• First Choice loans for people with bad credit

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Personal Loans for People with Bad Credit

Getting through a financial emergency can be challenging, most especially if you don’t have the money to cover for such an expense. And while getting a loan may provide you with a quick solution, this may not be an option for people who do not have a good credit score. When you have poor credit rating, traditional lenders such as banks would likely turn your loan application down.

Fortunately, there are other lenders that specialize in providing personal loans to borrowers like you who are unlikely to get regular personal loans through banks and other traditional lenders because of bad credit.

These personal loans usually have short repayment term, usually ranging from days to a month. The most attractive feature of personal loans with bad credit is that the loan process is fast. After meeting the basic requirements, you can get the money within 24 hours.

With these features, personal loans for people with bad credit are great solutions for emergencies and when you cannot get credit from anywhere else. Whether you need extra money to pay for an unexpected bill, a medical emergency or to fund a vacation, personal loans for bad credit borrowers are among your most convenient options or alternatives to regular bank loans.

Qualifying for Bad Credit Loans

Thankfully, if you do find loans for people with bad credit to be your only option, the chances of you being approved are very high. Since no thorough credit checks are performed, you can expect to get a response on your application in as fast as 24 hours.

The basic requirements to getting personal loans for bad credit include:
– You must be at least 18 years old.
– You must be in regular employment earning over a specified amount.
– You must be a US citizen. Some lenders, however, only allow permanent US residents to apply, and not citizens who live overseas.
– You must hold a valid checking or savings account.

Since lenders do not look at your credit history or status, lenders that offer these loans lower the risks on their part by making sure that you have a stable income to pay for the loan. Most lenders require you to also provide proof that you have been employed in the same company for at least six months and that your income can afford the amount you intend to borrow from them.

Loans for people with bad credit are also 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. 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.

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Personal Budget

Having control over your finances is important not only for your financial well-being but for your peace of mind as well. You can have control of your money by making a budget. This not only makes you aware of your expenses but also allows you to save more money for your financial goals, whether they are short-term or long-term.

Here are three things to get started with creating your personal budget.

Set your goals

First, know what you want to accomplish over the short or long term and know which goals are your priorities. Then you can start planning on how to achieve them and when you should achieve them. Your short-term financial goals may include paying off your credit card debt or saving for holiday presents, which you can achieve in less than a year. On the other hand, long-term goals such as retirement savings may take years to reach.

Know your net income

To create a budget, you should also know how much your net income is. Your net income is the money you have per month, less the deductions for social security or taxes. That’s the money or budget that you can work with.

Plan

Determine how much your fixed or non-negotiable expenses are. These are expenses that stay the same per month such as your mortgage, insurance premiums, car loans, etc. How much is left is the money you can use for your variable expenses such as entertainment, utility and gas. Doing so gives you an idea on how much of your money you spend on your needs which constitute your cost of living, and how much is left to save.

The good thing about creating a budget is that you can customize it according to your personal needs. After determining your fixed expenses, you can change the amount you set aside for variable expenses and prioritize as you see fit.

Cash Advance Loans

It is undeniable that many of today’s loans have become very accessible. For instance, if you want a cash advance loan, you simply need to procure a few requirements, fill up a form and submit it to the lender. You can even do it online. However, this does not mean that getting a loan is always the best solution to every financial problem. If you’re going to use the loan for all your wants and needs, you could go broke very fast with a mountain of debt to your name.

Cash advance loans are there for a reason: to help you get through until your next payday and hopefully pull you up on your feet from a financial distress. But if a financial distress means not having enough money for a week’s worth of Starbucks coffee or every other night dinner in a fancy restaurant, then you need to sort out your priorities. Abusing the ability to get cash advance loans anytime can spell financial disaster for you in the long run. Here are the reasons why.

Cash advance loans have very expensive interest. Paying somewhere between 10%-30% interest off the principal amount can get burdensome. The interest adds up when you are not able to pay on the agreed date, making it even more stressful to pay the loan. Never take a loan if you don’t really need it.

These loans are not the answer to your wants. Imagine getting a cash loan to fund a fun vacation only to discover that you have outstanding power bills that are due. You wouldn’t want to come home to a dark house with no electricity after the escapade. It is best to define when a situation warrants a cash advance loan. Otherwise, save for it.

Defaulting on your cash advance loan can ruin your credit score. How you perform with your payments of the loan will also be reflected on your credit score. If you want to keep it clean, pay the cash loan on time and in full. If not, it may be better to seek other ways to get funding that won’t be reflected on your credit history – say doing overtime work or getting a second job. You have to be personally committed to this decision as this can impact your financial future.