Wednesday 12 February 2020

I Need a Bad Credit Loan Fast - 10 Options to Borrow Money With Bad Credit

I Need a Bad Credit Loan Fast

One of the most frequently asked questions on The Millionaires Giving Money Blog is I Need a bad credit loan fast what should I do. I get these emails all the time so I thought I would create a quick guide offering 10 options to get a bad credit loan fast. You should always try to get get a loan that's competitive because money is cheap at the moment with interest rates at all time lows. Some of the options provided may seem unconventional but it's worth a try so you can save some money. Also, if you're always struggling to make ends meet maybe it's time to take a different approach and finally knuckle down and fix your credit so you don't have to pay so much in interest. Remember paying interest makes you poorer. I really hope these options help and I hope the advice given at the end of the post will help you shore up your finances so you can get to a better place financially.

I Need a Bad Credit Loan Fast

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Option 1: Ask Your Parents

I know this may sound controversial, I mean who wants to go to their parents and say I need a bad credit loan fast. The fact of the matter remains, if you can get your parents to lend you money you will be saving a lot in interest payments, remember, the more you pay in interest the more you get poorer. To successfully ask your parents for a loan make the request as professional as possible. Create a loan agreement contract, have both parties on the loan, write down the exact amount of the loan and when you intend to pay it back. If you can provide a security to the loan so your parents will have confidence that you will repay the loan and set up monthly payments so they know exactly when the money will come in. I've advised many people to ask their parents for a loan as opposed to getting a payday loans for very bad credit and they have saved a lot of money.

Option 2: Ask Your Friends For a Cash Advance

Same as asking your parents, this time you will say to your friends I need a bad credit loan fast can you help? Again, to stand any chance of success you will need to make the request professional. Just to reiterate, create a professional contract, list both parties, the loan amount, security, and when you intend to pay it all back. To make a contract mutually rewarding you could include a 'Thank You' final payment where you give your friend a little extra for lending you the money. You should definitely try this option compared to applying for an emergency payday loan bad credit because you could save so much money. Always remember paying interest out of your own pocket will make you poorer.

Option 3: Ask Your Employer for a Loan

This may sound a little weird, but it does work sometimes and it beats going with an expensive payday loans bad credit direct lender who will make you pay extortionate levels of interest. Ask yo speak to your boss and then explain to them why you need a loan. Obviously, it must be for some sort of essential spending as opposed to a night out in the town. You can ask for a cash advance for doing overtime or an advance on your salary, as long as your request is legitimate there is a good chance you will get the money and you wont have to pay any interest on the loan which will save you hundreds of dollars. Remember to keep the request professional and demonstrate that you have every intention of paying the money back.

Option 4: Ask Your Local Bank for a Loan

This may sound like a waste of time but hear me out. Sometimes we get bad credit because of a few isolated incidents that were beyond our control. While mainstream banks and lenders might refuse you a loan based on your credit report your local bank might take an alternative view. Rather than going for a very bad credit loans direct lender you could ask to see the bank manager at your local bank. You could arm yourself with your credit report and credible reasons why you defaulted on your debt. Suppose you can convince your bank manager you are creditworthy they have the power to approve the loan. This step alone has helped so many of my clients save lots of money in interest which has helped them on the road to prosperity.

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Option 5: Sell Your Junk Instead of Getting a Loan

When you have bad credit you will pay a lot for a loan. Rather than applying for loans for bad credit with no guarantor, its better to see if there is any junk you can sell to make money. Whenever anyone says I need a bad credit loan fast I always say do you have anything to sell because fast bad credit loans are dearly expensive and will make you poorer in the long run. Nearly all the time people have enough garbage in their homes they can sell through eBay to make enough money to make ends meet. 

Option 6: Pawn Shop Loan for People With Bad Credit

Everyone has valuables in their possessions, it might be gold, silver, technology, phone, camera or even your laptop. You can actually pawn these items and get a loan by using the items as security. Generally the interest rate is cheaper than very bad credit loans direct lenders and its something I would consider if I need a bad credit loan fast. Make a list of all your items and take them to a reputable Pawn shop and ask for a loan. Make sure you know exactly how much you need to pay back and when otherwise you risk your items being kept and sold at a profit.  

Option 7: Ask Credit Card Company for a Cash Advance

Asking a credit card company for a cash advance deposited into your bank account might sound like a dream, but it can be a reality. I have had many credit card companies offer me cash advances direct to my bank account and they only charged me 2% with bad credit. It's certainly worth a try and beats no credit check loans instant decisions which cost an arm and a leg. Call your credit card companies and just ask them if they can deposit some money into your bank account, they might charge interest so ask them all the pertinent questions so you know exactly what you will have to pay back. Remember, the aim is to pay as little back in interest as possible. Whenever I need a bad credit loan fast I give my credit card company a call and they usually comply, it's definitely worth a try.

Option 8: Payday Loans for Very Bad Credit

Once you've exhausted all other avenues you should then consider payday loans for very bad credit. If it was me and I need a bad credit loan fast I would only consider this as a last resort because of the high interest that I have to pay. Remember, paying interest makes you poorer. To get started, go to a comparison site and search all the lenders and their respective rates. Once you find the best interest rate for the bad credit payday loans submit an application and wait until you are approved. Most bad credit payday loans will make the payment to your bank account within 24 hours.

Option 9: Car Title Loans for People With Bad Credit

Having a vehicle will provide you with options if you want a cad credit loan fast. If I need a bad credit loan fast and I had a car I would consider applying for a car title loan because the interest rate will be much cheaper. Same drill as before, find a car title loan comparison site and find the best direct lender and submit an application. Again, if you are successful you could have the money in your account within 12 to 24 hours, depending on the vehicle you have. There have been instances where people with Ferrari's have applied for a bad credit car title loan!

Option 10: Guarantor Loans for People With Bad Credit

Guarantor Loans are a little cheaper than payday loans for very bad credit, but you need to find a guarantor. If you can rope your parents, siblings or friends in it might be a good idea because you'll be paying less in interest. Same drill as before, always find guarantor loan comparison site and submit an application with the cheapest direct lender to same money on interest payments.

I Need a Bad Credit Loan Fast - Final Thoughts

OK, so I promised some advice at the end of the post so here goes. If you are struggling to make ends meet at the end of the month and searching google with things like I need a bad credit loan fast then it's about time to do something about it. Making ends meet by taking out loans is a recipe for financial pain, essentially, you will get poorer. A better plan would be to get a handle on your finances. I always advise people to up their Financial IQ, read books such as Rich Dad Poor Dad and other personal gems you can find on sites like Audible. After reading these inspirational books you should be in the mood for change. First thing is to look at your budget and slash any non essential spending, be relentless. Next, find ways to boost your income by taking a second job or asking for a pay rise. If you just concentrate your energies on these three approaches your finances will sort themselves out out you'll no longer be making statements such as I need bad credit loan fast.

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