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What Should You Do When You Want to Borrow Money?

The idea of borrowing money is not a new one, nor is it one that anyone will be unfamiliar with. But the idea itself manifests in different ways. Even as a kid of around six or seven you probably asked if you could borrow money from your parents to buy that great new toy you saw in the local store window. As you grew older you wanted to borrow cash in different ways and in different amounts; maybe just to tide you over until pay day, or maybe to buy something bigger, like a car.

It is clear then that we have all kinds of different reasons for borrowing funds, and they can be borrowed in many different amounts too. The trick is to know how much you want to borrow and what you need it for.

How much cash do you need?

Each of us buys lots of things every single day. Some days it might be a dollar on a cup of coffee, other days it might be a couple thousand dollars on a car. Figuring out how much you need for a particular purchase is just the start though.

For example, you may think you need more cash than you do. Shopping around to find the best source of whatever you want to buy can save you money and force you to borrow less if you have to go down that route. In other situations you might find something will cost you more than you thought it would. Buying a property could fall into this category, as could many other things.

What do you need it for?

It is important to get an accurate answer to this question, because it could help to determine whether you actually need the cash or not. It might sound like a crazy thing to say, but it is true.

Sometimes we can see something in a store window and love it so much we simply have to have it on the spot. It could be available for a great deal, which of course will only be available for a limited amount of time. We can not bear to think we might miss out on it, so we have to beg or borrow the cash from someone else and worry about paying it back later. When you give yourself a short time to think about it though, you will often find those initial feelings will subside, leaving you to accept that you do not really need to spend the money after all.

In other cases you will need to get the cash for a certain purchase. Maybe you want to replace your refrigerator that is just broken down. Maybe your car needs fixing. Maybe you have to get a brand new one because your existing vehicle has broken down for the final time. Knowing why you need the money is the first step towards figuring out if you do actually need it, and if so, how you will get it.

You may not always need a loan. Some purchases might be able to wait for a few weeks or months while you save up the cash to get them. Others will need a loan to enable you to get them quickly. The urgency of the purchase will often decide the answer to this question.

How long will it take you to pay it back?

Obviously there are times when you will only need to borrow a small amount of money. In this case you might ask a relative or a friend for, say, ten dollars. This could be for as simple a reason as not having any ready cash on you. In this case you would pay it back the next time you saw them.

The next step up from this would probably be to get a payday loan, as this would be paid back the next time you get paid from your job. After this you have longer term loans that are ideal for borrowing larger sums of money.

When you need to borrow money, you need to figure out a budget

The whole reason behind borrowing money, regardless of how much you want to borrow, is that you do not currently have the cash available to pay for your purchase yourself. In some cases this is understandable, say if you are going to buy a house or an apartment, or maybe even a decent vehicle.

But in other cases you need to sit down and think about your budget first. If you are asking a relative to lend you the money to pay your monthly gas bill because you have run out of cash, you could be spending more than you can afford. This should be a red alert for you to check out your budget, or create one from scratch if you do not already have one.

How many different ways are there to borrow money?

We have covered some of them already, such as asking for a short term loan (maybe even just for a day or two) from a friend or relative. But of course there are more, and it is important to think about what the consequences are for each method. One might be better than another in a certain situation.

Some purchases, such as buying a house, will require a specific form of loan, in this case a mortgage. But other situations where you need less cash could have a couple of solutions. For instance a purchase of a hundred dollars could be made with a payday loan or perhaps an interest free credit card if you have one.

In any event you have to think about how you will pay back the money, and this comes down to your budget again. Once you know you can afford to borrow the cash you have to look for the best interest rates and go from there.

This may seem like a long process, but when you know you are borrowing what you can afford to borrow, you will be glad you asked yourself the questions above first. When you borrow money, however you borrow it, you will eventually have to pay it back.
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