For those folks out there who have bad or poor credit, getting a loan is more of a headache now that it has ever been. With banks tightening up their belts, it seems that only those with the most outstanding credit performance records can qualify. But there are options for the bad credit borrower. In this article, we will discuss the various options that those with poor credit have, and the best way to apply for and receive the money that you need now.
Quickest Option: Guaranteed Bad Credit Loan
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A guaranteed bad credit loan is, as the name implies, guaranteed (for most borrowers). Since there is no credit check required in order to receive a guaranteed poor credit loan, nearly all borrowers who apply for this type of loan will get approved. The only requirement to receive a guaranteed poor credit loan is that you are employed and have an active checking account with a positive balance.
Guaranteed bad credit loans are written in amounts from $100 up to $1500 or more, depending upon your ability to repay your lender. Bad credit guaranteed loans may also be known by the names payday loan, payday advance, cash advance, or cash advance loan. To receive a guaranteed bad credit loan, you simply write a post dated check for the amount that you wish to borrow, plus interest and fees.
The lender holds the check until the specified due date, which is typically two weeks but can be up to a month and is usually around the same time as your next pay day. When the check becomes due, you agree to allow the lender to either deposit the check for repayment, or you can return to the lender's location, pick up the check and pay the amount due. Payday loans are usually approved in just minutes, and you can choose to receive either a paper check or direct deposit into your checking account in order to receive your funds.
Cheapest Option: Secured Bad Credit Loan
The secured bad credit loan is your cheapest option, and you will be given a much longer period of time to pay off this type of loan. A secured loan, as the name implies, is a loan that is secured by the pledge of collateral. Collateral can be anything of worth that stands good for the loan, but is most often found in the form of real estate or vehicles. When your lender writes a secured loan for you, a lien is placed against the collateral that you pledge. This gives the lender security that can be sold in the event that you default on your secured loan.
Unsecured loans are the cheapest type of loan because of the reduced risk that the lender assumes when writing them. Secured loans can be obtained for virtually any amount, but usually are written for less than $15,000.
Most Expensive Option: Unsecured Bad Credit Loan
The unsecured bad credit loan is very hard to be approved for, and when borrowers are approved, the amounts that are extended are very minimal. Unsecured loans are also known as signature loans because you only sign the loan, you do not offer any collateral. Unsecured loans for bad credit are rarely written for more than $1,000, and are often helped along in the approval process by a cosigner who has good credit and agrees to make the payments on your loan if you fail to do so.
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