First off, you must remember that your options are limited with a 2500 loan. Much like any loan more than a 1500 loan, you may not even find a payday lender who will lend you the money you need. Furthermore, most banks won’t make loans for less than 3000, even if you have good credit. Sadly, banks just don’t make enough money off of such a small loan, so they won’t usually consider it at all unless it is some form of secured loan (like a car loan). In addition, if you are in need of a bad credit 2500 loan, then don’t even bother talking with a bank unless you can find a co-signer for your loan.
However, just becuase your options are limited does not mean that you don’t have any options, so don’t give up. Instead, take this as a chance to sit down and really dive into your budget (which probably means creating a budget for the first time) to see if you really need this cash loan. Can you really not get by until your next paycheck without it? Can you really afford even taking out the loan in the first place? These are some of the questions that you need to ask yourself and be able to answer before you move forward with the 2500 financing.
If you do decide that you can and need to still pursue this loan, consider the following options:
1) ONLY if you are in a REAL emergency, you can find some payday loan lender who is willing to make the loan. You can call a few brick and mortar shops, or you can search online. Be sure they offer a loan up to $2500 though, as most will restrick the loan amount to $1500 or less. Get confirmation of this fact before you sign up or really even start talking, as many lenders will say about anything to get you in the door, and then they will pull the old ‘bait and switch’ tactic on you. One good rule of thumb you should follow even if the lender doesn’t is to only take out a maximum of 25% of your monthly gross income.
2) If you have decent credit (a credit score above 640) then you could try to get a peer-to-peer loan on a site like prosper.com. No, the loan won’t be as quick as an instant cash advance would be, but it will be cheaper and you will probably be able to find many people who are willing to lend you the money.
3) Borrowing the money from a friend or family member. While this is the cheapest option, it is also the most risky – you could lose your friendship, so be careful. Make sure all details are agreed upon in writing so there are no questions as to pay back periods, interest rates, what happens in case of default, etc.
Summary
The bottom line is just be smart with your money. If you do need a loan for 2500 dollars and do take one out, then make sure to sit down and start a budget so you don’t have to take such a loan out again.