are very high. Be very careful if you ultimately choose this route as this may cause more harm than help you.

Friends/Family: Friends or family can be a viable option if you are really in need. However you need to be very careful with this situation as well. Trouble can come up very easily when you mix money with friends and family. You need to have a very serious discussion with them to understand what you are asking for and what they are getting in return.

Get a peer to peer loan: Peer-to-peer lending allows individuals through online services to borrower money from other individuals. Borrowers can obtain financing even with bad credit. There are fees associated with this kind of borrowing and if you do not have great credit, the interest rates can be very high.