If you are behind on bills, you need some cash, and you aren't sure how to get a loan because you have poor credit, there are a few last resort options that you can try. These three choices may have higher interest rates and more risk than a regular personal loan from a bank, but if you pay them on time and pay them off, you shouldn't have any problems. Consider the following options.
Car Title Loan
The car title loan is a good option if you don't owe any money on your vehicle, and if your vehicle has equity in it. If you still owe money on your car, you may want to avoid this type of loan. If the loan is defaulted on, then you will owe money to the title loan company, and to the lender that you bought the car from, and having two loans at the same time can be stressful. If the car gets repossessed, you could be dealing with a ton of trouble.
Payday Loan Options
A payday loan is easier to get than a title loan, because most often you only need a job or proof of steady funds to get the loan. You agree to pay the amount back on the next day you get paid or that you get a deposit if you get some type of support. Many payday loan companies don't do credit checks, and they can have the funds put in you checking or savings account right away. You can find online vendors for payday loans or find a local provider.
Do you have high dollar electronics, expensive pieces of jewelry, or other items that you could take to a pawn shop and get cash for? If so, this may be your last option for fast cash if you've already tried the above listed choices. Paying back the loan will get you the item back, but make sure you read the terms and conditions before your hand over your belonging.
Look into all these different choices to borrow money and see which one is the most practical for your current financial situation, and see what pick helps you get the funds you need the most quickly. With these different options, you won't have to worry about what your credit report looks like and what your lending history has been in the past, and you can borrow responsibly this time.
For payday loans, contact a company such as Payday Express.Share