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. Loans for people with bad credit are now very popular, and definitely worth checking out, but how do they work?

The Details

Otherwise known as payday loans, loans for people with bad credit are short term credit options whose interest is based on a two-week period. It is common for these loans to be around 650% APR, which is over ten times the amount of interest you would expect for a normal bank loan or credit card, but this percentage is based annually, so let’s do a little calculation. If we assume that two weeks is 1/24 of a year, then the amount accrued over two weeks on what you borrow is equivalent to 650%/24, which is 27%. So if you borrowed $400 on an APR of 650%, then you would pay back $400 plus 27% of the amount, which totals $508. There are no better loans for people with bad credit which might offer a lower percentage.

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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Things to Do Before Taking a Loan

It’s a fact that a loan has become a financial necessity for many. Even with stable jobs and a regular monthly salary, many people still find themselves strapped for cash or in need of immediate cash, whether it’s to pay for the mountain-high bills or for that unforeseen and unexpected trip to the emergency room. Taking out a loan if you have a bad credit rating is harder, and yet even more of a necessity since you’re in much more need of money than other regular borrowers.

Stop, Think, and Act: What To Do Before Taking A Loan With Bad Credit

If you have a bad credit rating, the immediate and automatic answer when you need cash to pay for your credit card bill or for that unexpected repair of your car is to take out another payday loan. While this may be your only viable and open option to get the cash that you need, take a moment to do these three things first before you submit your loan application.

1. Weigh your options. Taking a loan if you have bad credit may seem like your only option, but remember that it can also start a whole new slew of headache especially if you’re paying off an existing loan. See if you can borrow money from a family member or close friend who can offer more manageable and flexible terms as compared to those offered by financial and lending institutions.

Similarly, should you decide that a loan is an absolute must, then find and study the range of options available to you. There are a number of loans for those with bad credit rating, many of which are available through individuals, personal investors and non-profit groups like a credit union that offer cheaper rates and more flexible terms compared to commercial banks. Taking a loan with bad credit is always so much harder, so list down your top three options as back-up.

2. Check your financials. Part of deciding whether you can afford another bad credit loan is to review your financials and map your payment scheme. Aim to make your payments on time, and work out a payment scheme that allows you to have extra cash left for your allowance and other personal expenses.

3. Improve your credit score. While a bad credit rating isn’t necessarily disadvantageous, remember that you can get the most benefit with a loan if you have a good credit score. Improve your credit score and history by ensuring that payments of your existing loans are on time (payment history makes up more than 30% of your credit score), apply for secure credit cards to rebuild your credit, and work out a clean slate arrangement with your previous creditors.

Financial experts also advise that another way to bring up your credit score is to pull together your assets. While it is possible that you may not have enough cash in your savings account, it’s likely that you have non-liquid investments like real property or personal vehicles that can improve your credit rating.

Bad credit loans are temporary solutions for those times that you need ready cash, but a good credit rating can be helpful if you need to take out bigger loans like a housing or real estate loan. Strive to improve your credit score, and weigh your options the next time you find yourself in need of cash.

Good Use of Instant Loans

When you read articles about loans like ‘which ones to get’ and ‘which ones to avoid’ most of the time bad credit loans or instant loans belong to the latter.

Instant loans are cash loans that you can get quickly, which is a good thing especially when you’re in dire need of cash. But there are some drawbacks to applying for instant loans such as having to provide collateral or having to get a co-signer.

But there are scenarios when bad credit loans or instant loans are in fact a more suitable kind of loan for you. When you’re in need of cash and your credit scores aren’t that great then instant loans are the type of loan for you. Most lenders stay away from borrowers with bad credit histories and if you’re one of the latter you probably already know this. Lenders avoid these kinds of people because they’re afraid that they won’t have the money or the capacity to pay back their debt. When you’ve incurred a lot of debt in your financial history instant loans are the best solution for you. The reason behind this is that lenders who provide instant loans are not too picky when it comes to choosing whom to give instant loans to.

When you apply for instant loans and you have bad credit scores lenders will ask you to provide proof of income. All you have to do is show the documents that you are currently employed or that you have your own business which is starting to profit and then you’ll get the instant loans you need.

Now even if you can’t provide proof of income for your lender bad credit loans or instant loans are still the best bet for you. The reason behind this is that you will just need a co-signer to act as your guarantor that you can make your repayments on time. For this to work your co-signer should have a spotless credit history so find someone you know who has that and have him or her be your co-signor and you can have your instant loans.

Another scenario wherein bad credit loans or instant loans are perfect for you is when you need cash for an emergency and you only need a small amount to cover that particular emergency. Most lenders provide a small amount for borrowers asking for instant loans. So if you’re only looking for a few hundred bucks to pay for the replacement of your flat tire or something then instant loans are the answer for you.