Need money but don't have the cash?
If you haven't built up a rainy day fund for unexpected expenses, or are trying to consolidate debt, taking out a personal loan or line of credit are great options over using a credit card, which usually comes with steep fees for cash advances.
"For someone who needs cash, or ability to access cash, a credit card really doesn't work as well for that," said Greg McBride, chief financial analyst and senior vice president at Bankrate.com.
If you take out a personal loan or line of credit, remember the usual caveats about borrowing apply, warns McBride. Both personal loans and lines of credit come with varying terms and interest rates and that the money you receive eventually needs to be repaid.
Here are some things to consider before taking out either.