When you are strapped for cash, there are few options that you can access that will allow you to get money the same day. These options are even more limited when you have bad credit. Here are some of the options you have when you need cash fast and have bad credit.
Payday loans are short term loans that allow you to access the funds from your next payday today. Payday lenders will often lend anywhere from $50 to $500 with just a post dated check and a few references. The loan does not require you to have good credit or any credit for that matter and you can walk away with the money in your hand the same day you apply. Unless you have a string of bad checks out there, you won’t be turned down for a payday loan.
While all of this might sound great, there are some cons associated with payday loans. The most important is the repayment term. The balance of the loan, in full, plus the financing fee, are due on your next payday, no exceptions. In most cases, you can repay the loan in full and then take out another loan right behind it if you can’t afford to pay off the loan in full on your payday, but this practice is extremely expensive and is not recommended. This is because payday loans are intended to be short term loans only. They carry extremely high interest rates and are one of the most expensive forms of credit out there when utilized in this manner.
Title loans are installment loans that use your car as security collateral against default. A title loan has more flexible repayment terms than a payday loan, but because it has an extremely high interest rate, it is a very expensive loan to take out. It is often prohibitively expensive, meaning that many people who take out title loans often lose their cars to repossession by the title loan company and wind up in worse shape than they were in before they took out the loan.
Last but not least, you have personal loans. In the past, personal loans weren’t really a big option for those with bad credit. But, thanks to personalloansforbad.credit, borrowers can now take advantage of personal loans and leave the high cost of payday loans and title loans behind. Personal loans are a type of installment loan that borrowers repay over time. However, unlike title loans, the interest rates are much more modest and they don’t require the borrower to pledge their car title as security against default. Some lenders may require personal property to be pledged against the loan, but borrowers can choose other property to secure the note.
If you are someone who needs cash fast but struggles with bad credit, visit https://www.credit.org/credit-counseling/ and discover how easy it is to get the credit you need for your needs. You won’t take out another payday loan or title loan ever again.
personalloansforbad.credit wants to help you find the financing you need without the stigma of having to use payday loans and title loans. Find out how you can apply for a personal loan with bad credit today.