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I Need a Personal Loan Quick But I Have Bad Credit - Borrow Money From Your Parents

By Edited Dec 16, 2015 2 2

If you are saying to yourself, I need a personal loan quick, but I have bad credit, you may want to explore the possibility of asking your parents, or someone else close to you for the money. While many find it difficult to borrow money from parents, there are some things you can do to increase the odds of getting their approval. When you tell them, I need a personal loan quick, but I have bad credit, you need to have a plan in place.

Check Out Lenders:

When you tell your parents, I need a personal loan quick, but I have bad credit, you may want to look at the use of guaranteed online lenders. You don't necessarily want to borrow money from them, you simply want to see what type of interest rates they are charging. Print out the pages with all the small print, so you can show them later. This will come into play a little later on, when you tell them, I need a personal loan quick, but I have bad credit.

Pay Interest:

Yes, you really should pay your parents a fairly competitive rate of interest. When you approach them and say, I need a personal loan quick, but I have bad credit, you will have better chances if you aren't simply looking for a handout. Perhaps 6% would be sufficient, but you can adjust according to your needs, and theirs. When you tell them, I need a personal loan quick, but I have bad credit, they will be impressed that you have put effort into it. This way, your parents will get something out of the transaction. You really shouldn't skip this part, they would get interest on their money in the bank.

Online Calculators:

Once you determine how much interest you are willing to pay, you will want to use an online calculator to determine your payments. This way, when you tell them, I need a personal loan quick, but I have bad credit, you will have exact payments mapped out. Play around with it a little, adjusting the length of months or years as needed. Print out your results. When you have this ready, telling them I need a personal loan quick, but I have bad credit will be much easier.

Contracts:

Type up a nice contract, and take it with you when you know I need a personal loan quick, but I have bad credit. By doing this, you will make a better impression on your parents, increasing the likelihood of them borrowing you the money you need. Set up a specific date of payment on the contract, and the length and interest rates. For a more professional touch, add a late fee clause. Perhaps paying an extra $10 if you are late would make them happy when you tell them I need a personal loan quick, but I have bad credit. It won't hurt, and will only help your cause.

The Meeting:

When you meet with your parents to tell them, I need a personal loan quick, but I have bad credit, you will want to present all of your findings. Show them the interest you would pay from a guaranteed online lender. Show them the payment calculations you printed out. Finally, show them the contract you made up, and ask to borrow the money you need. This will improve your chances. It's never easy to look at your parents and tell them, I need a personal loan quick, but I have bad credit. Still, it can be done successfully, if you put a little time and effort into it.

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Comments

Jul 10, 2010 7:15pm
x3xsolxdierx3x
Great article! Thanks, Jason!
Apr 2, 2013 12:24pm
Knighttrader
Really good idea, borrowing from parents and siblings is very embarrassing however it's an option if you've got nowhere else to turn to. I like the idea about drawing up a contract to show that you mean business. Thanks for the idea and great article, thumbs up.
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