Who Needs Banks When Bad Credit Personal Loans Are Available
PR Log - Feb 02, 2013 - Tragedy can strike right at home when families least expect it. The car breaks down, or is long overdue for a new set of tires just to get back and forth to work. When it comes to work, layoffs are at epidemic levels, and no one knows for certain when their number will be called. The price of food is soaring, and families are battling tooth and nail just to cover the most basic of necessities. People everywhere are desperate for stability in an unstable economy. In the past, they could roll with these punches, but that’s getting more difficult today.
To make matters even worse, it's getting far more difficult these days to get a loan. In fact, the banks might as well have locks on the front door for anyone with less than perfect credit. However, most people don't have perfect credit and are desperately in need of funds. This has created a problem of its own. All hope is not lost though. There are still many options on the table for bad credit personal loans.
The first thing people can do is take inventory of any assets they may have. These can be used as collateral for securing bad credit personal loans. When collateral is involved, the lender cares very little about any blemishes on the record. They know that if the debtor defaults the loan is still backed by value rather than speculation.
One trend that seems to be on the move is borrowers using their car to secure a title loan. A company will assess the value of the car and loan them money based on this assessment. Many companies will deliver cash the same day as the inquiry. Some will even offer favorable interest rates and repayment terms as far out as a year after the bad creditpersonal loans are made. This is perhaps the quickest way to receive a substantial amount of money while giving the borrower ample time to get back on their feet.
Get paid today not the end of week
Another option available to those who are employed is to use a payday type of loan. Like the title loans, they care very little about credit scores if at all. Instead of using assets as collateral, these lenders use projected earnings from a job to decide whether or not to lend. These bad credit personal loans are typically due to be repaid by the next pay check. Some will extend the repayment upwards of 30 days, but not much further beyond that. They also typically come with salty interest fees for securing the loan, but in a real pinch to get things like medicine or food it would be well worth it.
Discover the private sector
When all else fails, get creative. Banks aren't the only ones with money. A rich uncle might be easier to persuade than banks anyway. There are also many private lenders for bad credit personal loans out there already. A quick search would pull up an abundance of lenders willing to risk their capital for a nominal fee. Obviously, caution is warranted, and it’s a good idea to read all the fine print. There are countless ways to negotiate loan amounts, and even more flexible terms within the private sector.
In the end, borrowers shouldn’t give up. Bad things happen to good people all the time. They need to keep pushing until someone is willing to offer them bad credit personal loans. Change will be right around the corner for the effort.