People with bad credit ratings often find it difficult to get a loan because they are considered high-risk clients who are more likely to be lacking on a loan. Fortunately, there are loan options available that can get you the money you need, and some can help you increase your credit score if you make your monthly payments and repay the loan in full. Here are three options to consider:
These lenders, like payday-king.com, offer short-term loans, often called cash advances and money can be used for unforeseen expenses such as repairs or overdue bills. Most payday loan lenders require you to have a stable job and a chequing account. Your loan is fully refunded from your chequing account after you deposit your next paycheck.
Payday lenders like payday-king.com offer an easy online application, quick approval and less stringent requirements compared to standard banks. Online lending is a convenient option to get the money you need in the privacy of your own home or office.
When working with an online payday loan or a cash advance lender, beware of vendors who charge brokerage fees and require credit card numbers. A reputable lender or a cash advance lender does not operate in this manner and only withdraws the amount of money from your chequing account that has been authorized.
If you check the classified services online, you can find bad credit lenders announcing loans for people with bad or no credit. Look for a bad credit lender specialist with a good reputation, loan terms and approval rates. You can also check with the CPLA to understand the client protection framework and the best business practices code.
3. Debt Consolidation Lenders
If you have a large income and debt, debt consolidation companies can offer loans. While some debt consolidation loans may have higher fees than a standard bank loan, debt consolidation loans offer other benefits, including flexible payment schedules, an easier budget, interrupting Collection agency calls and can improve your credit score.
Loan amounts vary, but some debt consolidation lenders allow borrowers to consolidate loans, overdrafts, credit card accounts and other balances up to $35 000. Some offer payment terms from one to five years, so you can eliminate your debt faster and save on several debt account charges. The best consolidation lenders will have no hidden fees or pre-payment penalties (charge you to repay an earlier loan).