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Help! I Need A Personal Loan Quick-But I Have Bad Credit

By Edited Aug 3, 2015 0 0

Guaranteed Approval Personal Loans For People With Bad Credit

If you have serious financial problems and are constantly saying to yourself "I need a personal loan quick but I have bad credit," and still haven't done anything about it, it's time to put those fears aside and apply for the personal loan you need to help yourself now.  There are many subprime lenders who will gladly lend you the emergency cash you need today.  So don't think that just because you have bad credit that no finance company will lend to you.  There is a large chunk of the American population that have bad credit and combined with the portion of the population with what is called "slow" credit, it is just too large for lenders to ignore.  Just because you have bad credit, doesn't mean the can't make money by lending you money.  So there is a good amount of subprime lenders who are happy to lend you quick cash when you need it.


I still Don't Understand Why Any Financial Institution Would Lend Me Money For A Personal Loan When I Have Bad Credit

When you look at it, it all boils down to the numbers.  About 15 to 20 percent of the American population have bad credit.  That's just too many people for lenders to ignore.  So even though, in principle they may be considered a riskier investment, that 20 percent of people with bad credit looking for personal loan financing is still a good viable "investment" for a business who knows how to hedge against loss.  This day and time, you don't even have to go to a subprime lender to get a bad credit personal loan, just go to your neighborhood credit union or the bank that you regularly do business with and many people with bad or slow credit are surprised to see that they can get a personal loan. It may be for small amounts like $1000 or less, however, for someone looking for money for car repairs, groceries and rent, the money is a godsend.

There are reputable subprime lenders and then there are those who could be considered loan sharks.  The term "subprime" got a really bad rap recently during the 2008 economic collapse.  So when people think of subprime, they automatically think of the greed and the negligence that caused the housing and economic collapse in late 2008.  When in actuality, the term "subprime" only means borrowers with less than prime credit.  Now prime credit is 700 and above, while subprime credit falls below 600.  Everything in the middle is sometimes considered slow to good credit.  So all subprime really means is a lender who specializes in lending to people with bad credit.  You just have to make sure you are dealing with a reputable lender and not one who is purely out to kill you with fees and interest so that you will never be able to pay the personal loan back.

If you need goods, like furniture, clothing, household appliances and so forth, you can get those from a buy now pay later catalog since you don't need a credit card to get goods from them. 

However, when you need a personal loan to take care of other pertinent matters, perhaps a wedding, or a funeral, or to pay your rent or other pressing matters where you need emergency cash, then getting a personal loan for people with bad credit may just be something for you to consider.


A Word About Interest Rates When Borrowing A Personal Loan Especially When You Have Bad Credit

When you are applying for a personal loan and especially if you have bad credit, you can expect to pay a much higher interest rate that "prime" borrowers.  However, this doesn't mean that you should allow yourself to be taken advantage of.  It is ethical for lenders to charge a higher interest rate on borrowers with bad credit because the have to hedge against financial loss. Let's face, regardless of the personal reasons why your credit is bad, the fact remains that for a time you didn't pay your debt or you paid them late.  Thus it is cause for concern and cause to hedge against financial loss.  Having said that, it is also unethical to charge interest rates so high that it is almost impossible to pay the personal loan back. 

Don't be taken advantage of and make sure you do the calculation before you take out any personal loan.  People like to prey on people who need a personal loan quick but have bad credit because they know often times, they are very desperate for the money and will take just about anything including a personal loan with 1000 percent interest rate. Yes, I said 1000 percent interest rate (they are out there so watch out and don't get trapped in the personal loan cycle).


What Is The Personal Loan Cycle You Ask?

The personal loan cycle is just like the payday cycle.  It is when you are overwhelmed with the loans you have taken out, so you are actually taking out another personal loan to pay for the personal loan monthly payments you already have.  Since people who say "I need a personal loan quick but I have bad credit," can now get them easily, they sometimes overindulge and are not careful about making sure the terms of their personal loans fit into their lifestyle and budget. Then they get into trouble when they have to take out another personal loan to pay for the first personal loan.  So the cycle will continue until you break with with more responsible habits. People who take out payday loans often get caught in the payday loan cycle until they find their way out of the financial nightmare maze.

Do your personal loan right the first time by making sure you get a good interest rate (a good interest rate for you is after you calculate the monthly payments with interest, it is still something that you can afford and you feel ok with paying that interest rate.)  Hey 1000 percent interest rate may be a no no for me, but for someone else, it may be ok.  Just make sure you do the mathematics BEFORE taking out the loan.  Also, make sure you spend the money on what you originally intended.  When you get money in your hands, it is sometimes difficult not to spend it on other things you or your family wanted to get.  However, if you took out the personal loan to buy a good used car, or pay your rent, then make sure that's what you use it for. This will minimize the chances of you having to take out another personal loan because you misspent the first personal loan.


Some Books That May Help You When you Need A Personal Loan Quick But You Have Bad Credit


You can get these books on obtaining a personal, auto, business loan even with bad credit from Amazon. Many of them available immediately on Kindle.

How To Buy a Car: When You Have Bad Credit or No Credit At All
How to Get a Business Loan With Bad Credit
Get Credit Help For Bad Credit Repair Plus Tips on How To Get Loans With Bad Credit So You Can Rebuild
Home Loans For People With Bad Credit
NO CREDIT CHECK LOANS: And other Options for People with Bad Credit
Quick Payday Loans - How-To Series (Part 4) - "Payday Loans: Why They Are Bad and How-To Make The Best of Them!"


Ok So I Need A Personal Loan Quick! What Lenders Will Lend To Me With Bad Credit?

Credit Sources

Creditsources.org brag that they have helped thousands of people  who needed fast, easy loans to get up to $1,500 in personal loan emergency cash fast.  They even have a bad credit loan application online to help expedite the application and lending process for you.  The will also have bad credit auto loans, home loans and bad credit car insurance in the future.



If you need a personal loan quick but have bad credit, try credit.com.  According to the website you can qualify for a personal loan up to $35,000 even with bad credit.  You can use the emergency cash to do pretty much what you want.


Spring Leaf Financial

Springleaf Financial has outlets and offices all over the United States.  According to Springleaf Financial, you can get a bad credit personal loan from $1000 up to $25,000. They also say they have a no hassle quick and easy application and approval process.

You can read more about Springleaf Financial Lending: PRESS HERE


Western Sky Financial

If you have seen the commercials on television, you know that Western Sky offers high risk personal loans for up to $5, 000.  They tell you up from that it is not a payday loan but the money is expensive (and it is!).  However, if you need a high risk personal loan fast, Western Sky Financial may be a good option.  $5000 could help pay for a small wedding and also if you need money for car repairs, groceries and rent.

You can read more about Western Sky Financial: PRESS HERE and for the review of Western Sky Financial: PRESS HERE


First Choice Advances

Another big personal loan lender is First Choice Advances.  According to First Choice Advances, you can get emergency cash in the form of an unsecured personal loan for up to $35, 000.  For those with bad credit, your unsecured personal loan limit is $10,000.  They have both long term personal loans and short-term payday type loans.  What they do is take your information and match you up with the right emergency cash personal loan lender.


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