Thursday 17 March 2016

I Need 3000 Dollar Loan With Bad Credit - 10 Ideas to Raise Money

I Need 3000 Dollar Loan With Bad Credit 

At the beginning The Millionaires Giving Money Blog was all about connecting millionaires and billionaires to ordinary people who needed help. Over the years the site has evolved into a community that shares ideas on how to make money quickly. I recently received an email from a long term reader asking how to borrow money quickly. The reader asks the following question which has been abbreviated. 
 Dear Millionaires Giving Money Blog. I have used many of the ideas shared on this blog to make money, thank you. I have been making and saving money diligently however recently through no fault of my own I urgently need 3000 dollars for a family emergency. Can you give me any ideas or strategies to help me get a loan for 3000 dollars with bad credit. Thanks in advance.   - Clara    

First of all I'm really happy that The Millionaires Giving Money Blog has helped you to make money quickly. I also understand that from time to time your financial progress can halted by other people so its important to find a solution quickly and move on. In this post I will be sharing 10 ideas, strategies, advice and insights into how you can get a three thousand dollar loan and improve your credit. 

Before you continue its important to understand that taking a three thousand dollar debt is a big deal especially when you are trying to improve your standard of living. The money must be used wisely and you need to see if you can afford to take on the debt otherwise you'll get into trouble paying the money back. 

1: Do You Really Need the Loan? 

Being approved for a 3000 loan with bad credit means that you will be paying a very high interest on your debt. Before you apply for these high risk products you need to ask yourself some very important questions. The first is - Do you really need the loan? If a member of your family is placing pressure you must consider the consequence of how paying back three thousand dollars will affect your personal finance circumstances which you've worked so hard to improve. You must search for alternatives and borrow money as a last resort or your personal finances will take a big blow.
Resources: How to Stop Spending So Much Money  

2: Improve Your Credit Score 

If you want a loan for 3000 dollars and have bad credit the first thing you need to do is get a copy of your credit file. You need to go through this report thoroughly and put right any discrepancies. If there are any mistakes contact the credit reference agencies to correct the error. 

The last thing you want is to pay more interest for an error which is not your fault. If you have any small balances lingering then pay these off and make more than the minimum payments on existing debt that you have. Just these two simple steps alone will boost your credit score so you'll be eligible for more products at better interest rates. 
Resources: 5 Ways to Give Your Credit Score a Quick Boost

3: Borrow Money from Friends/Family 

A 3000 dollar loan for people with bad credit will cost a lot of money, sometimes you'll have to pay phenomenal amounts of interest especially if you choose a pay day loan where the interest exceed 500%. Before you consider taking out any loans ask your friends and family for a loan. So you're taken seriously the best way to go about this is to make professional agreements. 

Download a loan contract and specify how much you will borrow and when you will make the repayments, ask for a cheeky rate like zero and put up a security on the loan so that your friends and family will take you seriously. By taking these simple steps you can get the money you need at a very low interest payments without filling out forms and providing proof. 

4: Interest Free Credit Cards 

Credit cards can be dangerous however if you're disciplined the plastic card can offer a lifeline when you're desperate for money. Depending on your credit score you could be eligible for zero percent on your credit card which means you don't need to pay any interest. Once you've fixed up your credit file you can call all your credit card companies and ask if they have any deals. 

At the time of writing this post banks are lending money at ridiculously low rates of interest and offering up to 40 months to pay off the money. Normally there's a charge of 2% to 3% which means you'll need to pay anything between $60 and $90 to borrow the money. As always you need to work out whether the repayments over the term of the loan are affordable otherwise you will get into trouble. 
Resources: Zero Percent Balance Transfer Credit Cards

5: Buy Now Pay Later 

If you need a 3000 loan with bad credit for household items then you should consider buy now pay later catalogs. With BNPL for short you can buy everyday household items from electronics to appliances and put everything on credit. Sometimes you can get a zero percent interest deal and defer your payments for up to 12 months. 

With credit available so easily there is a good chance you'll be approved even with a poor credit history. The amount you get to begin with might be low, however, once you've proven that you can make payments on time your credit line will be increased very quickly. Many retailers such as Amazon and PayPal offer this service so its definitely worth considering as you wont have to pay so much in interest. 
Resources: Bill Me Later From eBay

6: Sell Unwanted Items 

Rather than getting a 3000 loan with poor credit and high interest you should consider selling off possessions you no longer need. Go through your entire home and make a list of all the possible items you no longer need and want to sell. It is so much better to sell unwanted items and raise three thousand dollars instead of taking out loans for 3000 with bad credit. You need to be relentless and mercurial when you put these items for sale. Take excellent pictures and write professional descriptions to maximize sales, your aim should be to get as close to three thousand dollars as possible. 
Resources: How to Make a LIVING selling on eBay

7: Pawn Items 

Another alternative to taking out a 3000 dollar loan with bad credit is to pawn items. If you want to borrow the money for a short period of time and have valuables like gold and silver jewelry you could get the money at lower rates of interest compared to taking out a pay day loan. This option should only be exercised if you have bad credit and are ineligible for zero percent credit cards and loans. 

To get started take your valuables to a few reputable pawn shops and get a valuation. Once you know the average value find a pawn shop with the lowest rates and take out the 3000 dollar loan. One important point to remember is your items will be kept and sold if you can no longer service your loan. 

8: Know Your Rights 

If someone is harassing you for money and you're taking out a loan with bad credit you should seek free advice. Your personal finance and progress comes first and you should understand this. Taking out a three thousand dollar loan will put you back years and sometimes its is impossible to make up the time especially if you're getting on and time is against you. If anyone is bullying you for money you need to tell them to back off. 

I receive so many emails about partners bullying them into taking on debt which is unacceptable. You have the right to say no when someone asks you to take on debt so exercise your right and say NO emphatically. 

9: Avoid Loan Sharks 

Some people turn to loan sharks when they need 3000 loans with bad credit. In the past I've thought about going to the 'Sharks' when I needed money but luckily I talked myself out of this ridiculous idea. Going to a loan shark is absolutely NOT advisable. These loan sharks will get you into trouble. One way or another theses dark entities will start owning you and that's when your life will go downhill very fast. No matter how desperate you are you should never turn to a loan shark for money. 

10: Increase Your Mortgage 

If you have a mortgage then you should be aware that some lenders allow you to borrow additional money on your mortgage. Adding more to your mortgage is not advisable however if you're desperate and need money quickly and your only option is a loan shark then needs must come first. To get started call your mortgage company and ask if they offer additional borrowing on your mortgage. If they do then you can borrow 3000 dollars even if you have bad credit. You must make sure that the money you borrow is at a competitive rate and understand how much this will add to your monthly mortgage repayments. If you can afford the extra payment then you can consider the loan, if the payment is beyond your affordability you must accept this and move on. 

I Need a 3000 Loan With Bad Credit 

Getting a 3000 dollar loan with bad credit is hard but it's not impossible. You must ask yourself some tough questions to start with and reflect on whether you really need the money as this will affect your personal finance in the long run. You must try and repair your credit file so you can borrow money cheap. You should pursue options where you can borrow money interest free so you only repay the principal. When you're running out of options consider payday loans. Never borrow money from a loan shark.  

I really hope these 10 ideas/insights/advice help you solve your problem and please feel free to email if you have any follow up questions. I really want to help our community so if you have more ideas please list them on the comments section below. Also feel free to follow me on Google+ for more helpful posts from reader questions. 

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