 TITLE: How to Take Out a Personal Loan CONTENT: Alternatives to Personal Loans\n------------------------------\nYou might look for an alternative to taking out a personal loan if you can't get approved, or if you only receive offers with high rates. A few popular alternatives include:\n*   Credit cards\n*   Secured loans\n*   Paycheck advances or early payday apps\n*   Borrowing money from friends or family\n*   Looking into assistance programs to help with other financial needs\nYour creditworthiness and the reason why you want to get a personal loan can also impact which option is best.\nFor example, you may be able to get a personal loan if you have bad credit, but the high origination fees and interest rate could make it more expensive than using a credit card. Even if you can get a low personal loan rate, a balance transfer credit card might be a better option for consolidating credit card debt than a personal loan.\nOr, perhaps you want to get a personal loan to improve your home. If you take out a home equity loan or home equity line of credit the interest payments could be tax deductible, which can decrease your overall costs.\nIf you were trying to take out a personal loan as a way to pay off credit card debt, consider working with a certified credit counselor. In addition to offering financial advice, a credit counselor can create a debt management plan to help you reduce your debt. END