I Need a Personal Loan Quick But I Have Bad Credit

Many of us have found ourselves in a pinch in the past, where we say, I need a personal loan quick, but I have bad credit!  If this sounds like your situation, you should know about some of the places you can look to borrow money, no matter how bad your score is.  By the end of the day, you can get what you need – a personal loan quick, even with bad credit.

Car Title Lenders:

Car title lenders are one of the many borrowers to consider when you need a personal loan quick, but you have bad credit.  Essentially, you put up your free and clear car title and you can borrow money fast.  Sounds great, but of course, there is some risk to consider very carefully. 

If you put your car title on the line, what do you suppose happens if you default?  If you are saying to yourself, I need a personal loan quick, but I have bad credit, you may want think carefully.  Failing to make the required payments could actually cost you your vehicle.  High risk lenders will often demand some form of collateral.  In this case, in exchange for guaranteed approval, you have to put up your vehicle.

Payday Advance Lenders:

You can still get a personal loan quick if you have bad credit through payday advance type lenders.  Make no mistake, these lenders charge high rates of interest.  However, since the repayment term is generally very short, often only two weeks, the amount of interest you pay is not as high as it is with other high risk, guaranteed approval type options.    There are however, plenty of fees associated with these types of lenders.  You will have administrative fees that are very high, in some cases.  Still, if you need a personal loan quick, but you have bad credit, this is one of the options to consider.

Guaranteed Approval – Online:

Guaranteed approval online lenders charge very high rates of interest, but will borrow you money no matter how poor your FICO score is.  If you need a personal loan quick, but you have bad credit, these lenders can be considered cautiously.  You will find plenty of them online, but expect to pay very high rates of interest.  The process isn’t as fast as others, and there is a catch. 

You will generally need to have a checking account number, which the lender will need to be given access to.  The lender will be able to electronically deduct any and all obligations, along with fees and penalties from your account, generally without notice.  This helps to dilute the high risk the lender assumes.  When you need a personal loan quick, but you have bad credit, this is just one more of the options to consider.

Cosigners?

If you are in a very bad bind, and say to yourself, I need a personal loan quick, but I have bad credit, you may want to consider having someone cosign for you.  The process can be fast, if you have a relationship established with the cosigner.  This assumes a favorable FICO history of the cosigner.  There are, as you would expect, some dangers when you borrow money this way.

Perhaps you can get guaranteed approval though a cosigner with a good score, but there are some risks you assume.  For example, say you don’t make the payments to the lender.  What happens then?  Most likely, the bank will go after your cosigner.  This could put a strain on your relationship.  If you need a personal loan quick, but you have bad credit, this option should be used cautiously.

Before You Sign:

Have you looked into some other options?  Some will work pretty fast, and could reduce the need to get a personal loan quick with your bad credit score.  Perhaps you could sell some items on eBay, or have a yard sale and raise a few hundred bucks.  Maybe you could pick up a second job or do some odd jobs around the neighborhood.  Essentially, I’m simply suggesting you explore ways to avoid borrowing money.

 

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Comments 1 comment

Dona Jacobs 4 years ago

I DO HAVE A DEBT PROBLEMS SO I'M HOPING YOU CAN HELP ME TODAY

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