If you have a poor credit history and nothing to use as collateral for a loan, your options for obtaining a loan are severely limited. If you're not careful you could get burned by dishonest "lenders".
If you search any search engine for unsecured bad credit loans, you're going to come up with various finance companies, auto title loan companies and payday loan companies. The question is should you borrow money from these places?
That really depends on your situation. People borrow money for different reasons. If you're looking for such a loan because of an immediate, dire but more or less temporary need, such a loan may make sense. If you've just come out of a financial hardship (such as long term unemployment) and you want to rebuild your credit, these kinds of unsecured loans may make sense. If you desperately need money now for some reason but your income and therefore your ability to repay the loan is somewhat uncertain, you could be jumping from the frying pan into the fire.
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You have to ask yourself a few questions and answer them honestly before deciding whether you want to take out such a loan. Then you have to thoroughly check out the lender(s) and the terms of the loan before deciding whether or not to borrow from a specific company.
The most important question you need to ask yourself is, do you actually need to borrow money? Really consider whether or not the situation you're trying to handle can be resolved without borrowing money. If you're trying to rebuild your credit after recovering from a financial hardship, the answer is yes. You'll need to take out a loan from somewhere. If you're not trying to rebuild credit there are a few other questions you should probably ask yourself. Can you get the money some other way or from some other source? Can you sell something you own to raise the money? Is there a relative who could lend you the money? If you need the money because you can't pay your debts, don't take out another loan. You can't borrow your way out of debt. A debt consolidation program would probably be a better choice than borrowing more money.
If you do need to take out a loan from a lender that does unsecured bad credit loans you need to check out the company. There are lots of ways to do that. You can check with the BBB, you can check Yelp to see if anyone has had dealings with them and posted a review. There are legitimate lenders who make personal unsecured loans to people with bad credit. Unfortunately there are also plenty of rip-off artists as well. If your reason for taking out such a loan is to help rebuild your credit, you need to make sure that the lender will report the loan and your payment history to the credit bureaus. Legitimate lenders usually do. Legitimate lenders will not ask for cash up front as a condition of doing the loan.
Here are some claims I've copied from some random websites offering unsecured loans to people with bad credit.
Benefits of Unsecured Bad Credit Loans
Lower monthly payment Zero-risk to your property Fast and impeccable service Flexibility in payment
Features of Unsecured Bad Credit Loans
Negligible paperwork Loan amount as per your needs Fast loan processing Innumerable choices of lenders Free consultation Great terms Secure and confidential Experience and results No collateral required Same day decision
If some of these claims sound too good to be true to you. They probably are as the saying goes. Several of these claims sound both attractive and reasonable. That's why it's important to check out the company making the claims. If you do that, you can avoid getting burned.
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