Looking for the right tips to help you borrow money? Then you should read this very helpful and detailed article.

It explains some of the important issues that people overlook when they want to borrow money and why you shouldn’t be one of such people.

Most importantly, it shows you 15 very super tips that will help you get the best results when considering borrowing money.


So, let’s get one thing straight – if you seriously need some money right now and want to borrow money, then you’re probably under the assumption that you have to look perfect on paper right?

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I know if I owned a bank or any lending institution I would require the people I lent money to to be impeccable on paper.  I would also go out of business if I thought like this.

The truth of the matter is most people aren’t perfect on paper. There’s going to be something about them that makes them a risk.

Maybe they have a bill that they were late on in the past.

Maybe they have a lot of credit card debt.

There could even be instances where they don’t really make a lot of money, but they do show an ability to be consistent in terms of keeping a job.


Questions to Ask Before Borrowing Money

Borrowing money is tough not because someone doesn’t have a perfect credit score. It’s tough because most people really don’t understand how they are viewed.

It might seem cold, but for the most part you’re viewed as an investment.

Here are some questions you can ask yourself in order to better understand what I mean:

  • If you had to bet money on you having a full time job steadily for at least the next 12 months, how much money would you bet and what type of odds would you have to get?
  • If you had to put a certain amount of money on you being able to pay a bill on time every time for the next 12 months, how much money would it be?
  • If you had to loan money to yourself based on your current savings, then what would be the amount and what type of terms/interest would your charge?
  • If your credit score is indeed well below being perfect, then what would be the first though that came to your head if you were someone else looking at your credit score?

Now all of these questions might not seem like they make much sense at first, but they make a very powerful point for the person who is willing to think about them carefully.

Question #1:

If you wouldn’t bet on you having a full time steady job for the next 12 months or would bet very little, then it means you don’t have very much faith in yourself in this regard.

It could be because your job position is rocky to begin with or it just isn’t a very good job so you know you won’t be there long.

Institutions that borrow money look at it the same way. Having different jobs on and off shows instability.

It shows inconsistency.

If they loan you money then how can they be sure that your job situation won’t fall apart shortly thereafter?

They would want to be sure that you were at least stable, because then you’d make for a good investment.

Plus, there isn’t any way of knowing just how serious you’d be about getting another job or how hard it would be for you due to education, skills, experience, etc.

The job market overall could also be bad. All of this spells high risk.

Now to the second question.

Question #2:

If a bank looked at your application and saw that you had several instances where you were late on bills, then they might think you’re someone who doesn’t making paying bills on time a priority.

Now of course this is going to come down to frequency and whether you do indeed pay the bill entirely. If you yourself wouldn’t put much money on you paying bills on time every time for the next 12 months or it would be very little, then it means you likely have specific reasons for this.

One reason could be because you know you can’t rely on your paychecks or they might be very low.

Another reason could be because you’re impulsive and are prone to making decisions with the money you get that set you back.

If you do eventually pay your bills though despite being late, then a bank would still look at you as someone they’d have to build in increased penalties for in order to serve as a deterrent.

Now onto what we feel to be the most important question to think about.

Question #3:

Based on your savings how much money would you loan to yourself?

Would it be up to the total amount you had or would it be a fraction of that amount?

Would you loan yourself about half of what you had?

What if you were known to not keep money in the bank for too long?

Maybe you put money in and as soon as you do it’s not long before you’re taking it out. Lending institutions don’t like this. They like to see someone is serious about building savings and keeping them on hand for a rainy day.

These savings serve as a hedge against risk should you lose a job and be out of one for a while.

tips to borrow money

Savings, especially if you have a respectable amount on hand shows banks that you’re someone who is very responsible financially.

It shows that you think ahead and that you plan. Keeping savings on hand shows that you’re serious about meeting financial obligations and it protects you from things like serious sudden emergencies.

To put it another way, you become less of a risk and therefore a bank or lending institution is more likely to lend to you.

Now for the last question…

Question #4:

If your credit score is well below being perfect, then what’s the first thing you think of when you look at it?

The main words that might come to mind is unreliable, untrustworthy, spotty, questionable, inconsistent and poor. If it’s really bad then the dominate word that might come to mind is one you never want placed on you and that’s “DEADBEAT”.

Knowing these things is a good thing, because it gives you a chance to take measures to counteract them in advance.

You would need to come up with really good reasons why your credit score is not as good as it should be and you would also want to state what you’re doing in order to make things better.


15 Super Helpful Tips When Borrowing Money

What we’ve talked about so far focused on you looking at yourself through the eyes of a bank or lending institution.

What we want to focus on now are specifics tips you should consider in order to help you have an easier time borrowing money. We believe these tips will work for the person who is willing to work them.

We’ve compiled 15 good ones so take them in carefully and don’t be afraid to apply them.


1. Prepare to Speak About What You’re Doing Proactively to Clean Up Less Than Perfect Credit

We stated this above, but it’s a very important point. Most people are scared to try and borrow money because they know their credit is less than perfect.

So what do they do?

They don’t apply or they end up trying to using predatory lenders.

You’d be surprised at how powerful it is mentally for you to focus on what you can do in order to improve your credit.

Be ready to state this to a lender and already have a few of those steps in motion. It counteracts the negativity way you might be looked at greatly.

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2. Demonstrate on Paper That You’re Not Solely Dependent on Income From a Job

Lending institutions of any sort are all about risk management and hedging. They’d like you to understand these concepts as well.

If you rely on income from solely a job, then it means that if you lose the job or are laid off, then you’ll be in a bad way.

If you show that you have several sources of income, even if they would qualify as “side hustles” then this is going to help you greatly. It shows that you don’t put all your eggs in one basket.

Of course this works even better if you have savings, which leads us to the next point.

income from a job


3. Do Everything You Can to Have Some Savings on Hand

We don’t care if you only had a couple of hundred dollars in a savings account.

Lending institutions are serious about looking at how a person saves. Savings show that you at least show some capacity to think and plan ahead.

This alone shows a degree of financial aptitude and it will go a long way in helping you to get approved for a loan.


4. Take Care of Credit Card Balances the Best Way You Can

If you have a lot of credit card debt, then this is basically like having a loan already.

Lending institutions won’t look on this well if the amount is too high and you’re only making minimum monthly payments.

They would at least want to see that you were trying to do more in order to get the debt under control.


5. Be Prepared to Speak About Debts You Have and Why You Have them

Lending institutions don’t see debt as a bad thing. Heck, there whole business is about creating debt.

That’s what money is essentially, debt.

What they don’t want to see is that the debt is for trivial things that don’t serve to increase your earning potential in some size, shape or form.

Education debt isn’t bad as well as debts for things you bought to make improvements to a home or for work purposes.

Do your best to explain this and focus on investment debts of any sort and minimize speaking about the more trivial stuff.

Below are some related articles right here that can help you when it comes to finding the right loan companies, types of loans to consider, credit card tips, etc:


6. Don’t Ask for Too Much Money

If you ask for more than what you need, then it makes it appear that you have trivial plans for at least a nice portion of the amount.

Lending institutions just don’t want to see this and they might even decide to not approve you for a lower amount, even if you qualify.


7. Have a Good Reason for Needing the Money

If you state a good reason for needing to borrow money, then lending institutions will look more favorably on you.

You are making an investment into yourself, as long as you understand what the return will be is important.


8. Be Willing to Put Up Some Collateral or at Least State That You Will

If you borrow a small sum of money, then you won’t have to worry about putting up collateral.

However it doesn’t hurt to make sure you at least state this. It shows you’re willing to take a risk on yourself rather than relying on the bank taking all the risk.


borrow money

9. Make Sure You Come Prepared With Everything You’ll Need When Interviewed in Person

Preparation is important when meeting with a loan officer. It has nothing to do with what’s on your application, just being prepared.

Your ability to be prepared shows you’re serious. Not being prepared shows you’re not.

Even if you make one small mistake it can reflect really badly on you.


10. Do Your Best to Have at Least Two People Who Can Speak Well of You Financially

When we say two people we’re not just talking about friends and family.

You would prefer one of these people to be someone the bank will put more stock into in terms of their opinion of you from a financial perspective.

Also See: How to Make Money for Christmas.


11. Demonstrate the Ability to Pay Back Money

We understand that not everyone is going to be able to do this, but if there’s any way you can show you’ve paid off a loan in the past, even for a small amount, then it will make you look really trustworthy.


12. Know the Right Type of Lender to Go To

We understand that banks in general can be intimidating. The feeling of being judged so heavily can really turn you into a nervous wreck.

Don’t let this happen to you. Select a lender that you know you can be comfortable with.


13. Find a Lender Who Specializes in the Type of Loan You Want Based on Several Factors

Want to increase your chances of getting approved for the money you need? Find a lender who specializes in it.

If you have bad credit, then find a lender that specializes in lending to people with bad credit.

Want a loan for a home improvement? Then find a lender who specializes in giving money for these types of reasons.

Trust us, it works.

Also See: How to Conquer Worries about Money or Fears Of Money.


14. Stay Away From Predatory Lenders

Predatory lenders are those who will create loans for you with the sole purpose of keeping you stuck on a treadmill.

We’re talking absurd interest rates along with super high fees for being late.

Essentially a loan of a grand or so can end up costing you thousands.


15. Be Open to Getting Money From Unconventional Sources, but Trusted Ones

One good option you might want to consider are those sources on the internet where you can borrow from independent lenders.

These are regular people who can choose to fund you or not fund you.

The reason why they can be so good is because you have more flexibility in terms of basic requirements, more opportunities to apply due to a high volume of people being on these sites as well as the ability to better explain your situation.

Again, this company has paid $25+ million to members:

SurveyJunkie (only USA, Canada, Australia residents allowed). You can earn money sharing your thoughts. They have already paid $25+ million to their 20+ million members just for sharing their thoughts and opinions. Click here to join SurveyJunkie for FREE