Is there a way to get a loan even if you don't have collateral to back up the loan?

There are some ways that a person can get loan without a collateral. They include; * Taking out a cash advance or a cash direct deposit on one’s credit card or Applying for a new credit card. With this method the person can have some money without collateral to back it up.

*You can also get a payday loan. Payday loans, is a type of cash advance loan issued by general financing institutions. Here the loan is given out to you as an advance on your upcoming paycheck, but it is issued at very high interest rates.

You would have to show them a prove that you are working and actually expecting a paycheck, before the loan is given to you. *You can also ask a friend or family to give you a loan. It would be wise to have a formal document drafted, and also be sure you would payback, so as not to cause a strain in the relationship.

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If one has debts and a strady income, one's focus would probably be to pay off the debt rather than entering into another loan. Banks may be hard to convince to increase debt burden without collateral. If banks fail, another route might be family.

There are some banks who offer loans without much questions asked. Amounts need to be limited, and interest rates are rather high.

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