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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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Paying Yourself First

Paying yourself first is a financial philosophy pushed by financial experts and for good reasons. Paying yourself first ensures you are amply buffered as you go forward your financial journey.

Do you always split your paycheck towards rent, groceries, gas, mortgage, taxes, education, healthcare and fun and entertainment right away? Where do your personal savings and emergency fund fit into your budget? If this has been your financial activity for so long now, you probably have noticed money leaks here and there that prompted you to charge your credit card or take on a loan instead of pulling cash from your own reserves. That is because you basically don’t have the cash reserve in the first place.

However, if you try to put savings first before anything else, you can be sure that you’ll always have the funds you need for whatever it is you’re saving for – emergencies, down payment for a vacation etc. In the world of personal finance, this is called paying yourself first.

Paying yourself first provides you the cushion or buffer so that if anything should occur, you are ready to face it financially. For instance, you unexpectedly need a plane ticket home for a family emergency. Since this expense is unexpected it is obviously not in your budget. So how do you pay for such ticket when you don’t have the money for it? That is where paying yourself first comes in. You can pull the amount out of your savings or emergency fund and get this crisis settled once and for all.

While loans with poor credit aren’t comparable to your own personal savings or emergency fund, they could double this purpose in certain situations. If you have just depleted your own funds and you suddenly need money for a plane ticket for instance, loans with poor credit can cover that for you for the meantime. In emergency cases, having the fastest and easiest funds to pool is so critical and knowing that you can do so with loans with poor credit provides significant comfort.

By using loans with poor credit conservatively, you stand the chance of not incurring unnecessary debts and are able to get your financial house in order as soon as you can. Always consider loans with poor credit as your last option and push them away from your mind unless you have the real need for bad credit loans.

You should also keep in mind the consequences that come with attaining such loans. Like all other types of loans, loans with poor credit are also charged with interest, albeit a higher than the traditional loans carry. If you intend to take loans with poor credit for a cash emergency, do take your time shopping for lenders. Some lenders may carry outrageous interests but careful and thorough shopping for loans with poor credit should land you a deal that’s most affordable.

If you have been putting savings as the last allocation when budgeting, it’s good to start reversing that process now. By ensuring that you always pay yourself first, you are also building a more solid foundation of finances for yourself. You are better secured and protected knowing that your own funds are there whenever the need arises. Meanwhile, they can keep growing as you consistently pay yourself first.

Moreover, prevent using loans for unnecessary and frivolous expenses. Instead, reserve them for urgent financial needs. Take comfort that loans with poor credit are just there, ready and always at your disposal, but you don’t have to use them if you don’t really need to.

Credit Cards vs Payday Loans

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When you have bad credit, your loan options become limited to just a few.

Two of the most common financial solutions you can get are bad credit cards and payday loans. You might ask, which one between these two is better?

The answer to the question actually is that no loan is better than the other. Both offer great solutions for certain situations, depending on how much you need and your financial situation.

Payday Loans

Payday loans for people with bad credit are short-term loans that are paid off within one month. These loans generally offer small amounts from $100 up to $1500 and are released within 24 hours. With these features, payday loans offer great solutions for financial emergencies that occur in between paydays. Payday loans are an ideal option if you are looking for a fast cash loan that you also want to pay right away.

The one thing that you must remember about these loans is that, as bad credit loans, they are generally more expensive than regular bank loans.

Credit Cards

Like payday loans, bad credit cards are fast loans and can offer fast financial relief during emergencies. Credit cards usually don’t charge interest on any purchase you make using the card as long as you pay it off within the “grace period” that’s usually within 30 days. Any purchases not paid within that grace period will be subject to higher interest rates of more than 24% APR (Annual Percentage Rate).

While the APR or interest rate for bad credit cards is higher, this alternative offers more flexible terms. Unlike payday loans, bad credit card debts can be paid in 6 months to a year or longer.

So which one should you choose to solve your financial dilemma? Your decision should depend on which loan type best fits your needs and capacity to pay.