I Need A Loan ASAP!

I Need a Loan ASAP, But My Credit Score Is Terrible

Having bad credit doesn’t necessarily mean the money you need is out of reach. Loans for people with less than desirable credit scores are out there because it’s something there is a demand for, but unfortunately the process of getting the money won’t be without consequences. These consequences might be worth facing depending on the nature of your financial emergency, but think it through carefully before taking on a loan you can’t afford to pay back.

What is the easiest type of loan to get with bad credit?

There’s a great chance you can get approved for a payday loan with a bad credit score. Most payday lenders require nothing more than proof of income and a bank account number before loaning money. This might sound like a win-win, but you’ll probably be charged up to $20 in interest for every $100 you borrow. You might also be out of luck if you need more than $2,000 because most payday lending companies specialize in smaller loans. Payday loans might additionally be illegal in your state. For example, payday loans in Georgia are now prohibited thanks to the Payday Lending Act of 2004 which banned lending offices from charging excessive interest on loans below $3,000.

Other Alternatives To Payday Loans

I need 3000 dollars fast, and a payday loan won’t do. What else is there?” You can still borrow $3,000 with a low credit score, but you’ll have to seek out lenders that specialize in bad credit loans. These lenders generally charge high interest rates, and if you borrow $3,000, you might end up paying back $6,000 by the time the loan is up. If you cannot find another way to get your hands on $3,000 apart from using a bad credit lender, you should make an effort to pay extra on the loan every month. Doing this will knock out a lot of the interest, making the loan less expensive for you in the long run. Another advantage of paying extra is that it will definitely boost your credit score if your lender reports to any of the three major credit bureaus. Either way, work toward building up your credit rating to avoid high interest rates the next time you need quick cash.