- 1 i have bad credit and need a loan today
- 1.1 "I Have Bad Credit Need A Loan," How to Get to "Yes!"
- 1.2 Featured Posts of Millionaires Giving Money
- 1.3 I Need a Loan Today But Have Bad Credit
- 1.4 Need a Loan Today But Have Bad Credit Quick Ideas
- 1.5 Personal Loans For People With Bad Credit Or No Credit
- 1.6 Personal Loans For People With Bad Credit Or No Credit
- 1.7 I Need A Loan But I Have Bad Credit, Who Will Give Me A Loan?
- 1.8 5 ways to get a loan when you have bad credit:
- 1.9 Are You In Need of a Loan? We Can Help!
i have bad credit and need a loan today
"I Have Bad Credit Need A Loan," How to Get to "Yes!"
I have bad credit need a loan. This is something that lenders are hearing more and more today, especially with the dip in the economy in the past few months. There are more and more people who are struggling financially today and they need loans that are there for people who even have bad credit. If you are to the point where you have to tell lenders, I have bad credit need a loan, here are a few tips that can actually give you a bit of help.
Hearing yourself say "I have bad credit need a loan" is never the position any of us choose to be in. But, alas, it happens! But it need not be the end of the world. No one is oblivious to the current state of the economy, including the banks. Even with bad credit you still can get a loan, and here's how!
Tip #1 - Work on Fixing Your Credit
One of the first things that you can do if you finally have realized, I have bad credit need a loan, is to work on fixing up your credit. There may be some things that you can do to fix your credit. There could be some mistakes on your credit report that you can fix or you may be in a position where you need to just file bankruptcy and start all over again. So, take some time to work on your credit to start fixing it up if you really need a loan.
Tip #2 - Save Your Money to Make a Good Down Payment
Another great tip to keep in mind if you have bad credit and need a loan is to save up your money so that you can make a good down payment on the home, car, or loan that you are going to need. If you are able to save and put down a nice-sized down payment more lenders will be willing to work with you. This allows you to offer proof that you are currently working on improving your credit and pose less of a risk to lenders. So, while it may be hard, start saving your money for this purpose.
Tip #3 - Compare Various Rates
Last of all, when you realize, I have bad credit need a loan, you need to understand that there are actually many companies out there that cater to people with bad credit who need loans. Go ahead and take your time, compare lenders and what they have to offer. No doubt you'll want to get the lowest possible rates on your loans , and it can be well worth your time to just do some research and find the best possible rates on loans for people who have less than perfect credit.
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Need a Loan Today But Have Bad Credit! Please Help I Need Money Desperately
I Need a Loan Today But Have Bad Credit
I got an interesting email from a 24-year-old woman who needed a loan today but had bad credit.
Need a Loan Today But Have Bad Credit Quick Ideas
Here are some quick ideas you wanted. To read more about these bad credit loans for people with bad credit check out the following post for more details on loans for bad credit with direct lenders, loans for bad credit with no guarantor and unsecured loans with bad credit.
Here are the QUICK ideas.
Idea 1: Zero-percent interest direct deposit from a credit card
Personal Loans For People With Bad Credit Or No Credit
Bad credit or no credit makes it tough – but not impossible – to get a loan. Credit unions, home equity and peer-to-peer loans or even debt consolidation with no loan could improve your credit rating and increase your future options.
Personal Loans For People With Bad Credit Or No Credit
You may have seen it on a sign somewhere or possibly on your TV or computer screen: “No credit, no problem!” Don’t believe it. The truth is, when you need to get a personal loan and you have no credit or bad credit, there definitely is a problem. It’s not an insurmountable one, but it is a problem nonetheless.
Having poor credit makes you a high-risk customer to major banks, credit unions and other major lending institutions. Those lenders have strict standards, and they rely on credit scores when picking their borrowers and calculating loan terms. Unless lenders are assured that their loans will be repaid, they simply won’t make the loan. In addition, heightened regulations and tighter internal controls by lenders in the wake of the Great Recession make today’s lending climate a tough one for borrowers.
So when your credit is bad, you may feel like you’re at the mercy of payday lenders and other sources of financial help, sources that will only loan you money if you agree to repay it at high, or “subprime,” interest rates. These loans are fool’s gold. They often you leave more in debt than you should be. In fact, payday loans are illegal in 13 states because of their predatory terms.
To understand how your credit affects your personal loan options, the best place to start is to understand your credit score. Free credit scores are now available at several online sites.
The National Foundation for Credit Counseling says that 60% of Americans haven’t checked their score in more than a year.
Some common signs of a bad credit score include:
- You are paying higher interest rates than you see advertised
- You have stopped trying to pay down debt and are satisfied making minimum payments on high interest credit cards
- You have a history of late payments for housing, utilities or other monthly bills
- Your checking account is overdrawn on a regular basis
- You have problems getting a lease for housing
- Cell phone companies won’t give you a contract
All of these have a negative effect on your credit score, making it more difficult to get a loan. Don’t get sucked into a situation that sounds too good to be true. If you have bad credit and need a loan there are options available but it will take a little time and research to find the one best suited to you.
Credit unions are similar to commercial banks in terms of their services, but they are owned by their members rather than by profit-seeking shareholders. Credit unions are nonprofit institutions, meaning they pass their earnings along to their members in the form of lower fees and borrowing costs and better customer service.
A credit union – especially one affiliated with your employer or one that is community-based – may be willing to look beyond a poor credit history and make a judgment about whether it will loan you money based on your character and your promise to repay, regardless of if you have bad credit or not. Think of them in the way you would a small community bank from years ago.
Although the recent recession forced a number of smaller credit unions around the country to merge with larger ones, almost all credit unions are actively looking for borrowers. If you can afford terms that match your credit history, you are likely to find a credit union somewhere willing to work with you.
If you are thinking of asking a credit union for a personal loan, look for one with which you have something in common. For example, if you are a veteran of the armed forces, you might want to approach the Navy Federal Credit Union. If you are a teacher, there are credit unions created by and for members of that profession.
By joining a credit union, you could position yourself for much more favorable loan terms, regardless of your credit score.
The Navy Federal Credit Union caps its personal-loan annual percentage rate (APR) for members at 18% — and that holds true even if your credit score is 600 or less.
In the same credit situation, a bad-credit borrower might receive a 36% APR from another lender.
Let’s say you have a three-year, $10,000 loan. Here is the total repayment:
The chance to save more than $3,000 makes it worth looking into enrolling in a credit union.
In Shakespeare’s “Hamlet,” the character Polonius admonishes his son Laertes to be “neither a borrower, nor a lender.” While this advice is prudent when dealing with strangers, it might be even more judicious if you’re thinking about borrowing from family members or friends. Not repaying a loan to a relative or close associate can poison relationships in ways that go far beyond a bad credit report.
Nevertheless, sometimes those closest to you are your best sources of funds and a family loan can benefit everyone involved. You should always treat any loan from someone you know just as if it were an important business transaction between you and a stranger. That means it should be formalized with clear documentation and legally recorded. To avoid future problems, create a written contract that includes the loan terms and interest rate, and what will happen if you cannot repay the debt.
If borrowing from a friend or relative is not possible, you can still approach someone with good credit who trusts your capacity to repay the loan and you can ask him or her to be a co-signer on a personal loan from a traditional lender. With a qualified co-signer, the lender will set the loan terms based on the credit score of the person with good credit, who will then be equally responsible for repayment. All payment information will be recorded on both yours and your co-signer’s credit reports, so if you default on the loan, or you’re late with payments, you will severely damage your co-signer’s credit score. However, if you make timely payments, your own score will improve, making it easier to obtain future loans without a co-signer.
If you have equity in your home, you can apply for a home equity loan or home equity line of credit (HELOC). Home equity is the difference between the amount your home can be sold for and your mortgage. Your home is used as collateral, and home equity loans can be obtained regardless of your credit score. The interest rate is usually low, because the loan is secured by the home. Also, the interest you pay on a home equity loan is usually tax-deductible.
Unlike a home equity loan, which is a lump sum of cash, a HELOC acts like any other credit account. You can access money when you need to, up to the loan’s credit limit, and you must pay it back according to a predetermined schedule. In both cases, it is important to remember that tapping your home equity puts your property in jeopardy if you don’t repay the debt. But if you are disciplined and have a reliable source of income, it is an inexpensive way to borrow from a reputable lender if you have bad credit.
One of the benefits of a home equity loan or HELOC is the extended loan term (15 or 30 years). The long term will substantially lower your payment, though you will pay more in interest over that time period.
Peer-to-peer lending, also known as person-to-person lending, is a relatively new loan form, having only been around since 2005. It’s an online platform that allows you to borrow directly from another individual rather than from an institution. Potential borrowers can post a loan listing on various peer-to-peer websites, indicating the amount wanted and what it’s for. Investors review the loan listings and choose the ones they wish to fund.
Your credit score is still a factor, but since an individual investor has much greater leeway in how it is to be weighed these loans are often more readily available for people with bad credit. Lending standards are significantly more lenient and interest rates are usually lower than those offered by traditional lenders. In addition, peer-to-peer websites help evaluate risk for the lender, while verifying the lender’s credentials for the borrower.
I Need A Loan But I Have Bad Credit, Who Will Give Me A Loan?
Being an adult in the 21st century is hard, especially with the Great recession’s effect being experienced by all. If you are someone with a poor or yet non-existent credit score, you have probably asked yourself the above question already.
In all honesty, getting a personal loan when you have bad credit is quite difficult. There is no way I can sugarcoat the truth for you since it is a fact that lenders will see you as a high-risk borrower.
Sometimes, the risk might be too high for them to take and that is where the problem starts. However, don’t lose all your hopes yet.
If you are in an “I need a loan but I have bad credit” situation, there are still some ways through which you can get a loan. I know how demoralizing it can be when the big banks turn you down, but they are not the only option for you.
However, before I explain the 5 ways to get a loan when you are in an “I need a loan but I have bad credit” state, keep in mind that these are options that you should use as your last resorts.
You should always try to work towards having a good credit score, and if you are lucky enough to have one, make sure you stay disciplined enough to maintain it!
Without further ado, let’s talk about how you can get out of the depressing “I need a loan but I have bad credit” phase:
5 ways to get a loan when you have bad credit:
· Ask a friend or relative for a loan
When I was going through a bad time, my only backup was my family. I had asked my uncle to give me a loan which I promised to pay back within 5 months and he agreed. Those 5 months were the turning point in my life and I managed to make things right.
Therefore, asking a friend or family can be a valid option, as they are the people who are most empathetic and understanding towards us. However, make sure you can pay it back! Otherwise, you will end up destroying a personal relationship.
· Ask someone to co-sign a loan with you
Sometimes, the people around you might be unable to give you a loan due to lack of cash. However, if someone has a good credit score, he might be able to help you.
If you can convince that person that you will pay the installments on time, and if he trusts you enough, he can co-sign a loan with you.
This means the lender will then set the terms of the loan based on the person with good credit, and both of you will be held equally responsible for the loan. The loan will be recorded on both your credit scores.
So, if you fall behind on payments you will be severely damaging your cosigner’s credit score. Make sure you don’t do that!
Just like banks, Saccos offer loans too. However, unlike banks, they do not do it for profit.
Saccos are owned and run by a group of similar people, such as citizens of the same neighborhood or people of the same profession. Therefore, if you can find a credit union to which you can link yourself to somehow, you might get a loan.
· Try out person-to-person lending
Otherwise known as peer-to-peer lending, this type of loans are online-based. Instead of applying to an institution, you will basically be interacting with a person directly.
The procedure is quite simple: the borrowers have to post a loan listing that consists of how much money they need and why they need it for. The lenders judge the lists based on needs and credit score and select which one they want to fund, but they might overlook your score for a genuine, good-enough cause.
In my opinion, this should be the very last thing you could do.
By using your equity in your home, you can apply for a home equity loan. You are basically giving your home as collateral, which means they will have the right to cease your home if you fall behind on payments.
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Are You In Need of a Loan? We Can Help!
We work with hundreds of lenders and many of them can fund loans up to $5,000. We will work with your situation to help find a loan lender that can provide you with the money you need today. Whether it’s unexpected bills, someone’s birthday or you just want some extra cash you came to the right place. Our online form is fast and easy. The entire loan process takes only minutes to complete and you will have a decision on your application in a timely manner. When you need a loan now, whether you have good credit or bad credit, we can often help!