I Have Bad Credit Need A Loan

It might sound like a Country/Western song, but the title of this piece is a lament

that not a few people cry as they try to cope with the demands of modern life. 'I have bad credit need a loan' can be the theme song for many end-of-the-month financial acts. Although the beginning of the song might be sorrowful, the ending can be on a more cheerful note. Whatever the reasons are for having less than perfect credit in the first place, there are options available to those who need to borrow money.

Whether the individual in this position has mismanaged money, over-extended his ability to repay already borrowed funds, suffered a divorce or lost a job, been saddled with high medical bills, or simply been careless with balancing income and outflow in a timely manner, the resulting low credit score creates a problem when a loan is needed.

For whatever reason, the low score now complicates the need to borrow money. One course of action could be to ask for assistance from a close friend or family member. Those who know the borrower and the details of the case may be willing to help with the needed money and with flexible and interest-free repayment plans.

If the borrower wants to be more independent, there is the possibility of getting help from a bank or lending institution. One option is to borrow against the equity in owned property. A home-equity loan usually comes with attractive terms and repayment schedules.

Banks will also sometimes overlook the low credit score of the primary borrower if there is a co-signer with a strong financial position. The co-signer agrees to repay the loan if it is defaulted on, but has no costs if the loan is repaid properly. A co-signer could also arrange a loan by putting up security for the money received; the assets placed under lien would not be affected if the loan is repaid as scheduled.

Loans can be taken out against insurance policies and 401K plans, and will be dependent on the value of the asset rather than on the borrower's credit score. These loans reduce the amount of the investment until they are repaid, but can come in handy when needed.

If those options are not attractive or possible, the one in need of funds can perhaps use a credit card. The terms of a personal loan will often be easier than a credit card repayment, but getting a cash advance can provide fast relief.

If the borrower-to-be has no credit cards that can be used, there are payday loans. These short-term loans require that the applicant have a job and a bank account in most cases, but usually do not require a credit check. Therefore, the bad credit is not a factor. These loans are generally quick and easy, with funds available soon after approval.

Borrowers over the years have found other lenders: pawn shops, that give loans on objects of value that the borrower expects to redeem; employers sometimes will give loans which are really advances on future paychecks; government programs will lend money for school or business investments.

All of these options are something to think about. It is harder for someone who is in the position of 'I have bad credit need a loan' to move forward, but it is not impossible.

by: Areelitaha Joahlanski..

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