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September 14, 2016

Credit Score

Credit ScoreWhen it comes to getting personal loans for bad credit there are many different options that are available. All banks may sometimes work with longtime customers, tumors with a large number of, generally speaking they are not option for getting loans if you do not have good credit score. It makes sense that this would be the first place you look, but don’t be surprised if normal banks don’t have any options when it comes to finding loans for people who want personal loans but have terrible credit.

In these cases borrowers are often going to have to look at their other options. One of the first places to give a shot are credit unions. These are similar to banks but tend to focus a lot more on individual customers and people with mediocre or poor credit scores than businesses or customers with large incomes. Many people who were on the high-end of having bad or fair credit can work well with credit unions to get the loans that they need. Generally this is the best option if it is available because the terms will be much more fair and a lot more related than the other options that are available.

One of those options is going to a payday loan place. While this can sometimes work as a temporary stop gap from one pay check to another, it should never be seen as a long-term solution as the interest rates on these loans are often the hundreds or even thousands of percentage points when spread out over a year. The main strong point for them is that as long as you have a job you will be able to get a loan of some type.

This is far from the best solution, but it is an actual way to get some additional money when there doesn’t appear to be any other option available.

You might want to consider hitting up any family or friends who may have money available to loan to you.Personal loans for bad credit are hard to come by, but if you have a solid job and friends or family who believe in you then they will likely give you the best possible deal when it comes to repayment terms. This is not going to be an option for everyone but if it is a potential solution you should not let pride get in the way but you’d see what options might be available to you.

Finally, if you have some possessions of value there is always the pawn shop. You have the ability to get a loan and use your possessions as collateral giving you a chance to pay back the loan and keep your stuff, or you have the ability to outright sell it. Either way you solve many of your lending and money problems, but you do have to make sure you can pay it back in the proper time or else you risk losing your collateral possessions.