Unsecured Personal Loans for People with Bad Credit

by Gray Peters

It’s a sick feeling to see your bank account go to zero when you still have plenty of month and plenty of bills left. When I was getting my first business started I had that experience plenty of times, and I hated it. Fortunately I could rely on my credit cards to get my through during those times, but I know many people who read this won’t be in a similar situation. For many of you, unsecured personal loans with bad credit will be the only real option.

At the same time, I don’t want to make it seem like getting a bad credit unsecured personal loan is the end of the world. It might be exactly what you need to put food on the table, make some emergency repairs to your car, or buy your son or daughter some clothes they really need for their latest sporting event or school activity.

The only reason anyone gets upset about these kinds of loans is that there’s a real stigma associated with debt, and especially debt that comes with steep interest rates, as an unsecured bad credit personal loan will. Even I’m a little judgmental of people who need these loans at times, because I really hate the idea that through some lack of personal discipline or planning you’d have to pay triple-digit interest plus fees just to make your bills work for the month. But I do realize that there are times that people just have an awful string of unlucky events in their life which no amount of preplanning would have prevented.

For those situations it’s actually fortunate that people can borrow these short term loans. I’d guess that many people who do use them only end up having to go through the process once, and the feeling of paying such exorbitant interest and fees would be enough to keep them from going through it again.

Just so you’re clear on the process, an unsecured personal loan – with bad credit – is going to require certain things from you such as:

  • proof of a job you’ve held steadily for several months.
  • proof that you earn at least $1,000 to $2,000 per month at that job.
  • an open, active bank account.
  • direct deposit of your paychecks to that bank account.

If each of those criteria are in place, getting your loan approved for as much as a few hundred or even a thousand shouldn’t be out of the question. I hope you’re able to take care of whatever circumstances created the need for this loan, and I hope you don’t find yourself needing one again.

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