It's that time of year again; "I Need Cash Now!" is a phrase that gets trotted out each and every year. The thought behind this phrase is simple: there is a shortage of cash, which is going to make it difficult to meet your financial obligations in the future. It's understandable that if you've just graduated from college that you will need more money for college costs, or that you will soon have to take care of an expensive medical bill or car repair, but how many times have you found yourself saying "I Need Cash Now" and been turned down?
For most people that have financial freedom, the first thing that comes to mind when they say this is payday loans. You may be thinking that payday loans are the answer, but you would be wrong. In fact, there is one common misconception that many people with bad credit histories have about payday loans. They believe that these loans are the only option for those with bad credit. The truth is that most lenders today have payday loan facilities that cater to those with poor credit ratings as well.
Reasons to consider us if you need cash
There are a few reasons why a person with bad credit should consider us for a payday loan. One, our payday loans are very easy to qualify for, as there are no credit checks or collateral required. In addition, the fees associated with these loans are very affordable.
If you do decide to go this route, however, it's important to realize that you may not have many choices for lenders who cater to those with bad credit. Even with the many online lenders, the best choice may be to find a local lender.
One thing that you want to keep in mind when seeking out a local lender is that they are typically more willing to work with those that have a good financial history. When you apply for a local lender, they are going to view your personal finances as a big part of their decision-making process, and this will definitely help you get approved quickly and easily.
If you're planning on using a payday loan to help you get over the hump of a difficult financial year, remember that these loans come with very high interest rates. However, since the interest rates are so high, this is often a great way to get you past the hard part of managing your finances.
If you are looking to use this type of loan to pay off all of your bills in one year, though, you may be better off considering a home equity loan instead. As a homeowner, you have the ability to borrow against your home's equity, which can mean a very attractive rate of interest. This can be a great way to consolidate debt or help you pay off your debt in a matter of months.
So you may want to consider both a payday loan or a loan on your home as well. Whichever type of loan you decide upon, you should make sure that you understand what you're getting into before you apply. The key is finding the right lender for you and finding a lender with a good reputation. Remember, these loans are very similar but they have very different requirements for approval.
Contact different lenders
There are lenders that only accept borrowers with a very good credit rating, but if you have damaged credit, this may not be the right option for you. In order to get an effective and quick rate, you should contact at least three or four lenders and compare their interest rates to see which lender has the lowest quote for you.
You should also know that there are lenders that will give bad credit borrowers an option for a secured loan. The reason you would do this is because the collateral is going to be used as security in case you default on your loan. However, if you don't have collateral, your credit may be considered the only reason you will be approved.
Get a short-term loan
In the end, when it comes to getting a loan on your home, it may be a good idea to try to get a short-term loan. This way, if you have any problems paying your loan off in a timely manner, you won't have to lose your home. It will be harder for you to fall behind on your payments, but you should also be able to catch up within a short period of time and keep your house.