What do you do when you have poor credit and desperately need some cash? Usually, in this situation you would visit your bank and ask for a loan. However, with your poor credit rating you have to look for alternative ways of borrowing money. Then you find yourself on the look out for a guaranteed bad credit loan. Today I would like to discuss 3 very dangerous ways to get guaranteed bad credit loans:
1) Credit Card Cash Advances - You should definitely not consider borrowing money from your credit card. This is an easy way to get some quick cash, but drawing money from a cash machine will not do you any favours. You can expect to be charged a small handling fee every time you choose to withdraw money this way. Also the interest charged on a cash advance will vary from lender to lender, but it will usually be around 35% and above.
2) Credit Card Cheques - This will work much the same way as a Cash Advance. Have you ever noticed the credit card checks you receive occasionally when you get your statement. These are not the same as making purchases on your card. There is usually a a handling fee of 3% or above for borrowing money this way and the interest charged is usually well in excess of 30%.
3) Pawnbrokers - Many people will view this as a final option. If you wish to borrow money from a Pawnbroker, you will have leave something behind of value. This will act as security against your loan until it is repaid. There will no credit checks, so i guess you could call it a guaranteed bad credit loan. However, the interest charged on your borrowings will be extremely high. Also you risk losing your security should you default on your repayments!
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