I need a personal loan quick, but I have bad credit! Many of us fall on hard financial times, but it is very important to consider all of the options we have carefully. You may very well be able to avoid going to the bank to borrow money, if you only put a little bit of time and effort into it. Believe it or not, there are many additional options you might have, no matter how bad your FICO may be. Just because you have a bad payment history does not mean that you cannot raise some capital quickly. If youre considering a high risk loan, but you have bad credit, you may need to think about some of the viable alternatives I have the offer. While they may not work for everyone, theres a good chance of least one of the items on this list will work for you.
The value of a second job
I know that times are tough, in jobs are hard to come by, but if you checked out the classified ad lately in your local newspaper? There are many businesses hiring, especially those that are looking for part time workers to fill in shifts. Many retail establishments are bidding for workers to come and fill out applications to work for them. While the work may not be glamorous, it is a good way to raise some additional money quick, and avoid having to take on another personal loan when you already have bad credit. Think about this: if you get a second job and make $9.00 an hour, working just one shift per week, you would bring home over 250 extra dollars each month. It may not be as fast is going to the bank and borrowing money, but if you have bad credit you may not be able to get a loan anyway. There are some good odd jobs for fast cash out there as well.
Selling unwanted items
There are many online auction sites and classified ads websites that you can use to sell any item you have that is of value. If you need a personal loan quick, but you have bad credit this is a good option to keep in mind. Many of the auction sites and around these days allow you to select short term auctions, those which ended a week or less. This is a fast way to get your hands on some cash when you need it. Of course, you have to have something of value that you can sell.
Borrowing money from a friend
It might be hard ago for under family member and ask them to borrow some cash, but if you cannot get approved to borrow money from the bank, it might be the only a real option you have if you need money quick, but have bad credit. If you do this, its a good idea to sign a contract with the person you will be borrowing from help ease their mind. You must use caution with this, since failing to pay back the money could end up hurting your relationship with your friend or family member. This could cost you a lot more that cash!
If you feel you simply must borrow the money, look into some ways to improve credit scores to improve your chances of getting approved. Even though you may be saying to yourself, I need a personal loan quick, but I have bad credit, you now know some alternatives you can explore.