Help! I Need A Loan But I Have Bad Credit!

Author: Beth Bahr

Help! I need a loan but I have bad credit!

Having poor credit never seems to be a bigger problem than when you need to borrow money. These days it is hard enough to convince a bank to lend you money even if you have good credit. But if you have bad or no credit it can be nearly impossible to secure even a small loan.

However, in the event of an emergency or when unexpected expenses occur, it can be imperative that you find a source of additional income immediately. You may have seen the commercials that claim they can provide you with the money you need without a credit check.

Before applying for a loan like this, you may want to think about what other options you have. For instance, ask a family member if you can borrow the money as you may not have to pay high interest rates.

Companies that offer cash advances or payday loans can be legitimate for necessary expenses. But you must keep in mind that you will typically be charged a fee to take out this type of loan and you may be forced to pay high interest rates. For this reason, it is never a good idea to use these loans for frivolous expenses. Consider them for unexpected medical bills or auto and home repairs instead of using one to fund a vacation.

Short term loan companies offer different types of loans and policies. Most of thee loans are short term loans, meaning they will provide you with the money immediately, but require payments be made on the amount borrowed within two to four weeks. Some must be paid back in full once you receive your next paycheck.

Although these typically do not require good credit, they will most likely require that you have a steady source of income. If you are considering a loan of this nature, it is important to get all of the facts before you agree to the terms of the loan.

In Brief

  • Having poor credit never seems to be a bigger problem than when you need to borrow money.

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