If you are among the millions of unemployed people in the U.S. (or anywhere in the world, really) you might reach a point of financial desperation. It could be tempting to take a loan, maybe even impossible to avoid. Here is a little advice on that because not all loans are created equal.
Whatever you do, try not to run up credit card debt. This might be the first avenue you pursue because it's the easiest money you can get your hands on. It's also the most expensive money you can get your hands on. Avoid credit card debt if at all possible.
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If you have already run up your credit cards, and your household has some income (e.g., unemployment insurance or a working spouse), you should look into debt consolidation. This is not for everyone, but it can reduce your more expensive debt by about 50-60 percent. It also rolls several bills into one easy monthly payment. It is important to remember that this is a loan, and you will have to pay it back.
One very good option might be a business loan. If you have a business idea, definitely consider doing this. It can take some pressure off and give you an opportunity to change your life for the better in the long term. If you do this, prepare to work extremely hard to make your business work. Almost every city and town has a business development office. Find yours and work with them.
Another choice would be pawn shops. The advantage of these types of loans is that you don't really have to pay them back. You offer collateral, they give you the money. If you can't pay the loan back, the pawn broker will happily take your collateral. The disadvantage is that you may have to part with a valued possession for pennies on the dollar. It is an option, though, and desperate times call for desperate measures.
Family and friends may be able to loan you some money. The advantage is that these types of loans are often interest-free. The disadvantage (and it is a big one) is that if you can't pay them back, you could end up harming a relationship. Be very careful about getting into these situations. This is what Shakespeare's Polonius was talking about when he said, "Neither a borrow nor a lender be." It's generally very good advice.
That is the best advice I can offer on this subject. I hope you can learn these lessons the easy way, by reading this article, rather than the hard way.
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