Banks and Financial Institutions

• Banks are in the business of loaning money and often offer personal loan solutions in addition to the more common mortgages, commercial credit lines and automobile financing products. Personal loans offered through banks are meant for smaller amounts and can be used for any personal purpose. The interest rate is typically higher than a home or automobile loan because there is usually no collateral required. Proof of income, assets, a credit check and description of how you intend to use the loan proceeds are often required as part of the application and approval process.
  
  

Pay Day Advance Companies

• When a bank turns you down for a personal loan, you may find a more welcoming response from a pay day loan or cash advance provider. The amount you can borrow is typically smaller than a bank personal loan, but the application process is fast and non-invasive. Credit checks are almost never required. Simply provide the lender with a recent pay stub and copy of a bank statement and you are able to borrow up to the amount of your next pay check and have the funds available within 24 hours or sometimes the same day. The lender charges fees plus interest -- which can end up being 300 percent annual percentage rate or higher. However, since these are designed to repay the funds within a week or two, the transaction or financing fee can seem relatively small.
  
  

Employers

• If you have a full-time job and a long-term employment history, you may be able to turn to your employer for a personal loan. It can be embarrassing to ask your boss for a pay advance or a loan against your future earnings, but the request may be well received, particularly if you have a long tenure of employment. In this scenario, you borrow funds from your employer and often agree to make periodic repayments withheld from your paycheck. Some employers who have done this sometimes do not charge any interest or fees. There may be tax implications, however, depending on how the funds are withheld.
  
  

Friends and Family

• People often overlook friends and family when it comes to borrowing money. However, going to people you trust -- and those who trust you -- can be a sensible option when you need to obtain some short-term financing. If faced with making this request, put together a legal document for the loan, complete with a repayment schedule which included interest payments to the lender. It is critical to understand, however, that a default or missed payments on these loans can damage or end friendships and seriously strain family ties.