How to Get Very Bad Credit Loans

Do you have very bad credit? Loans, I'm sure you've found, are very hard to come by. And the reality is that even if you're rebuilding your credit it's going to take a very long time before any bank or credit union would consider lending you a dime.

Have you ever tossed and turned and felt fear grip your stomach in a vise because of what might happen if you really needed cash quickly but couldn't come up with it? Did you think what would happen if your child needed a doctor but you didn't have the money to pay for it? Or if the car you need to go to work sprung a leak and you didn't have the money to get it plugged? Or if the electric bill was due but you spent all of your cash on food for your kids?

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Hopefully these things won't happen to you. But they could. And what would you do?

Luckily you will be able to use a certain method to get out of this predicament, but there's a price you'll have to pay. If you ever really need money you will be able to get bad credit loans to get you back on your feet again.

These loans sometimes go by the name of cash advances. Others refer to them as payday loans. Bottom line is that if you meet some minimum qualifications you will be able to borrow up to fifteen hundred dollars - and there will be no credit check.

Payday loan companies are in the business of lending money to people with poor credit. In order to get your application approved you would have to have a steady income, be over eighteen years old, be a citizen of the country you're applying in, and have a bank account. Neither your credit score nor the reason you want to borrow the money matters.

It doesn't matter if you're overdue on your bills or if you have declared bankruptcy - you will still probably be able to get your loan. But, as I mentioned before, there's a price to pay. And the downside is that the interest rate is quite high.

Cash advance companies often charge 10% to 30% interest. In other words, if you borrow $500 at 20% interest you'll have to repay $600 from your next paycheck.

If you find you cannot repay it all, many payday lenders will permit you to extend your loan for another payday or two. And charge you more interest. It can get to be a very tough situation to get out of.

That's why most people only get these loans when they feel they have no other options and some emergency has come up that they have to deal with. It's good to know these loans are available if you need one.

To be really prepared, though, many people in this financial situation take some time to research the interest rates at a number of companies before they need the money. This way they'll be able to find the lowest rates for when they might need it.

And then they can get a good nights sleep.

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