Getting a Loan

Getting a Loan

Getting a loan is possible, even with bad credit. This may seem counter to what you’ve been told on television and in the news recently. After all, the economy is suffering and the news is full of stories of how it is much more difficult it is in getting a loan– any kind of loan–nowadays even if you have good credit. How much harder must it be to get personal loans unsecured if you have bad credit? But getting a loan is still possible, even if your credit is terrible. You just have to know where to look.

Getting a Loan–The No Credit Loan Option

What is a no credit loan? It is a loan you can get where your credit is not checked prior to lending you the money. Do such loans still exist? They certainly do. Most of the no credit loan lenders are going to be pay day loan lenders. These are good choices in getting a loan if you just need a few hundred dollars to get you through to your next pay day and you intend to pay the money back quickly. While this is a no credit loan, you should also be aware that it will do nothing to rebuild your credit, as these companies do not report to the credit bureaus if you pay on time. They only report if you don’t pay on time, so unless you want to ruin your credit even more than it already is, treat these personal loans unsecured very carefully and make sure you pay them back on time to keep your credit from becoming more damaged. Otherwise, they are good no credit loan choices and available very easily with few requirements.

Getting a Loan–90 Day Loans

With high risk loans, 90 day loans are almost the same thing as pay day loans, except you get a little bit longer to repay them. Some pay day loan companies offer more than just the typical $300 to $500 loan till your next pay day. Some of them do small personal loans unsecured, usually in the amount of $1,000 to $1,500. In these cases, the loans are usually 90 day loans, and sometimes longer. This is because most lenders of high risk loans know you’ll need longer to pay back a larger amount like that than if you took out a smaller amount of money. The terms and requirements of the loan are much the same as a typical payday loan, however, so if getting a loan is something you need to do, be aware of those things when taking out 90 day loans.

Getting a Loan–Personal Loans Unsecured from a Loan Store

There are still a few loan stores that offer larger personal loans unsecured. These are wonderful if you need to get a personal loan in an amount larger than what a pay day loan company would give you. You can look online for bad credit loans or bad credit personal loans to find these places. HSBC and Citibank are two companies that are still offering personal loans unsecured to people with bad credit in most states, as well. The interest rates will be high on these loans and your monthly payments will probably be high, too, but you can take out several thousand dollars or more with little more than proof of income and your signature. If getting a loan in a higher amount than a pay day loan is a must in your situation, this is a good choice for you.