im working on a boy scout merit badge and i need the answer to this question
2007-08-26 12:23:01 · 10 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
You can get a loan
You can get a pay advance (cash advance)
You could borrow money from friends and/or family
2007-08-26 12:27:40 · answer #1 · answered by Peach PIe 4 · 1⤊ 0⤋
A common form of loan is to borrow against collateral; something that you have that is worth the money you are borrowing. For example, you own a ring worth $10. You take it to a pawn shop, and borrow $9 and agree to pay them $10 when you pick it up in 30 days.
Another collateral loan is a home purchase. You want to buy a home worth $100k. You agree with a mortgage lender that you will pay $1000/month for 20-30 years. If you fail to meet the payments, the mortgage holder takes the home and sells it for what it can get. If you still owe more than what they can sell it for, you will owe them money. If they sell it for more than you owe, you may get the balance.
The most prevalent form of loan now is the "signature loan." You borrow money from a lender and agree to pay interest on the loan until it is paid off. The interest on this form of loan is higher than the collateral loan, as the risk to the lender is greater. This form of loan is what credit cards are based upon.
"Neither a borrower nor lender be.
Do not forget; stay out of debt."
Keep on Scoutin'
2007-08-27 17:06:07 · answer #2 · answered by OrakTheBold 7 · 1⤊ 0⤋
there is only one way to borrow money you get a loan
but there are two different types of loans
insecure loan where your word is the only security
a secured loan where you put up something more than what the loan is for i.e.e car house cd etc
hope this answers your question good luck on your merit badge!!!
2007-08-29 08:19:47 · answer #3 · answered by Anonymous · 1⤊ 0⤋
If you borrow money, you have a loan. It doesn't matter how you go about getting the loan, it is still a loan.
2016-05-18 21:34:33 · answer #4 · answered by ? 3 · 0⤊ 0⤋
If you go to www.prosper.com You can borrow money from other people online. People post how much they need, and how much interest they are prepared to pay, and others can decide if they want to fund them! Kinda neat....
2007-08-26 12:29:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋
its never good to live on credit. we can consider to take a part time job to earn instead of borrowing which might be the beginning of a nightmare :) a great eg is credit cards.
2007-08-26 12:27:59 · answer #6 · answered by Anonymous · 0⤊ 0⤋
There are NO different ways.
You borrow money , you spend it, you have to pay it back along with loads of interest.
2007-08-26 12:31:05 · answer #7 · answered by Zamo 3 · 0⤊ 0⤋
borrow money from the bank but how much you use your going to give money back
2007-08-26 12:31:47 · answer #8 · answered by money maker 2 · 0⤊ 0⤋
just saying...but it depends how much $$
id say your first choice is to ask your family and say youll pay them back, and if that doesnt work, then ask your friends.
2007-08-26 12:30:31 · answer #9 · answered by Grace ♫ 4 · 0⤊ 0⤋
you could always borrow from a loanshark.
2007-08-26 13:04:28 · answer #10 · answered by Anonymous · 0⤊ 0⤋