Loans for People with Bad Credit

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Loans for People with Bad Credit

Short term loans are often needed in today’s world, but what about short term loans for people with bad credit?

Short term loans for people with bad credit provide a sum of money which usually needs to be paid back by the next payday. They are designed to be used for when you are facing a costly bill and unexpected repair, and by their very name, loans for people with bad credit help those who are trying to better their credit rating and cannot get credit from anywhere else, especially not from banks.

Qualifying

Thankfully, if you do find loans for people with bad credit to be your only option then the chances of you being approved are very high. No thorough credit checks are performed, which means that when you enter your information, you will be notified in seconds whether you have been approved. If you are approved then the money will be in your bank by the next working day, which makes loans for people with bad credit a really speedy solution.

There are a number of prerequisites to getting approved with loans for people with bad credit. You must be over the age of 18, and you must be in regular employment usually earning over a specified amount. You need to prove you citizenship and living status, and hold a valid checking or savings account. Some lenders only allow permanent US residents to apply, and not citizens who live overseas.

Loans for people with bad credit are subject to the specific terms of each state, so make sure you check your own state laws. Loans for people with bad credit give you a real lease of life when you need it most.

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Talk to Your Partner About Money

Money is probably one of the most volatile topics when you’re in a partnership, but talking about it becomes even more important if you’re about to get married and make the union legal and binding. As husband and wife, your finances will soon be joined and shared and you wouldn’t want money issues to get in the way.

You should talk about money before the wedding so you both know where to stand financially. Do not surprise your spouse about your debts after the wedding because that will soon become his/her burden too. Being open about your finance problems will help you come up with a better solution as a team.

You should also talk about money because your budget, income and expenses will soon change. You may need a bigger home, so the mortgage rate will most likely increase. You may also need to talk about having joint and/or separate bank accounts and how you will pay the bills, put up savings and how to go about retirement, children’s education etc.

Getting married will entail a lot of changes in your personal finance life, but nothing will prepare you as much as having an honest and open communication with your partner before you say “I do.”

The Dilemma of Bad Credit Loans

There comes a time in the year where you find yourself strapped for cash, whether it’s because you overspent and needed to pay a major purchase made with your credit card or because your health insurance messed up and there’s a trip to the emergency room that you need to pay for. But you have bad credit rating too and you’re options are shot – or almost.

There is always the option of a short term payday loan, but the popular question also is whether it’s a smart move or not. While it has become the common and easy solution for many, others are arguing that short terms loans are an added burden especially with the supposedly high interest rates.

So, should you or should you not take out a short term loan if you have bad credit? The answer depends on you.

Here are three questions you may want to think over and answer first before you decide to apply.

How badly do you need the short term loan?

The common knee-jerk reaction if you’re strapped for cash is to consider a short-term loan. But before you fill out that application, ask yourself first just how badly you need it. What are your other options aside from a loan from the bank or a lending group? Would it be possible to borrow money from your friends or family instead so you can even negotiate waiving the interest rate?

If you need cash to settle a credit card bill, your rent, or some other negotiable commodity, it might be worth checking first to see if you can work out a payment scheme that lets you pay for the item at a later date when you finally have the cash. If you can negotiate on the payment, then you might not need to apply for that loan now, and saving up the money that you otherwise will be paying for interest is more financially strategic and smart.

Check the interest rate and other fees that you will be paying for and compare that with the penalty for late payment of the item you’re supposed to be paying for with the loan. You might discover that the penalty charge for late payment is still considerably lower compared to the total fees and charges you will paying if you take out a short term loan.

What are your loan options?

Should you decide that a loan is your only option, then consider what type of short term loan to get and where to get it. Short term loans for those with bad credit are offered by banks, individuals, online lending sites, cooperatives, credit unions, and other smaller banks. They all differ though in terms of the interest rate, the payment terms and scheme, the charges, fees and penalties, so study and compare your options well. Some loan packages have friendlier terms for those with bad credit rating and it’s always smart to go for these kinds of loans.

Similarly, smaller lending groups offering loans for bad credit may have more flexible requirements and application process than bigger commercial banks and formalized lending groups. However, make sure also that the company is legitimate and secure. Watch out for scams that ask you to make a deposit first before you can apply for the loan.

Can your monthly budget handle the loan payment?

Should you decide that a short term payday loan is your only option, take a look at your finances and see if your monthly income can afford an additional item such as a loan payment. Depending on your terms , your interest rate may be high or low (longer payment terms often mean higher interest), and the longer you’re paying for a loan, the longer time it will take for you to bounce back to your regular monthly budget.

Make sure that the loan payment terms that you will choose will leave you with enough funds to cover your regular expenses like food, transportation and basic utilities.

The question over whether to take out a bad credit loan or not is always a tough decision, and therefore requires careful thinking, planning and strategizing. A loan – short term or otherwise – is always an additional slash from your monthly savings. So before you apply for one, think things over, twice, thrice, several times.