Bad Credit Loan Lenders: 3 Options Examined

It's all the result of the global economic downturn combined with inflation

, and between the two of them, they've just made it all the more difficult for working people today to get through to their next paycheck. So if this sounds like your story, then you should know that you're definitely not alone. Also, if you find yourself in need of a fast bad credit cash advance from time to time, then for sure you are also not alone either.

So having made note of that, precisely what are the most popular fast cash credit options that people are taking today? As it turns out, the simple answer to that question is that they're all three readily available and easy to access in your local community. In fact, you've probably have accessed at least one of them for your borrowing needs before. However, once they're stacked up in a side-by-side examination, you compare their positives and negatives.

For example, your local pawn shop has always been a popular choice, and they've been around for generations. Now the reason they're so popular for fast cash loans is that they don't do a credit check, and they're also super convenient. You can be in and out with the cash in hand in about 20 minutes. Then another big plus going for your local pawn broker is that if you default on the loan and don't pay it back, there's no reflection on your credit report. You simply lose your property.

Then another popular option for fast no credit and bad credit loans that people take all the time, is to seek out a relative or a close friend who's willing to lend a hand. Now it can be awkward but the big plus here is that a you don't have to put up any collateral like you do at a pawn shop. Plus, there's usually no interest either. Both are important if you're short on money. At the same time though, the big downside of personal loans like this is they can cause problems in your family or friendship.

So now we come to popular option number three, and that's a payday cash advance from an online lending site. Now it's super fast and easy just like a pawn broker, but this option does come with some serious downsides that don't come at a pawn shop. For instance a payday loan tends to be the most expensive choice. They have higher upfront fees and late payment charges as well. Then because there's no collateral required, if you default, it will affect your credit report.

So through it all while, it is nice to know you have places you can go to for a fast and easy bad credit and no credit loan, it really is best if you didn't have the borrowing need in the first place. Of course, an occasional loan every now and then is really not a big issue but repeated high cost loans or losing valuable property to a pawn broker can get to be rather expensive over time. So the best advice you can get is to draw up a budget, so that you could live on the money that you earn and avoid borrowing altogether.

Copyright (c) 2011 savvycontent.com

by: Andrew Scherer

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