Although you may be itching to get a personal loan, it's a good idea to check out the alternatives before taking the plunge. Your employer may be willing to give you an advance, or you might be able to sell things you really don't need. On the other hand, you may be able to work around the problem, given a little thought.

When applying for personal loans, be careful not to borrow more money than you really need. While it may be nice to have a little extra set aside, it'll just mean that you'll end up paying a lot more interest across the life of the loan, and it may take longer to pay off.

If you've got a tarnished credit rating, you'll have to live with the fact that you won't be able to get traditional personal loans -- but you may be able to get sub-prime loans. Expect to pay a much higher rate of interest, however, because the lenders know these loans are risky.