There are many reasons that you may have bad or poor credit. You may have had an illness, a death in the family, or even a job loss that has resulted in your credit score being tarnished. It is a hard stigma to live with. But there is hope for those looking to acquire credit and rebuild their history. There is a multitude of subprime creditors who are looking for customers with bad credit that need a second chance.
Just as there are many people with bad credit, there are many types of loans for them. Finding the loan for your particular situation can be stressful - the following loans are the most common.
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Pay Day Loans
For short-term needs such as car repairs or a forgotten utility bill, the payday loan is perfect for people with bad credit. There is no credit check, and the requirements are simple. You must have a job and a checking account. A quick application and copies of your identification, recent paystubs, and perhaps a couple of references (such as a friend or co-worker) are generally all that you need to receive a payday loan (sometimes called a payday advance). You will simply write a post-dated check for the loan amount plus interest and fees that the payday loan establishment will hold for an agreed upon amount of time, typically two weeks, but as long as a month.
When you receive your next paycheck, you either return to retrieve the check and pay the face amount, or it will be deposited into your checking account for payment. Payday loans are readily available for those with even the worst credit imaginable, and are relatively inexpensive when you consider that you need the money fast. Online payday lenders generally offer great rates and have an easy application process. They tend to be a convenient alternative to traditional payday loan sources. It is important to remember that payday loans do not build positive credit history because they require no credit reporting.
Throw Away Your Bus Pass - Bad Credit Auto Loans
Bad credit automobile loans are quite common. As with a traditional auto loan, the loan servicer will put a lien against the title of the vehicle that you wish to purchase. You may be required to present a down payment that is equal to a certain percentage of the value of the vehicle. The interest rates for bad credit automobile loans is a little bit higher than a loan for individuals with good credit, but these types of loans can help to rebuild a positive credit history in a short period of time; often, the borrower will have a great enough increase in their credit score before the loan is paid off to be able to refinance at a lower rate. There are many reputable online sites that offer comparison shopping for bad credit automobile loans. Using one of these services can greatly increase your chance of getting a better interest rate due to competition among lenders.
Personal Loans
Personal loans for bad credit are no longer the "stuff of dreams". More and more lenders are willing to process personal loans for those with lower FICO scores. Personal loans can be for home improvement, travel, car repair, or virtually anything else that you need cash for. A common practice for those with bad credit who are seeking a personal loan is to start with the least amount of funds that they can get by with for the particular need. By paying off smaller personal loans, positive credit history is established which can lead to better interest rates and higher approval amounts on larger loans in the future. Again, online sources for personal loans are a great way to get the best deal on your loan (which makes your payments easier to manage).
Educational Loans
For students, a bad credit student loan can make all the difference between achieving their goals for their education or landing in a dead-end job. Bad credit student loans are available from many lenders and are useful to help cover rent expenses, tuition, books, computers, clothing, and other necessities while a student is in school. There are many online sites that cater to students with less-than-sparkling credit scores, and their approval rates are high.
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