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Alternative Funding Options for Those That Need It!


There are alternative funding options out there that someone may need as soon as possible. Which is why they should consider some of the following alternative funding options out there. Also, be aware of some bad credit options from non-traditional loans.

Credit Cards

Credit cards are a big advancement on how people purchase items they may need—as quickly as possible. One can be registered online or at the bank in almost no time. Credit cards also provide a clear credit limit.

No to mention credit cards are one of several alternative funding options that could help build credit by paying off repayments on the card after every month.

Online Loans

Many loans, like auto or home loans, are typically used for major purchases. However, there are personal loans that have become more plentiful thanks to the internet! With online loans, many lenders serve people who may have bad credit, or no transportation to financial establishments.

This means that much of the sign-up process—including submitting qualification requirements—can be done from the comfort of home. There are dozens of online loans that could give funding in as little as a few business days this way.

These online loans include car title loans, payday loans, and even some peer to peer loans.

Lines of Credit

Lines of credit are similar to credit cards in a way, as they provide money “on demand.” Line of credit are also usually offered in places like banks or credit unions. Depending on if a person qualifies for one, they could use the credit up to a maximum amount for a set period.

A person with a line of credit will only pay interest when they borrow from that line of credit. Like a credit card, people are usually able to choose when to take out money, pay it back, and repeat. As an alternative funding option, it’s useful in its immediacy—although individuals should be mindful of those qualifications.


A lot of people that may have a small start-up business have taken the need for cash to online platforms like Patreon or Kickstarter. By registering online and meeting certain guidelines, a person could get the funding they need in as little as a few business days.

However, this alternative funding option is usually reserved for those looking to provide something in response to this funding, or for emergency funding that they may not otherwise have.

When Someone Should Consider Using Alternative Funding Options

Those that are looking to obtain alternative funding options may be facing certain situations. When gauging whether any of these alternative funding options are right for you, check off a few of these scenarios:

  • Emergency Funding: This could include things like unpaid medical bills for yourself or a family member. as well as people who have been hit with a terrible accident and need to pay those unexpected bills from it.
  • Starting a Business: Those who are looking to start their own business may need to start with a good income to make it happen—and as soon as possible.
  • Getting Rid of Short-Term Debts: There may be a ticket or bill that needs to be paid in a short amount of time. Otherwise, an individual may face an even bigger payment as a penalty.
  • Avoiding Bad Credit: Those that don’t want bad credit for not meeting the minimum payment for a bill could strategize and use alternative funding options to keep their credit steady.
  • Other Deadline Payments: Court bail, fees, or any other impending payments with a short time frame for someone that lacks funding or standard qualifications could consider funding that is fast.

Any of these reasons or situations could require quick funding as soon as possible. Which is why alternative funding options are available for those that need nontraditional funding!

Alternative Funding Options: Pros and Cons

Even after determining whether someone would need to acquire alternative funding, here are some pros and cons that people should know about:


Quick Process: Sign-up and registration for these alternative funding options can be quick—inquirers could meet the payment deadlines that traditional bank loans may not be able to.

Easy Communication: Lots of these alternative funding options give people more communication options. The reason is that alternative lenders/businesses want feedback, while banks or other traditional lenders may keep customers in the dark about their funding options.

Technology-Friendly: Options like online loans have made it even easier to connect with these companies. Many alternative funding options have online presence, phone lines, and 24/7 live chats for those looking for immediate funding.


Qualifications Vary: Always read up on qualifications, as they may require bank account information and/or identification for security measures. They could also have their own ways to determine if they could give a person that emergency funding.

Interest Rates Vary: Credit cards and online loans are known to carry high interest rates, so always research to find one that fits in the budget and financial portfolio!

Should Be Used When Needed: Many of these alternative funding options should only be used when necessary. They could impact credit if not paid off, and could hurt someone that may not have needed fast funding in the first place.

Like any other loan or funding option out there in the financial landscape, it’s always good to research and see which one may be right for somebody’s specific financial history. Going online and using online tools like finder or Nerdwallet are great places to start looking.

A person may not always expect a financial emergency, but they can be prepared to weigh out these alternative funding options if they need funding under a certain deadline!

January Budget


My monthly budget for the first month of the year has been updated to reflect some of my goals and also my passions and pursuits. I believe this illustrates the quote on my 2019 financial vision board, which explains that the way people spend and save money is a reflection of their beliefs and desires. My January budget shows my goals to save 25% of my income, plan ahead for any possible expenses, and my personal (non-financial) goal to value my health.

The budgeting strategy that works best for me is to have a weekly budget and a monthly budget. My weekly budget is simple, as I allot $110 to weekly expenses with $25 to gas, $20 to personal/household use, $50 to food, and $15 to any cheap dining out. My monthly budget was a bit more complex and I needed to find a great tool. After experimenting with several budget planners, I found this one that I absolutely love and have used it since. It separates fixed and variable expenses as well as debt repayment and it easily shows the monthly total, yearly total, and yearly percent of an expense. I downloaded both my weekly template and this monthly template from this site with lots of great templates http://templatelab.com/budget-worksheets/.


I have $3050 of income for the month of January. I saved 20% of my income as it shows above in the debt repayment section of my budget. $525 is going to my Bank of America credit card balance and $85 is going toward my student loans. (Although Excel is showing my debt repayment to be only 14%, I also include my rental income for one of my houses here so it skews my total income.)


Non-Recurring Expenses

I am also planning ahead for any possible expenses. There are some expenses that I can easily plan for on a monthly basis. This budget planner lists my small recurring expenses such as my wellness plan for my dog ($35 monthly). I am also budgeting for an upcoming trip ($100 monthly for the past few months) and a birthday party that I am planning for my dad ($40 monthly for the past year).

My goal for the new year is to be better prepared for non-recurring expenses. For example, I was on the road a lot for the holidays and I know that my car will need some work soon ($90 one-time payment). I am also staying on top of my wellness and although I am not sure if I will need to, I have allocated money for a doctor visit ($40 one-time co-pay). Any surplus amount from these funds will go back to my debt reduction.


Lastly, I have budgeted money strictly for myself. I believe in frugality but also believe people should do the simple things to keep them happy and maintained, whatever those personal things may be. This month, $50 is budgeted toward my nails. Sometimes I play with this number. For example, in the winter months I can stretch pedicures and I also never get a manicure, only polish changes. I also get gel nail polish because it last a full month. This simple mani/pedi time was satisfying for me this month.

I’m looking forward to staying both my weekly and monthly and will keep you posted!