subject: Personal Loans For Bad Credit Not Payday Loans Lenders With Easiest Application [print this page] There are huge options when it comes to applying for loans nowadays owing to the many loan programs on offer in the present lending industry. There are some loans that target people with high credit score, fair credit scores and others that are mostly meant for people with tainted credit reports. It is important to understand the kind of loans that you will qualify for to avoid being frustrated by placing your application in the wrong places.
Choosing between payday loans and personal loans bad credit
Your credit score: you can either have a high or a low credit score where the latter results from some things like repossessions, defaulting and arrears among others. There are some lenders who will not consider your application for having a low credit score and this is a situation where you should apply for personal loans for bad credit not payday loans. However, there are still some lenders who may consider you for payday loans even with a low credit score.
Amount in question: payday loans are given to help the borrower involved sort out his or her small financial needs that strike in the middle of the month rather than having to wait until payday. Mostly, the amount offered on payday loans is little and you should only depend on them when planning to clear some small bills. You should therefore apply for personal loans for bad credit not payday loans for some financial situations where:
You need to expand your business or start a new one
You need funds to purchase a home
You are looking forward to consolidating your debts among others
Repayment program: as earlier mentioned, payday loans are offered to a borrower as an advance on his paycheck and one is required to settle such on receipt of his paycheck. You will therefore find some lenders expecting you to honor your debt on payday loans even in a couple of days. If you need better repayment programs, you should apply for personal loans for bad credit not payday loans.
For some bad credit loans, some lenders will require you to pledge collateral especially in cases where the amount in question is huge. However, payday loans are offered collateral free and most applications will therefore go through. You can obtain both loan packages online and processing of such will be faster.
