• 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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Cards for Bad Credit

Credit cards for bad credit are one of the major hypes now, so if you’re thinking of getting one, here’s a short list of credit cards for bad credit you might want to take a look at.

Capital One Secured Mastercard. The annual purchase rate is only roughly 25% and annual fee is waived. This is a great option if you’re looking for flexible terms for the deposit since you can pay it 80 days after opening the account. You also get access to the card’s credit tracker tool to help you improve your credit score.

Digital Federal Credit Union Visa Platinum Secured Card. Another best-selling credit card for bad credit, this one has an even lower APR at 11.50% and zero annual fee for your first year.

Milestone Gold Mastercard. If you’re looking for unsecured credit card for bad credit options, this one is a winner. APR is relatively low at 24% and annual fee is only $35. As an unsecured credit card, it provides one of the fastest and easiest pre-qualification processes.

Indigo Platinum Mastercard. This is another option for credit cards for bad credit. APR is also relatively low at 24% with the first annual fee waived. Like the Milestone card, this one allows previous bankruptcies so pre-qualification is easy and does not impact your credit score.

Everyday Savings

Cutting and monitoring expenses can be challenging especially since our world encourages instant gratification. However, there are ways to save every day.

The irony in this day and age is we need more money to buy things we don’t need. At the same time, we are made to believe that the way to happiness is to acquire more by purchasing more. However, once we have spent all our hard-earned cash and have nothing left to use in time of emergency, we realize the value of saving up for the rainy days.

Commit to a weekly financial regrouping. This means you take the time once a week to sit down and reassess your expenses and budget for the coming days. Reviewing your accounts and tracking your progress will help you evaluate whether or not you have done the necessary steps to cut costs and save more.

Plan out grocery and meals ahead. One of the best ways to not give in to instant gratification is to list down your shopping list. Of course this list has to be stripped down to only what’s necessary. To do this, plan your meals ahead and stick to what you need to make these meals. Not only does this help you save. It also helps you assess whether you are eating healthy or not.

Give up the cable or the internet. Since the Internet has become necessary in our day to day lives, perhaps you can opt for getting rid of the cable instead. Many people would react negatively to this, but think of the online services where you can watch your shows as an alternative. Instead of paying about $1,500 a year for cable service, you might as well use the money to save up for a trip or to pay off debt.

Be creative with your workout plan. Exercise is an important part of staying healthy especially if your work involves sitting for hours in front of the computer. You need to stretch and sweat all the stress out. However, instead of paying hundreds of dollars for gym membership perhaps you can try other alternatives first. You may opt to go for a run at the park or around the neighbourhood. If you are into yoga, you may also choose to watch and join classes through YouTube. These are creative and absolutely cheap ways of finding alternative for getting a gym membership.

Make your own coffee at home. Spending about $5 for coffee is not much, but it definitely adds up if you do this often enough. Instead of dropping by a café on your way to work, why don’t you make one yourself? It would cost less, plus you get the benefit of controlling what goes into your drink.

Stay busy. This is not busy as in exclusively with work, but with a hobby or things you are passionate about. Most people think of purchasing more when they are bored. This way, they feel like they are filling their lives with something meaningful, however misguided and false this may be. To avoid this, fill your time by developing a skill or engaging with a new hobby.

Do not be defeated by impulse buying. Purchasing has become very easy for us these days. With just a click of a button, you can easily buy something. Keep in mind that just because you want something, doesn’t mean you need it. If you want to save money and have control over your finances, take control of your impulse buying habits first. The rest should follow.