Alternatives to Very Bad Credit Personal Loans

Most months in a bad economy, you may strapped for cash and may want to consider alternatives to very bad credit personal loans. Despite your financial history and score, you should be able to find short term assistance alternatives without using pay day loans. All the options listed in this article will help you through an emergency.

Before you start looking for emergency money, make sure you’ve used all available resources, including using your savings or asking friends for a few extra bucks to pay off bills and avoid disconnection of your utilities.
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To the pawn shop

A pawn broker is one location where to find money till payday. Of course, you’ll need items of value to pawn, but you should get about 25 percent of the value of your item from pawning it.

Although that’s not necessarily a fair price, it does provide the option for temporary assistance when struggling through hard times.

The best option is selling your items on craigslist or eBay. This allows you to set the price but can cause problems because it’s not that quick, especially when you say the phrase — “I need money now!”

Local churches that help with rent

It’s possible that you may get assistance from your community. Your local church would be the first place to start. Your pastor may have a fund set up for folks struggling with bills.

Please keep in mind that you’ll need to be an upstanding member of this community. A lot of times the pastor and the congregation won’t want to see “one of their own” fall on hard times and will help out.

Any money you receive would most likely need to be paid back and will be more like a fast cash loan. Also, there’s no guarantee that the church will be able to help you out.

Charities such as the Salvation Army may be able to help you with your heating bill. They also have products that are discounted and affordable for many folks, which can indirectly keep money in your pocket.

Making Home Affordable

The Making Home Affordable government program won’t help you with quick cash today, but it will provide options to keep your home out of foreclosure.

The program may allow you to refinance your mortgage, suspend your mortgage payments or reduce the amount owed if you are temporarily unemployed.

This is beneficial when you are strapped for cash. It’s important, though, to contact your lender before you have problems, which will provide additional options — instead of having to turn over the keys and vacate.

Prevent disaster today

The only way to avoid problems is to prepare. This may involve government assistance programs for low income families that help with the bills.

Although the state probably won’t provide a cash payment, it will offer options to manage bills and food costs if you are struggling.

One option is food stamps. This can help reduce your grocery bill, which can help you save more money and put it towards the mortgage.

To those who have specific status — i.e., single mom with kids, disabled, and the like — you may qualify for other sources of emergency money.

I hope this article about alternatives to very bad credit personal loans has helped you.