Looking for a loan can be tough and when you head to the professionals, you’re going to find that many of them are going to require collateral.  This can range from something expensive such as a ring, all the way up to your car title.  No matter what it is, let me give you some tips on how you can snag yourself a loan with no collateral.

#1 Check with family and friends: This is by far the best way to go.  To make your friends and family feel safe, you can always write up a contract, making it legal.  You need to be serious about this and let them know that you will pay them back over time.  I would advise you that you ask in a polite way and explain your situation.  No one is going to lend you $350 for a purse.

#2 Try a P2P Lending Company: There are a few P2P lending companies out there like Lending Club.  These are great companies to consider because you’re going to get a loan from the public.  You will pay them back with interest, so it’s a win-win for both parties.

#3 Payday loans are an option: You’ve probably heard of Payday Loan companies, but what you’re going to find is that a lot of them are scams, but there are some that are legit.  It’s a quick and fast way to get money, but make sure that you’re getting  a loan that works for you.  Popular services such as Team Quick Cash or CashNetUSA can help you get a loan without collateral.

#4 Big banks can help: If you’re working with a rather large bank, you don’t want to underestimate your chances.  It never hurts to apply for a loan.  The worst thing that they are going to say is “no.”

#5 Check with your employer: Many bigger companies will offer financial assistance, especially those that are large based corporations.  Check with your Human Resources department and see what they can do for you.

By implementing these tips, you can hopefully land a loan.  In the long haul, if you don’t think you really need the loan, then I would wait for a while.