Cheap personal loans for people with bad credit on SSI aren’t just a hopeful dream, they actually do exist. You just have to know where to look and how to pick the right type of bad credit debt loans for your needs. There are actually quite a few options when it comes to debt loans for people with bad credit. The main problem arises when trying to decide which is the best type of financing for you. In this article we will look at each of the main options available to you and give some recommendations on who they might be best suited to.
Cheap Personal loans for People with Bad Credit on SSI – Bad Credit Debt Consolidation Loans
If you have a lot of debt in multiple places and with multiple lenders it can get to be too difficult to manage. All of the account keeping fees can really start to add up too and you can end up surprisingly out of pocket on these alone. If you are in the situation then the best thing for you might actually be to seek out debt consolidation with bad credit offers.
Most debt consolidators will do a credit check but there are a few who will help people who want debt consolidation with bad credit. Debt consolidation essentially takes all of your smaller loans and rolls them into one larger one. You get one flat repayment that you have to deal with (instead of many) and you have to pay less fees overall. In some cases you can even get al lower interest rate then your average interest rate before (especially if you are paying off credit cards too).
Cheap Personal loans for People with Bad Credit on SSI – Pay Day Loans – Cash Advance Loans
Your next option is more of a short term one – cheap payday loans for bad credit applicants. Payday, or cash advance loans simply give you a loan that is based on your guaranteed pay-check. This is great if you cannot afford groceries or bills but have a guaranteed income that will come later (such as a welfare payment). The best thing about this is that you do not need a good credit rating – most payday lenders don’t even check. You can find a pay day loan online or through a local office (usually in major cities).
Cheap Personal loans for People with Bad Credit on SSI – Government and Welfare Loans
Getting a loan from the government is your best option if you are on welfare and need a medium-term loan (for a couple of months). The way most welfare loans work is that you are essentially given an advance on your payments. This advance could be to the sum of two or more pay periods worth of payments.
Then you pay the loan off over time by simply having an amount deducted from each pay packet. The benefits of this option are that it’s very simple and easy to manage (you basically do not have to do anything) and you often do not have to pay interest. The only downside is that your payments are going to be a fraction smaller (it could be anywhere from 5% to 20%) for the duration of the repayment period. If you think this might be a good option for you then you cans imply ask in your local welfare office.
Cheap Personal loans for People with Bad Credit on SSI – Credit Card Debt Financing
Using credit card debt is actually the least recommended option on this list because the risk of massive debt and interest rates is too high. However, credit card debt financing can have it’s uses in very particular situations. The best example of this is when you are 100% certain that you will be able to repay the amount you spend on the credit card within 30 days. This might arise when you get paid on the 15th, for example, and you need to pay a surprise bill on the 10th of the month.
This could be a repair bill or even a hospital bill. In this situation the commitment of a larger loan is not appropriate for the amount of time that you need to take the loan out for and because you can repay the loan quickly so that you do not have to pay any interest. In any other case, however, it is recommended that you look at one of the other options for cheap personal loans for people with bad credit on SSI.
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