3 Places To Get Cash Loans If You Have Bad Credit
Do you need to get a cash loan, but have bad credit? Don't fear. There are places that will work with you regardless of your credit score, sometimes without even checking it. The amount you can borrow and requirements for borrowing it vary depending on the type of service you use. The important thing is that you have a choice in places to go to get cash loans when you really need the money. No one should ever have to go without paying a bill with all the options available. Here are a few of the more common places you can go to get cash loans with bad credit.
1. A Payday Loan Provider
Also known as payday advance or cash advance loan stores, these are the places you can go to get a few hundred dollars to hold you over until your next pay day. Your credit score is typically not checked. The amount you qualify for will be based on your income alone.
Payday loan providers don't hand out huge loans, and they won't give you more than you earn on any given paycheck. They are excellent, however, for getting money to cover car repairs, a plumbing emergency, a utility bill, or even groceries until you get paid again.
In most payday loan stores like http://www.kosterfinance.com, all you need to do is bring your ID, a recent pay stub, and your most recent bank statement to qualify. Some places may also ask for a utility bill in your name with your address on it.
You will be given the option of writing a check that the store will deposit to your bank on your next payday, or coming into the store to repay the loan on your payday. There will be an interest charge that must be repaid with the loan. You can use payday loan providers for emergency cash over and over again as long as you always pay them back on time.
2. A Pawn Store
A pawn store is a good place to go to get cash loans with no bank account needed. You simply bring in something that you own that has a value slightly above the amount of money you want to receive for it. The value of the item has to be higher than the amount of money you want, because the pawn store needs room to make a profit on it if you don't come back to pay the loan off and reclaim your item.
The idea behind the pawn store is that you get a loan on your item (be it a TV, computer, musical instrument, power tool, or any similar thing of value), then come back in on an agreed upon date to pay off the loan with interest and get your item back.
It doesn't have to work this way, though. If you don't care about getting your item back, you can always sell it outright to the pawn store. It will need to be something the owners know they can sell for a profit relatively quickly for them to buy it off of you, though. Doing a little research ahead of time on what is selling well at your local pawn stores can help you get the best price for whatever you bring in.
3. A Car Title Loan Company
If you own your car outright, you can make some emergency money on it when needed. According to Investopedia.com, a car title loan company will give you a loan based on the wholesale value of your car. This means you can potentially get thousands of dollars in loan money if your car is newer and in good condition.
You will hand over the title of your car to the loan company, because they will be using the car as collateral. Since they usually don't check your credit (or do so only to determine your interest rate), the car is their only assurance you will pay them back. If you don't pay, they can take your car to cover their losses.
Interest rates are usually pretty high at a car title loan company. The good news is that you often get several years to pay it all back, depending on how much you borrowed. If you need a lot of money and you need it fast, but your credit is bad, a car title loan company could be just the thing to rescue you.
Conclusion
You can get cash loans in a variety of places, even if your credit is bad. The world of lending doesn't close to you because of your FICO score. It just changes a little. Use one or more of these options, be responsible with it, and you can be back on the road to financial stability in no time.