Personal Loans for People with Bad Credit • Personal Loans for People with Bad Credit
August 26, 2010

Things To Know About A Bad Credit Loan

23

Even though your credit may be bad, you can still borrow money. There are a myriad of companies available to you today that will give you a bad credit loan when you need it.

There are two forms of loans that are very common for people who's credit is less than perfect. These are the pay day and high interest installment.

The first is the loan that is due on your next pay day or pay day loan. The requirements are that you keep a checking account in good standing order so you can write a post dated check if you do this in person. If you choose to take out your loan on line, you will need to have at least a deposit type credit card. This is for the purpose of the lender being able to draw the money directly out of your account. Some companies require that you also have direct deposit from your employer on your account.

You will be able to borrow a small amount of money, say 250 dollars. This will payable on the next date you get paid. If you would like to extend the loan for another couple of weeks, you will be asked to pay the interest. This is around 100 percent a year. If you want to extend for a couple of weeks, be prepared to cough up around 40 bucks. This type of credit is not real inexpensive !

The other loan is the installment; these have the same bank requirements and interest structure. The difference is that you will be able to pay a 300.00 loan back in a 6 month period, one payment per month.

It is nice that you have this type of credit available to you in a time of need. Just be sure to make your payment on time or you will have no where else to go for credit when you need it.

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Tags: bad credit loan, bank requirements, credit, Bad Credit Loans, checking account, day loan, high interest

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December 5, 2010

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January 29, 2011

drewloannow2020 @ 10:18 pm #

These loans do help? people who are in financial emergencies, but you don't want to get to dependent on them.

March 5, 2011

jalansaket @ 12:28 pm #

Reuters ans CNBC quoting me: and

March 19, 2011

ekochman @ 2:21 pm #

While you are correct in that for some people who have been out of work for a while this is an obstacle, you have missed part of the reason for the credit check. If you have access to any confidential information, financial or not (e.g. customer lists), then the company needs to know if you are at risk for selling that information. Yes, there are some jobs where you don't have access to this kind of information and therefore should not require the credit check. However, most jobs do give you access to confidential or proprietary information, and therefore would require the credit check.

As a second point, note that when the company does a credit check, they will see your credit history as well. So if you generally had good credit until you lost your last job 6 months ago, and your credit rating slowly fell since then due to poor cash flow, they will see that. Some companies will be unreasonable and not look beyond the bottom line of your credit score today. Most, however, I believe would take that into consideration as well.

March 23, 2011

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March 25, 2011

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June 30, 2011

BEAUTY_ndaBEAST @ 1:13 am #

man, i'll just get it tomo! hey did you see those forms in the office that i filled out for direct deposit?

July 30, 2011

The Next Web @ 1:51 pm #

Reading, articles and World Financial Group reviews –

August 6, 2011

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August 7, 2011

andy @ 5:05 pm #

Great post and I agree, smh is slipping and there are much better publications for free available out there (NY Times, BBC to name a few). I am currently living in the states, though born and bred in Australia, and I have a blog that talks about Aussie finance – , and I am finding that I turn less and less to smh.com for my business and finance information. The Australian and Bloomberg are much better.

Also, got a trial subscription to the II (and other newsletters), which I am enjoying (see my review on the blog) and will look to become a subscriber. Also like this blog and adding to my Aussie blogroll.

Cheers,
Andy

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