Are You Looking For A Guaranteed Bad Credit Loan?

If you need a loan but you have bad credit you may be wondering where to get a guaranteed bad credit loan. The truth is that no one can guarantee you a loan if you have bad credit, but there are some solution for the cash strapped and credit deficient. Some of these solutions are high interest and uncomfortable terms, but this is the price you pay for having a bad credit score. Also, some types of credit are easier to get than others. For instance, you may find that seeking a guaranteed bad credit auto loan is actually fairly easy if you know where to look.

For someone to get guaranteed loan approval bad credit will make it impossible for someone to guarantee you a loan. If you are looking for a guaranteed bad credit personal loan, such as from a bank or other financial institution, you may as well know now that it’s probably not going to happen. However, If you are simple looking to borrow some cash, there may be some places that you can go. These are the payday loan places, the title loan places and buy here, pay here car lots for vehicle financing. Pretty much all of these come as close to guaranteed bad credit loans as you can get.

Let’s go over the payday loan first. A payday loan is a loan that you get from a company with your check made out for the amount of the loan plus the interest. You have to prove that you bank account is in good standing and that you have a steady income to qualify for this type of loan. If you do not come in and pay the loan plus interest on your payday, then they will cash the check as often as it takes to get it to go through. Also, the compound the interest every pay period. So, if you want to extend the loan, then you pay the interest and the loan is extended through another pay period. This can mean staying in a cycle of debt for a very long time.

A title loan place works slightly differently. You put your car title up as collateral and you get some of the blue book value of your car as a cash loan. You also will leave an extra set of keys with the loan place, and if you do not pay off the loan in the time allotted, they will find you and take your car away. The interest on these types of loans are also quite high as well, varying from state to state as the laws only allow a certain amount of interest to be charged for a certain type of loan. I always recommend against title loans except in extreme emergencies.

The last place to get credit if you have bad credit the buy here pay here car lots. A buy here pay here lot allows you to be approved by their own credit standards, which may be quite low, and allow you to make payments weekly or biweekly, or sometimes monthly.  If you do not make your car payment, these type of car lots will repossess almost immediately to keep from losing money. However, if you can find a fair buy here pay here lot, then you may be able to get a car, pay it off and have a great credit reference to boot.