Payday Loans and Fast Cash Guide

Personal Loans For People With Bad Credit

Personal loans for people with bad credit are much easier to come by than you may think.  There are lenders that specialize in dealing with people who have bad credit.  Before diving into these loans, keep in mind that you’re almost always going to pay more than you would if you had good credit.  It’s certainly unfortunate, but that’s the price we pay for rebuilding our credit!

Bad credit is defined as a credit score of less than 580 from any of the major credit score reporters.  A score of 580-619 is considered a “low” credit score.  Free credit reports are available all over the internet, but I’m sure you already know that your credit is bad or else you wouldn’t be reading this.

Unsecured Personal Loans For People With Bad Credit

An unsecured loan is one that doesn’t have anything backing it.  Credit cards would be considered unsecured, and a mortgage would be secured since the bank will take the house if the loan isn’t repaid.  The major benefit of an unsecured loan is that you don’t need collateral, but pay a higher interest rate because of that.  The loan amounts are also usually less due to the higher risk for the bank.

Unsecured personal loans are fairly easy to come by when you have bad credit.  Bad credit lenders are available to loan you the cash you need at a decent rate, but you’re much better off if you can score a loan from your own bank.  Credit unions are also a great place to start when looking for a loan, they tend to be much more lenient in their lending policies.  Some banks will charge you a fee to apply for a loan, so ask some questions before applying to be sure of any fees that may be involved.

Secured Personal Loans For People With Bad Credit

Secured personal loans are ones that have something to back them up.  If you own your house, you can get a loan from the equity that’s in it.  These loans come at a great rate and lending terms, but if you don’t pay it back the bank will take your house (ouch!).

Title loans are also a great option for people that have a car that’s paid in full.  Your car becomes the collateral in the loan and it’s possible to get a large amount of money if your car’s value is high.  The most obvious risk of this loan is that if you don’t pay it back the lender takes your ride!

There are some other less common secured loans like refinancing your auto loan.  This secured loan will usually get you a lower monthly car payment and allow you to borrow some money against the equity in the car.  The problem with these loans is that you’ll almost always end up owing more than the car is worth immediately after completing the refinance.

Small Personal Loans For People With Bad Credit

The best small personal loan you can get without a credit check is from your mom!  All kidding aside, if you can borrow money from a friend or family member you’re always going to get a better rate than getting it anywhere else.  Just remember the risk to the relationship that’s involved with taking money from these people.

Personal Loans For People With Very Bad Credit

If you can’t get a loan anywhere because your credit score is so low, it’s time to turn to payday lenders.  There’s no credit check involved with a payday cash advance.  All you need is to be able to prove who you are, your job, and have a bank account.  These small personal loans come with a very high interest rate, but when there’s nowhere else to turn you have to swallow it and pay up. If you need fast cash, these are probably the fastest loans around.

I’ve used cash advances many times to get me through between paychecks and they are a great option for quick cash.  Relying on these loans is a recipe for disaster, and you’ll know when you’re at that point when you need a payday loan to pay off another payday loan.  That’s a cycle that I’m happy I never ended up in, but have seen its effects.  You don’t want to end up there!

Thanks for reading,

Lydia

When Are Auto Title Loans The Best Choice?

Auto title loans are a great way to get cash fast.  They can offer much more money than a payday cash advance does, and the approval process is much easier.  What this means for many people is that they’re lent more money than they can afford to repay, and they get themselves into trouble.  I’m not going to tell you that you shouldn’t use pink slip loans to help you out, but I’ll show you a few things to consider before you sign on to accept the loan.

The major advantage of an automobile title loan is that it’s the easiest bad credit secured loan available.  You don’t need to own a home, or have any other sort of collateral.  Your car is your meal-ticket.  Another upside is that in many cases you don’t even need to be employed.  This is one of the few loans for unemployed available.  The loan still has to be paid back, and that can be hard to do without a job, but we’ll talk more about that later on.

How Do Auto Title Loans Work?

Before digging into when you should choose title loans, we should back it up and give a quick explanation of what they are and how to get them.  Put simply, a title loan is a secured loan (a loan with collateral) that doesn’t require a credit check.  You need a car that’s paid off, the title, an extra key, and proof of who you are.  You’re lent money based on how much your car is worth, and you can usually get up to 50% of its total value.  Some lenders have a minimum amount that they’ll lend, cars with a minimum value of $5000, this is more common here in California but almost non-existent in states like Arizona.

After you’ve been approved for a pink slip loan, you’re given terms of when to pay it back.  Some loans are short-term, like payday loans, while others will give you a few months and a payment plan.  If you have a choice, go with a longer term loan.  It’ll probably carry a higher interest rate, but the smaller payments will be much easier to swallow each month/week.

If you don’t pay the loan back you’re in trouble.  You many have terms that will allow a short grace period, with very high fees, to get the money together.  Title lenders build their business around repossessing and selling cars.  This means that there isn’t going to be any hesitation on their part when it’s time for them to take your car.  In some states they aren’t required to pay you the difference between what your car sold for and what they were owed, so you could end up losing big!

Still Want A Title Loan?

Of course you do, or you wouldn’t have read this far down!

Like I said above, title loans are a great resource for getting fast cash.  The key is being able to pay it back.  Many people get in trouble because they borrow more money than they’re going to be able to repay, this makes them doomed from the time they sign the paperwork.  It isn’t the title lender’s job to be your financial adviser, so you can’t rely on them for solid financial advice.

Let’s run through a scenario to help you understand how this works.  For the sake of the example, let’s say that your refrigerator broke and you have to buy a new one, a $750 expense.  You make $500/weekly at your job, or $2000/month before living expenses are deducted.  You’re offered a $1000 loan from from the title loan company, to be repaid 30 days from today at the rate of $25 per $100 borrowed (a common rate).  From the start, you’re in trouble since you’re about to borrow $250 more than you needed.  That extra $250 is going to cost you $61.50 in interest!

To repay your loan, the total amount due is going to be $1250.  Basic math tells us that you’re only going to have $750 left from your month’s salary to cover the rest of your living expenses, or $187.50 a week!  That’ll barely cover food!  If you would’ve only taken the amount of money that you needed, you would end up with $265.63 each week, that’s much easier to swallow!

The lesson here is to only take what you need, or you’re going to pay them interest on money that you would have had in the first place!

When Are Title Loans The Best Choice?

Title loans are the best choice when you need money and will realistically be able to pay it back.  People who don’t have a job don’t have a lot of places to turn for a loan, and pinkslip loans are certainly an option.  The only thing that you must remember is to not bite off more than you can chew!  You’ll lose your car and a ton of money!

No Credit Check Loans

No credit check loans are a good way to get some fast cash.  They’re also a good way for people who don’t have stellar credit to get some money quickly and without hassle.  Let’s face it, most of us don’t have good credit and almost everyone needs a little bit of money help every now and again.  For this reason, there are lots of different loans with no credit check.

The most common type are no credit check payday advance loans, but there are other options for getting some fast cash without checking credit.  This article will take a look at the different types so you can know which options are available to you.  If you know what all of your options are, you’re much more likely to make a smarter choice.  A smarter choice will save you money and help you get more lenient terms to pay the no credit check loan back.

No Credit Check Unsecured Loans

An unsecured loan is one that isn’t backed with collateral.  This means that if you fail to pay, they can’t take stuff away from you.  Unsecured loans are usually less money and higher interest than secured ones, since they are a higher risk for the lender.  Some examples of unsecured loans are credit cards, payday loans, and personal loans from the bank.  Most no credit check unsecured loans won’t help you build your credit score back up, but they will get you the money you need in a pinch.

The most common unsecured fast cash loans are no credit check payday loans.  These fast loans may seem secured since your next paycheck may seem like collateral, but you don’t have to deposit your paycheck (you certainly should) and there’s no solid collateral for them to take.  No credit check payday loans work by you proving how much money you make and your identity, and you’re lent money based on your income.  After you get paid next, you repay the loan.

Since these no credit check cash loans are so short term, they charge a pretty high interest rate.  It’ll usually range from $15-30 per $100 borrowed.  This seems like a lot of money, but in order to get you money that fast without a credit check will cost you.  The loan is repaid by either post-dating a personal check for the date the loan is due or the lender will take down your bank account information and withdraw the money when it’s due.  If you have the choice, go with the personal check method.  If they have your account information and you miss a payment they can leech money out of your account until it’s all been paid back.

No Credit Check Secured Loans

The most common type of secured loans are title loans.  The premise of this type of loan is that you put your car up as collateral for the loan.  These loans require no credit check, and sometimes they don’t even need proof of employment.  Your car has to be paid off, have an extra key, and you have valid ID to get an auto title loan.  It’s pretty easy to get money this way, but the risk of them taking your car is high.  Some of these lenders will intentionally offer you more money than you can realistically be able to pay back.  They’re essentially setting themselves up to repo your ride.  Be very careful with pink slip loans.

If you own your home you can usually get a secured loan with your house a collateral.  These loans will usually require a credit check, but you’re credit score is of little importance to them.  They’re looking at the value of your home and how much you’ve already borrowed against it.  The terms for these loans are usually pretty good.  Low interest rates and much more time to pay it back are some of the benefits of this type of loan.

Whichever way you go, be sure to shop around before signing on with a lender.  Cash advance and title loan companies are under very loose regulation on the amount of interest they can charge you.  This means that the interest rates are going to vary a lot between companies.

No Credit Check Loans and Me

For a very long time my credit was in the gutter and no credit check loans were the only place I could turn to get money if I needed it.  Sure, I missed a few payments here and there, but the long-term lesson that I gained from using these loans helped me build my credit back up to where it is today.  It’s important to remember that someone, somewhere is willing to lend you cash fast when you need it.

Thanks for reading!

-Lydia

• Can’t Find What You’re Looking For?

• Mandatory Reading

  7 Reasons A Payday Loan Is Smarter Than Using A Credit Card No More Payday Loans In Arizona? How Much Do Fast Cash Loans Cost?

• Hall Of Fame Posts
• Cash Really Fast Fast Cash Loans No Credit Check Loans Title Loans Payday Cash Advance Loans For Unemployed