Loans For Those With Bad Credit But Are Not Payday Loans

You have probably heard this these lines before, Bad Credit? Need a Loan? No Problem!, and it is true as long as you are willing to explore all lending venues. So you have bad credit and need a loan, but you do not want to get a payday loan because of all the poor reputable lenders. Does your credit include a history of bankruptcies and collection activity? If so, is there still a way for you to obtain the credit you need? Absolutely! Take heart! There are, indeed, loans for people with bad credit that are not payday loans. Let’s explore three of these reputable poor credit loans options:

Bad Credit Loan Options

  • Secured Loan – A secured loan is one of the best options for people who have less than perfect credit. Not only does a secured loan earn you the credit you need, but it also can improve your credit over time.With a secured loan, you provide property or other assets (known as “collateral”) which are equivalent or greater in value to the total amount of the loan. The collateral, in turn, secures the loan but is subject to seizure should you default on your loan. Obviously, as it goes without mention, making on time payments is a necessity to rebuild your credit and maintain your collateral from seizure.
  • Finance Companies – Finance companies and lending institutions specialize in lending to those with shaky credit. Generally speaking, a finance company will grant unsecured loans (loans that do not require collateral) so long as you have steady employment, good income, and have been at your residence for two or more years. The loans offered through finance companies typically come with higher interest rate than you might expect to receive from a bank. Documentation for your loan may include recent pay stubs, a signed lease agreement or mortgage note and bank statements.
  • Borrowing with a Co-signer – In some instances, people with bad credit can still obtain a loan if they have someone who is willing to act as a co-borrower or cosigner on the loan. A co-signer has very good credit and thus, should bear in mind that if you should default on the loan, he or she will be equally as responsible for any balance due or collection activity.
  • Online Loan Investors – These are loans that are not payday loans but require good to excellent credit in order to qualify for the best low interest loans. Online loan investors decide to invest in you based on your credit history/scores and in return, you get a low interest rate. They can offer some of the best low fixed rates at 7.4%. Sign up here.

As you can see, possessing bad credit is certainly not the end of the world when it comes to loan options. Selecting the right outlet for your loan will depend on your objectives, credit history, and persistence.

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