I Need a Personal Loan Today, But I Have a Bad Credit Score – What Can I Do?

If you are struggling with your bills, or need money now, you may be saying to yourself, I need a personal loan today, but I have bad credit. When you need cash immediately, it can be difficult to impossible to accomplish it through lenders that will examine your credit score and payment history. If your score is poor, you aren’t very likely to get approved to borrow from banks and other lenders. Why not focus on no credit check lenders? This is going to be your best bet for borrowing. In this article, we’ll explore some of the best options when you need a personal loan today, but you have a bad payment history. Even if your score is under 550 or 600, you have some options.

No Credit Check Lenders

When you go to take out a personal loan today, your poor payment history may dictate you go to guaranteed approval lenders. Unfortunately, there aren’t nearly as many options as there are for those whose scores aren’t under 580. Still, it can be done.

Car Title: If you own a vehicle free and clear, many car title lenders are willing to borrow you money without a history check, or will borrow you money fast even with a low score. You will pay very high interest, but you will be able to get cash fast.

Payday Advance: If you need to borrow $5000 today, you probably won’t be able to use a payday advance type of institution. These lenders will only borrow you a percentage of your bi-weekly or monthly income. Still, if you need to borrow $500 today, it’s very possible. Best of all, the process is very quick, often done in less than one hour.

Guaranteed Online Personal Loans: Banks and credit unions don’t offer this, but many online lenders do. They will do a credit check, but they often can guarantee approval by charging high interest and requiring collateral for the money. Some will require automatic payment withdrawal from your checking account.

Avoiding High Interest Loans

You do have some alternatives when you need money now, but have a bad credit score. Listed are a few things you’ll want to explore when you need cash, whether it’s $1,000, $2,500, or even more.

Asset Liquidation: Sell anything and everything you can legally sell. It may take a few days or a week, but you can raise your balances this way. You’ll also be in place to show better debt management.

Put Up Collateral: It can be scary, especially if you default on the personal loan and lose your collateral, but having it will help to decrease your interest rates and get you approved.

Borrow From Parents: Borrow from someone you know well. Complete a contract and pay them interest in your monthly payments to avoid high risk financial institutions.

Save: Eliminate the need to borrow tomorrow. Start saving, even if it’s just a few dollars per check and you may be able to eliminate the need to ask lending companies for cash later.

If you need a personal loan today, but you have bad credit, you have some options to keep in mind.