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One of the best methods to borrow cash while you run out of choices

Taking out a loan is not always the best option when you need cash.

However, if you find yourself in a bind, there are a few guidelines that you should follow to ensure you get the best deal.

Your first step in considering borrowing to pay bills should always look inward first, according to Winnie Sun, a financial advisor.

Sun, co-founder of Sun Group Wealth Partners in Irvine, Calif., Said she called the practice “for profit shopping.”

The idea is simple. You go through each item in your budget and see where you can find money to save. One big opportunity right now, according to Sun, is your auto insurance premium. Many people drive less car and can renegotiate their tariffs due to their lower usage.

If you’ve run out of all your budget and still need money, Sun has a few other suggestions for you. Check out this video to see your options and what rate they think is appropriate.

More from Invest in You:
The author of “Predictably Irrational” says this is what investors should do during the pandemic
Coronavirus forced this couple into 27-day quarantine during their honeymoon cruise
How to prepare for a family member with COVID-19

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.

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