Bad Credit Loans: Options for Finding the Money You Need

Wednesday, September 11, 2013

These days, being short on cash is a common problem. Between the declining economy and the miserable jobs outlook, even people with employment are finding it hard to pay all their bills every month, especially if an emergency comes up and requires even more money be spent. Those with bad credit in these situations can often feel like there is no hope to find the money that they need, but in fact several lenders online offer bad credit loans to help meet these emergency expenses. This article will review these various options in order to help you decide which loan is the best for your needs.

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Get Money Fast

If you are in need of a small sum of cash of up to $1,500, then one great option is the cash advance or payday loan. These small, short term loans are designed to act as a "payday" (hence, the name) and provide you with money before you get your paycheck. This can be used for bills that fall at odd times during the month, as means to purchase groceries or even pay your rent when it is due.

Payday loans are offered for a short term, between two weeks and three months, and can really help you out in a pinch. They are based on your income, not on your credit which means that as long as you have a reliable paycheck you can get a loan. In addition, you can get a cash advance in as little as 24 hours. Once you give an online lender the proper information about your work history, the money will be deposited straight into your bank account.

No Guarantor Needed

One common problem experienced by those with bad credit is that many banks will require a guarantor or cosigner on any loan that they take. This can be a complicated qualification because you might not know anyone with good enough credit to cosign your loan. If you do know someone, you may be hesitant to ask them for fear of causing a rift in the relationship should you be unable to pay the loan back, leaving them with the bill.

Even with a poor credit score, you can find loans with no guarantor needed online. These loans are again based on your income rather than your credit score and can help you make ends meet in times of struggle. These loans are also available for small amounts of money, up to $1,500.

Personal Loans

There is also the option of seeking a bad credit personal loan. These loans can be given in higher amounts and for longer periods. Though these loans will require a credit check, if you find a cosigner or prove an adequate income you can still receive them despite your poor credit history. Personal loans, however, are a much larger commitment since they are paid off over the course of years instead of weeks and require that you manage your money well over a long period of time.

Beware of Scams

If you have bad credit and need a loan to help you get by, there are clearly many options available online. However, whichever loan you choose to take, you need to beware of scam artists. No legitimate online lender will ask you to pay a fee upfront for either a credit check or an application. Often these lenders will take your money only to reject you. Therefore, it is important to look into the business history of any lender you consider through the Better Business Bureau.

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