The kind of financial instrument we use depends on our situation, some will need a greater amount of money because they are property owners, some will need less because they live in an apartment, others have an extra car which needs maintenance, etc. So for most of these situations we usually turn to banks to lend us a hand through personal loans, credit cards or lines of credit, etc.

But what happens when the banks won't lend us the funds we desperately need?. At this point we are desperate for a solution and the fact is that there are many of them. We will proceed to list some of them as follows:

Payday Loans: This particular instrument has bailed out of trouble so many people that businesses have based their services around this concept. Payday loans are, as the name implies, loans which are given after the applicant has provided certain information such as the name and phone number of the company were he/she is employed, a checking account number (to deposit the funds), some may ask for social security, etc. This type of loan is expected to be paid within 10-15 days when the next paycheck is received. Some may extend this period to 20 days or even a month. Payday Advance Loans are normally used to cover daily expenses and payments which need to be taken care of immediately.

Settlement Loans: People who have had accidents while working, etc. often incur in significant and unexpected expenses throughout the litigation process. In order for the plaintiff to remain financially solvent he/she may use a settlement loan to cover medical bills, court fees, rent, private investigators, lost wages, etc. This instrument is often provided by underwriters and insurance companies.

Annuity Cash-outs: Annuities work very similarly to Certificate of Deposit Accounts (CDs) in other words, funds are first paid to a financial institution such as a bank or an insurance company so that the money invested may grow at either fixed or variable rates which are usually tax-deferred during the accrual process. This instrument can also be cashed out to cover expenses.

As you see these options are available to everyone depending on the situation. The bottom line is to realize that there always are options regardless of the bank's willingness to lend the funds.

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