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Debt Counseling Assistance :: Personal Loans for Poor Credit
Personal Loans for Poor Credit:
Where to Find Personal Loans for People with Poor Credit Scores
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If you're looking for personal loans for poor credit applicants, keep reading for ideas on where you can find the cash you need.
Payday or Short Term Loans
Payday or short term loans are often the only type of personal loans for poor credit applicants that are available.
Essentially, you borrow a small amount of money ($100 to $500 usually) for a short period of time (until your next paycheck). In exchange, you pay a high service fee and an even higher penalty if you're unable to repay the loan on time.
Secured Loans
If you own your car or home, you may be eligible for a secured loan. By putting your home equity or vehicle up as collateral, any loan given to you is essentially secured.
However, if you don't pay it back or make late payments, you could lose your house or your car.
Typically though, you can often expect better approval rates and lower interest rates if you're able to provide collateral.
Credit Card Approval
One personal loans alternative is to apply for a credit card designed for those with poor credit. The limit may not be high, but it may be enough to cover your financial emergency.
Unfortunately, the interest rates charged to those with poor credit scores are significantly higher. Expect to pay anywhere from 20 to 30% on carried balances.
Overdraft
Unfortunately, often the only source of short-term credit available to those with poor credit is a bank overdraft. That is, if your bank allows you to go overdrawn.
Typically, an overdraft limit will range from $50 to $500, but it will cost you. Most banks charge anywhere from $5 to $25 every time an account is overdrawn. That's on top of high overdraft interest rates.
Small Line of Credit
If you have a good working relationship with your bank, you may be able to qualify for several small personal loans for poor credit applicants.
You may have to make a meeting with a loan representative and be prepared to defend both yourself and your ability to repay the loan.
If your bank allows loan managers to make independent decisions, they may approve you for a small loan.
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Debt-Counseling-Assistance.com :: Personal Loans for Poor Credit