Finance

Is It Possible To Get Personal Loans For Poor Credit?

Personal Loans

There are some cases in which people that had negative records in the credit bureau were not able to obtain a loan. Generally, if the person can prove that the bad payment period was justified for objective reasons, the financial institution might accept the proposal of offering another loan. If this is not an option, there are always the companies approving credits for people with negative records.

When can you get cash loans with no credit check?

The payday loans are short term loans of small sums, on short term. It is the best method for a person to get $500-1000 for a few weeks. However, those are expensive credits, so it is not worth it to take such a credit unless you have some serious reasons. The personal loans for poor credit come with an APR of 350% per year or even more and this means that you need to pay the loan back in the shortest time possible.

The payday loans companies would not check your credit score, unless you are late with payments. For a loan of $100 for two weeks, you will pay $15 as interest, meaning one dollar per day. If you put it in this way, the loan might not seem so expensive, but if you calculate yearly, you will come up with an interest of 350%, which is immense.

The personal loans for poor credit were invented for cash emergencies. Let’s suppose that you were fined for speed driving with $300, and you have no other method to obtain the money fast, besides the personal loans for poor credit. You have two weeks left until the payday, but if you don’t pay the fine in 48 hours, you will have to pay double! Considering that the payday loans are approved in less than 24 hours, you can consider this as an alternative. After all, paying $45 in two weeks for $300 is definitely better than paying $600 when you receive your paycheck.

The traps of payday loans

The payday loans are transparent enough, so anybody could understand those. However, there are many people that simply don’t read the contract, and they end up paying a lot more than initially estimated. The interests are high enough for those fast credits, but if you are late, the penalties are huge! If you feel that you can’t pay the loan at the designed date, call the payday loan company and ask them for an alternative. They might want to prolong the loan, but be aware that the interests are the same. Basically, you must calculate $1 per day for every $100 borrowed, if you can find a decent payday loan company with decent costs.

If you are late without justification for the payday loan and you don’t even bother to talk with the lender, then you will be recorded in the credit bureau, and you can be sure that no other payday lender would accept to give you a credit. As for the banks, you can be sure that those will be even more reluctant in offering credit to persons with a really bad financial situation.

About the author

Sherrlene Reno

Relationship Psychology Degree At University Of Cal State Northridge. Currently has own current practice in the fields of Relationship And Partners in Motivational Psychology.

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