Wednesday 26 April 2017

I Need a Personal Loan But I Have Really Bad Credit - Please Help I Need Money Desperately

I Need a Personal Loan But I Have Really Bad Credit

A few days ago I received an email from Emma, the subject of the email was I need a personal loan but I have really bad credit. 

Emma is a 23-year-old single mother with 3 children and she has allowed us to share her email...

Reader Email

I'm working full time at the moment but can barely make ends meet. Recently, my heating system broke down and the plumber said it could cost as much as 1000 dollars to make repairs. 

I have no emergency fund and I need a personal loan but have really bad credit! I noticed you help people with advice so I wanted to ask the following questions...

Q1: Can you get a loan with bad credit?

Q2: How can I get approved for a loan?

Q3: How can I borrow money with bad credit?

Q4: How do I get a payday loan with bad credit?

Q5: Can you take out a loan with no credit history?

Q6: What is a loan broker?

I really need direction right now. I always seem to get a little ahead and then all my savings are wasted because something breaks down! please help I need money desperately!

My Reply to Emma

I'm sorry to hear about your problems, rest assured there are solutions. 

It must be very tough raising 3 kids while working full-time so I take my hat off to you.

In this post, I will be answering the questions above and I will offer 10 ways to get loans for bad credit. 

I will also be advising you on how to avoid getting into debt with 10 tips on personal finance as well as 10 tips for improving and repairing your credit. 

Reader Questions:

Question 1: Can you get a loan with bad credit?

You can get a loan with bad credit. Unfortunately, you will have to pay more in interest.

You can get loans for bad credit with direct lenders and loans for bad credit with no guarantor. You do have a lot of options with bad credit but you will have to pay more.

Question 2: How can I get approved for a loan?

To get approved for a loan you must be in employment for at least 6 months. You must be over the age of 18 and be a U.S. Citizen. You must make at least 1000 dollars per month after taxation to be eligible for a decent loan with reasonable interest.

Question 3: How can I borrow money with bad credit?

The best way to borrow money with bad credit is via a broker company like Better Loans Mutual. You can get a loan for bad credit with no guarantor.

The application process takes about 3 minutes and you get a decision within 12 hours. If everything checks out you could get the money in your bank account within 24 hours. 

Better Loans Mutual offer installment loans so you can choose how long you need to repay the loan, unlike payday loans. These loans are cheaper than payday loans. You can submit an application by clicking the image below.

Question 4: How do I get a payday loan with bad credit?

You can get a payday loan with bad credit. You can find plenty of payday lenders by just doing a search for it using your location.

I would not recommend a payday loan because they are expensive and want payments quickly. Some payday loans want you do settle the loan on payday or within 3 months. 

These types of loans can cost a lot, and if you fail it pay it on time you will incur some heavy fines. It is better to use a company like Better Loans Mutual above.

Question 5: Can you take out a loan with no credit history?

It is hard to get unsecured loans with bad credit. It is impossible to get an unsecured loan with no credit.

The only exception is when you take out a car title loan or when you use a security as collateral. If you fail to make payments on time your security will be taken to pay off the loan. 

Question 6: What is a loan broker?

A loan broker is a company which has a panel of brokers. They take your details and pass them over to the panel of lenders and then get the best deal for you. This is exactly what Better Loans Mutual above does.

10 Ways to Get a Loan With Really Bad Credit

Here are 10 ways you can get a 'personal loan' if you have really bad credit.

I have used these ideas myself and it does work. I would call the credit card company to see if you can get a zero-percent deal so you can save money.

You can read about these ideas in detail on the following post - 10 ways to borrow money with bad credit.

Idea 1: Direct deposit to bank account from credit card

Idea 2: Balance transfer to a credit card that offers direct deposit to bank

Idea 3: Zero-percent credit purchase (you could pay plumber with credit card)

Idea 4: Better Loans Mutual for people with bad credit - money in your account in 24 hours

Idea 5: Payday loans - This is very expensive so be careful

Idea 6: Car title loans - you could lose you car if you miss payments

Idea 7: Installment Loans - this is high interest but you pay it over a longer period

Idea 8: Remortgage your property to release equity on a better interest rate deal

Idea 9: Take out a pawn shop loan on valuables - you must make all payments

Idea 10: Borrow from friends and family with proper loan agreements and schedule of payments

10 Tips to Sort Out Your Personal Finance

To improve your personal finances I would advise you to put into action the following tips. I've read more personal finance books than I care to remember and these are the 10 tips that keep repeating themselves.

These tips will pave the way for a better future. These are the tips I used to improve my personal finance.

Tip 1: As soon as you're paid, automatically save 10% in an Emergency Fund account

Tip 2: Make a list of all your expenses and try to reduce it by 30%

Tip 3: Progress your career and ask for a pay rise, or find a better-paid job

Tip 4: If you can, get a 2nd job and save all the money you make in a savings account

Tip 5: Repair and improve your credit so you can borrow money cheaply

Tip 6: If you can, you should downsize to pay less in rent

Tip 7: Look for ways to supplement your income online e.g. blogging

Tip 8: See if you can get a scholarship or grant to study or learn a skill to get a better job

Tip 9: Cook your food from scratch and embrace batch cooking

Tip 10: Don't take out more debt until you have a beefy emergency fund

Repair Your Credit

If you have really bad credit you should repair it.

You never know when you'll need to borrow money or you might want to take out a mortgage in the future so having good credit will give you a head start.

This is really important...

Here are 10 tips below to improve your credit. I have used these tips to take my credit score from poor to excellent over a period of 9 months. 

Now I have access to loans, credit cards, and mortgages with low-interest rates. By fixing your credit now you could save thousands in the future.

Tip 1: Set up an automatic payment to credit cards and loans to avoid missed payments

Tip 2: Don't take out more credit. Only apply for one product every 6 months

Tip 3: Never exceed your credit limit by more than 30%

Tip 4: Call your credit card company to ask for a credit limit increase every 6 months

Tip 5: if you have defaults you must dispute them to get them removed

Tip 6: If your credit default is more than 6 years ask to have this stricken from the report

Tip 7: Register one permanent address with all credit cards, loans, and bank accounts

Tip 8: Pay more than 10% of the minimum payment every month

Tip 9: Pay 1 week before the minimum payment due date

Tip 10: Check your credit report regularly to see the progress you are making

I Need a Personal Loan But Have Really Bad Credit

Given your circumstances, I would recommend Better Loans Mutual. You can click the image above to apply. The application process in 3 minutes and if approved the money could be in your account in 24 hours.

Going forward you should put the 10 tips for improving your personal finance into practice. I guarantee your circumstances will be better in 12 months if you take action.

You should also prioritize fixing your credit. You never know you'll need additional credit so you might as well fix your credit score now.

Other Frequently Asked Questions

Here are more frequently asked questions by people who are looking for loans with bad credit. You might find this useful...

Q1: What are loans for bad credit with direct lenders?

This is when you take out a loan from a lender direct. There are no middlemen and no brokers referring you to multiple lenders.

Q2: What are loans for bad credit no guarantor?

This is when you take out a bad credit loan without a cosigner. Some loans can be cosigned with someone who has better credit. If the borrower can't repay the loan the guarantor must make the payments.

Q3: Are there bad credit loans with no credit check?

Bad credit loans with no credit checks are rare. If they do exist they charge very high interest. Sometimes car title loans and secured loans can be obtained without a credit check.

Q4: Can I get bad credit loans online with instant decisions?

This is very unlikely. Every creditor will want to check your credit score before the approve the application.

Q5: Where can I get loans for people with bad credit with instant decision no fees?

No legitimate lender can offer a bad credit loan with an instant decision with no fees. 

A responsible lender must take into consdiration all the factors before they make a decision.

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