Payday Loans and Fast Cash Guide | Personal Loans For People With Bad Credit

Personal Loans For People With Bad Credit

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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.

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

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