For the last two years now, the world has been uncertain. The economy has fluctuated and gone through cycles. People have lost their jobs, started new careers, moved to new places, and overcome hardships during this time.

When you come down on hard times and need some money, you might need to take out a loan to pay your bills and keep the ship afloat. Everyone’s situation is different. Some people have great credit, others have bad credit, and people have no credit at all. Whatever your financial standing, below are five loan options to help you get out of a jam.

Loan Options For You

Localized Loans

Depending on where you live, local lenders may offer you more than big banks and private lenders. If you live in an area with lenders who can offer better interest rates for local businesses or individuals, you should take advantage of this. All the details matter, but if you are looking for loans in Florida, New York, or California, these large economies will sometimes have lenders who are focused on boosting their economies and therefore offer higher loans with lower interest rates to residents.

Secured Loans

There are 2 types of personal loans – secured loans and unsecured loans. Secured loans are when there is collateral provided to the lender. This can be a car, a house, or anything else of large value. Secured loans are great for people who need to borrow money but don’t have a great score. If you need to buy a car, for example, you can take out a secured loan from a lender and use the vehicle as collateral. It means that if you fail to make the payments, the lender may repossess the vehicle. It’s a risk but if you are confident you can make the payments on a secured loan, it can be a great way to get the money you need for a tough time.

Unsecured Loans

This won’t be necessary, however, if you have a good credit score. Unsecured loans don’t require any sort of collateral because your credit score is high enough to get approved for a loan with a good interest rate. If you have a good credit score, you probably have a credit card with a high limit and may not even need a loan, but if you need a large sum of cash for something unexpected, an unsecured loan can help. It’s an option to utilize before a lot of other loans.

Commercial Loans

During the pandemic, a lot of people saw an opportunity to create a new business. If you fell into hard times and need money for a commercial property location to start making money, a commercial loan might be your best bet. These loans are like mortgage property loans, but they can be based on the idea of your business.

It’s possible to find a lender that believes in your business and will offer funds based on that in addition to your credit standing and overall financial situation. Opening a commercial property isn’t easy. Most people need a loan to get it done. Depending on the location, size of the property, and purpose of it, the loan could be a better rate than getting a mortgage for a home. So, it’s best if you check the types of commercial loans available to you, perhaps it’ll be better to apply for a recourse or non-recourse loan or even an SBA.

Mortgage/Home Equity Loans

Finally, if you are trying to buy a home or already have a mortgage, you can think about residential property loans. A mortgage loan will provide the funds you need to start paying off a house, but if you already have a mortgage a home equity loan will enable you to use your property as collateral. This kind of refinancing basically opens a secured loan with your home as the collateral. Be careful, though. If you don’t pay the money back the lender could come for your home.

Everyone has a different financial situation and goals. If you have a need for cash, there are a variety of loans you can take advantage of. Whether you have fallen on hard times and need to get out of a jam, or the pandemic has gotten in the way of you starting your business, loans are a great way to kickstart the process. Whatever your situation, loans can help you get out of a jam and create hope for yourself.