In this post, I will be sharing 10 ways you can borrow money with bad credit. It will aim to answer the question I need a fast loan with bad credit. I will also have a section which will provide an action plan whereby you can actually get out of the downward debt spiral where you no longer need to borrow money to make the ends meet at the end of the month.
I Need a Fast Loan With Bad Credit - 10 Options
Options 1: Ask Parents For a Loan
Please, hear me out. Don't hit the back button. If I need a fast loan with bad credit I have two options. I can get a really expensive loan and pay back twice as much as I've borrowed making the rich richer and the poor poorer, or I can ask my parents for some money. I know it's embarrassing to ask parents for help, but remember, parents are more willing than ever to help, they will give you a lecture about your personal finances and you'll have to swallow your pride, but at least you won't have to pay twice as much back for the fast loan with bad credit. Always create a loan agreement, have your details and your parents details. Make a note of the amount, the payback date and the instalment loan payments and then add a security for good measure. Also create a standing order so your parents know you mean business. Sign the loan agreement and take the money and pay it back as soon as possible.
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Options 2: Ask Friends For a Loan
This is very similar to option 1 and I wanted to include this as many people who are desperate for money opt for an expensive loan rather than asking friends. I really believe that if you create a loan agreement and add a security, standing order and payback frequency and date most of your friends will be prepared to lend you money. This is not the time to be shy, create a professional loan agreement and ask your friends for help. If I need a fast loan with bad credit I would definitely ask some of my closest friends. You won't be making any expensive interest payments and you'll be able to get out of financial hardship quicker. The best way to get out of financial hardship is to stop paying interest with your money. Know the difference between good and bad debt, good debt is where you use borrowed money to make more money. Bad debt is where you use borrowed money for personal expenditure, it's a no no, and you can quickly get into trouble.
Options 3: Ask Your Employer
OK. This might sound like a long-shot but just hear me out. If I need a fast loan with bad credit I would ask my employer for help. There are a few options you could explore, you could ask for a cash advance for your wages or you could promise to do more overtime for money being paid now. Either way you will have to have a pretty good reason for this. If you need a fast loan for something foolhardy then obviously you will be declined. However, if you have a genuine need like an emergency then I believe your employer will be all ears and they will hear you out. You have nothing to lose and you won't be paying interest which will make you poor.
Options 4: Ask Your 'Bad Credit' Bank
Eventually, you will have to ask your bank for a loan. If I need a fast loan with bad credit I would go to my bank first and speak to my bank manager. Find a bank account which you have held for a long time, make sure you choose a bank account that has a decent history. Go to the bank and ask to speak to the bank manager. You need to personally ask the bank manager for a fast loan. Hopefully, they will see that you have a good relationship with the bank and may overlook the bad credit you have. Make sure you go through your credit report and be ready to answer questions your bank manager may have to find the reason for your bad credit. If all goes well you could get a fast loan with bad credit without spending too much in interest cost.
Options 5: Payday Loans
Payday Loans are short term loans just to tide you over until you get paid. You have to pay a lot in interest but it's short term. These should be used infrequently and it a sure way to get into financial despair if you use them all the time. If I need a fast loan with bad credit just to tide me over until i get paid I would consider the cheapest payday loan available. The process is relatively easy, as long as your employed and you get paid into a bank account the application process takes about 10 minutes and you could have your money in a couple of hours. Just remember that payday loans should be used infrequently and only when you really need the money. Using a payday loan for a night out would be madness in terms of personal finance.
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Options 6: Instalment Loans Horrible Credit
Instalment loans are big business and the spread between good and bad credit is mind-boggling. As the name suggests you pay the money back in instalments which makes managing the fast loan easy. There are a number of instalment loan comparison sites available and you should try your best to find the cheapest instalment loan provider so you pay less in interest, remember the less you pay in interest the less poorer you become. If I need a fast loan with bad credit I would check an instalment loan comparison site and find a lender who will lend given my FICO score. I would apply only when I am sure I can pay back the loan. Failure to pay back the loan would further compromise my chances of getting a loan in the future. Remember, less interest paid the better, the more you improve your credit score the less you'll pay in interest.
Options 7: Credit Card Cash Advance Bad Credit
If I need a fast loan with bad credit I would consider getting a credit card cash advance because sometimes they have some very competitive offers. Some credit cards offer zero percent cash advance where you can transfer the money to your bank account. These offers are normally reserved for people with good credit but you never know, you might get a competitive rate if you call your credit card company asking for a cash advance. Choose a credit card company which you have a good standing relationship with and try your luck. Remember, don't make a habit of borrowing money this way because eventually the credit card company will stop offering you money this way.
Options 8: Car Title Loans Bad Credit
If I need a fast loan with bad credit and I have a good car I would consider a car title loan. As the name suggests, if you own a car you can use the car title to take out a loan where you use the vehicle as a security. Generally, the fast car title loan is cheaper, however you risk losing your vehicle if you can't repay the loan on time. Always do the numbers and don't kid yourself. When you can afford the loan go for it, if you can't afford it ask yourself, do you really need a car title loan?
Options 9: Pawn Electronics Gold Silver
You can unlock a lot of equity from electronics, gold and silver. If I need a fast loan with bad credit I would consider pawning items to raise money. To start, make a list of all the valuables you have and then take them to a pawn store. Your local pawn store will provide you with a loan secured against your valuables. The interest rate you receive will be competitive, however, you risk losing your valuables if you can't pay back the loan. Consider this option carefully because your security is at risk.
Options 10: Be Transparent
Sometimes being transparent and honest to yourself and others will dissipate the need for a loan. Ask yourself why your need the loan. For example, if you need a fast cash loan now to pay the rent it would be a better idea to speak to your landlord for an extension or rent forgiveness and you could move to a smaller place, problem sorted. If you need more money to put food on the table you could take your chances with a Food Bank. What I am saying it there are other options you could explore before you take out a loan.
I Need a Fast Loan With Bad Credit - Do I Really Need This?
I need a fast loan with bad credit, one of the most frequently asked questions on the blog, I hope these 10 options provide some sort of list you can whittle down. The real question remains, do you really need a loan? A better approach would be to find the root cause of your personal finance woes and then build a solid foundation. I always say to people, build your your financial IQ and EQ, always reduce your expenditure and increase your income. Build a damned large emergency fund and only take out debt to invest and use other peoples money to pay back the debt. If you can follow these simple advise you'll never be desperate for money again.
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