Believe it or not, there are many bad credit lenders for personal loans that are just waiting for your application today. Whether you need to start up a small business, need to pay for insurance on your small business, need to secure bonding in order to do your work, or just need a few extra bucks to be able to pay the bills or pay for an emergency, there is a personal loan that you can get today. The downside to having a loan from a bad credit lender is that you will likely be paying quite a high interest rate, but that’s what happens because of the risk of bad credit.
First Check With Your Local Bank
If you have a checking and savings account with your local banking institution, then you may not even need to approach bad credit lenders for personal loans because you can get one directly from your bank and at a better rate. Many financial institutions will examine your financial history, what your income looks like and how regularly it comes in, and will extend a loan based off your income that you bring in every month. If you have bad credit, you will almost certainly have to set up an automatic deduction from your account every month, but by doing this you could end up saving 10% or more in interest.
There’s Always Money Mutual
If you need money fast, then Money Mutual has an entire network of bad credit lenders for personal loans at their beck and call. As long as you have a checking account and make $800 per month, you qualify for their services. You can even qualify to receive up to $1,000 in your checking account tomorrow. That’s the easy way to get the money, but to have access to this cash liquidity, you are going to pay for it. Many of these short term loans have interest rates above 300%. That means for a $600 loan, over a span of 3 or 4 weeks you will have to pay $135 in interest. However, if your fees are going to be more than the interest, then this makes financial sense.
Some Banks Specialize in Bad Credit Finance
Sometimes you just need to have something because of your circumstances. There are banks that realize this and specialize in being bad credit lenders for personal loans because the risk involved in the loan when compared to the amount they’ll make in interest payments gets offset. Often you will need to apply for a loan like this through the bank’s loan officer or through a broker that can help you with the specific paperwork, credentials, references, and all that other good stuff that you need to get a loan. The interest rates on loans like these aren’t as high as they are on short term personal loans, but they are comparable to the interest rates of your credit cards.
If you need money today for any reason and you have bad credit thanks to a foreclosure, a bankruptcy, a divorce, or from being unemployed for a long time, you can still find bad credit lenders for personal loans that will meet your needs today.