If I need money right now, but have bad credit, where to get a personal loan today? A lot of people do not have access to the wide range of credit facilities; credit cards, line of credit, long term personal loans that banks actively promote to their customers. A possible reason is that they may not have a good credit standing with the bank. So, what can people who have bad credit do if they need a cash loan that is easy to be approved?
You can borrow money from a bad credit lender instead. These are private lenders that offer guaranteed personal loans for people who need a quick loan with bad credit. Both secured and unsecured loans are a possibility and loans can range from as little as 100 dollars to 2000 dollars guaranteed. You stand a better chance of getting them to approve you for monthly installment loans, not payday loans, regardless of your credit rating.
There are different types of personal loans for bad credit. For short term monthly loans that are repayable within 1 to 3 months, online payday loans are good examples of a guaranteed signature loan with no credit check. If you need a 1000 dollar loan right now, you can look on the Internet to apply for a cash advance with online direct payday lenders with instant approval. Usually no collateral is required to sign up for these online personal loans and you only need to provide verifiable income to qualify for a short term cash advance. The interest rates are higher, as expected, and this type of high interest online loans should be your last option unless you are sure that you are able to afford them.
While guaranteed payday loans for bad credit are not always suitable for everyone, they do provide a useful service; that is to let you borrow money with bad credit right now. It is easy to apply for a 300 dollar loan if you need money to pay bills today and because there is no credit check on your loan application, the licensed online loan lenders will be able to cut the processing time and transfer the cash to your bank account in less than 24 hours.
There are many ways to go about looking for legitimate payday loan companies who can give you a bad credit loan with same day approval. You can do an online search or go through the business directories from Yellow Pages. Many financial companies offer them but you need to be wary of overzealous lenders that promise to offer low interest payday loans with no credit check or claiming that they can give you a $5000 cash advance in one hour guaranteed. If it sounds to good to be true, it probably is. Keep your eyes open and check carefully for the terms and understand what you are going into. Direct installment loan lenders can have extensive fees so watch out for the fine lines. Do a bit of research on your own and you’ll be better informed when you need to borrow money with a low credit score.