PR Log - Nov 26, 2012 - There are many options available to people who need to borrow money even though they have poor credit. Personal loans for bad credit are attainable at most advance cash businesses in almost every city in the United States. Personal loans for bad credit are also available for home mortgages even though the market is not as wide open as it once was. It just takes a little more time and a lot of patience on the part of the borrower.
To obtain a loan if you have or once had bad credit, a borrower must present his or her bank account statement showing a deposit being made every month into the bank for payroll purposes. Either this or a current pay stub will be necessary and some personal loan sources require more documentation. One must also have a checking account because the lender will want you to write a check for the amount of the loan, plus the fee charged, and give that check to them in case you do not repay the loan on your concurrent pay day, when the loan is due. If you do not pay the loan back promptly, the lender will cash the check and you will not be able to access advanced funds from that source again.
Once you have made it clear that you are a solid credit risk, the lender may extend the terms of your loan so that you can access more funds prior to your next pay day. Again, that is up to the lender. Each one is different.
As for personal loans for bad credit for home loans, it is much harder to gain the lender's confidence that you will pay it back in a timely fashion. Personal loans for bad credit risk borrowers require a lot more paperwork than a personal loan for any other reason. For one, there has to be real property involved, i.e., a house or condominium or even a piece of land. There has to be a legitimate contract for sale. In most cases, personal loans for bad credit borrowers involving real estate require a down payment totaling twenty percent or more of the sales price. And this money must have a "paper trail", showing that the money belongs to the borrower who came by it in a legitimate way. The home loan borrower may not borrow the funds for the down payment. Credit issues cannot exceed a certain level and a credit score of 600 or more will be required.
Personal loans for bad credit borrowers are not impossible to get, particularly if you are only looking for an advance to hold you over until payday. Check with the payday advance companies in your area for more information.