If your credit has taken a hit, there are still opportunities for you to get cash right when you need it. Normally, having poor or no credit can hinder you from getting a loan or credit card. However, using a bit of creativity and some Internet research, we've compiled a list of three options for you to consider. Hopefully at least one will be the right fit for your circumstances. Whether or not you're after bad credit loans in Los Angeles, or just any way to earn some extra money through creative means we're here to offer the top suggestions.
While a credit card isn't technically "cash" it does give you additional financial resources. Secured credit cards require you to load a certain amount of money ($200, $300, whatever your budget will allow) into that account prior to use. That money deposited represents your credit limit, or in other words "secures" your limit.
When you make a purchase of say $100, you will receive a statement to begin paying your bill. As you repay that amount, you "replenish" the amount of credit you have.
The benefits of a secured card include the potential for you to rebuild your credit score and learn better money management skills.
Always read the information regarding the credit card offer completely to make sure the terms fit with your situation.
Credit unions offer many of the same borrowing opportunities as traditional banks. The main difference is a credit union is a nonprofit organization that passes along any earnings to the union members. Originally credit unions served members in certain professions or skilled labor jobs such as teachers, electricians, and auto-workers.
However many credit unions now allow people to become members regardless of their field of work. Because credit unions are smaller than banks, they often have more lenient qualification standards. They also have the capacity to offer more one-on-one customer service and may be willing to work with you for your borrowing needs.
Again, this is an option that may provide you with the money you're looking to borrow and help re-establish your credit.
Title loans have become a very popular option for borrowers with poor or no credit. By using the equity in your paid-in-full vehicle you can borrow money using your car as collateral. You temporarily surrender your car title to the lender, regaining possession of it once the loan is repaid. A title loan also allows you to keep and drive your vehicle throughout the terms of your loan.
One key benefit of a title loan is the quick approval and funding process, very often in a day or less. Many lenders offer the conveniences of an online application and 24/7-customer service.
While there are many advantages to this borrowing option, make sure you understand the complete terms a lender offers. Loan details such as interest rates and repayment plans may not be the same across the board.
While many people believe that getting a loan from family or a friend might be a convenient and obvious choice, this option can also be stressful for both parties. Getting a loan from a family member may be in your best interests, but not necessarily those of your relative.
The borrowing opportunities listed in this article can be your private matter. These don't need to involve anyone else in the process and no co-signers are needed. You'll also have the opportunity to rebuild your credit for future borrowing needs (a house, business loan, or a car loan).
Whatever borrowing method you choose, make a plan to set yourself up for success: Do thorough research to become familiar with the various companies and/or websites that you want to approach. Prepare all paperwork in advance, so you can be organized. This will also expedite your loan application.
You may have bad credit today, but there are still ways you can get a loan or credit to put more money in your pocket.
By working with our lenders, you could end up saving up to 20% on your repayment, and eliminate the risk of being taken advantage of.
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