Here’s a quick profile of people of who need instant decisions on bad credit loans. They’re more likely to be a young male, earning more than $1, 000 monthly, and in rented accommodation. Many are unmarried with no children. And many have bad credit ratings because of plain irresponsibility or ignorance borne out of laziness. Take Andy, for example.
“I take the blame for not taking the time to understand why it really wouldn’t cut it if I just paid the minimum on my credit card balance monthly. Having a credit card was like having an allowance from my parents because I could buy stuff even when I really didn’t have the money for it. At the back of my mind there was always the nagging thought that I would have to pay for all of it eventually, but I always managed to hush that voice down and swipe the plastic. But, boy, did I pay the price. When all my cards were maxed out and I couldn’t even pay the minimum, all my cards were frozen and I had to live on cash the whole time. You do that for even just a short period of time and you quickly find out why credit is so important. We all need credit to survive in the modern world and I’m really tempted by instant decisions on bad credit loans being offered by online lenders. Given my history with credit, should I even consider this?”
Andy should consider all options of course. Like most borrowers of bad credit loans needing instant decisions from the lenders, Andy might be employed and have a bank account. Bad credit loans can be a sensible alternative to running up an unauthorized bank overdraft.
Requirements for bad credit loans
Not surprisingly, because bad credit loans need instant decisions from lenders the requirements are very basic. You just have to be at least 18 years of age, with a stable job and a bank account. There are no credit checks performed, you can complete your loan within minutes, get offers from lenders within an hour and get funds credited to your account on the same day, much like what they do in the UK and Canada. These loans are easy to get that they are also referred to as instant approval loans.
Finding lenders of bad credit loans
These online lenders aren’t very difficult to find. They proliferate on the Internet but you need to exercise caution in choosing the lender from which to borrow instant loans online. There have been numerous complaints about unscrupulous lenders who are out to take advantage of your dire need. The bad news about predatory lenders that you hear about in the news is really true. You will need to do your homework so you’ll find lenders who are honest. When you’ve made a shortlist of the lenders that you might want to borrow from, check the Consumer Financial Protection Bureau website. It contains a list of lenders who have recently been reported by consumers. The CFPB is mandated to regulate lenders of easy personal loans.
Your alternatives to bad credit loans
Taking out an instant-decision bad credit loan should be your last resort. Before you finally decide to take out that loan, answer these questions.
- Have you explored ways to earn extra money? Do you have special skills that you can earn from? Is there something you’re really good at? This alternative has spawned many successful entrepreneurs who turned hobbies into successful businesses. Also explore online income opportunities. They may not pay much but could make the difference between surviving until the next payday and taking out an easy personal loan. If you can, find a second job.
- Have you tried credit cooperatives? These are not-for-profit organizations that invite members to deposit an initial cash outlay, so in the future they can take out loans based on their deposits. Usually, a member can only apply for a loan once a year to make way for other members who need to borrow.
- Have you tried asking help from family and friends? Why not? They’re the people who stand to gain the most from your financial health. You might not or might not think less of you if you do this, but does that really matter?
- Have you tried selling what you absolutely don’t need? This a perfectly honorable way of getting cash when you need it. In the process you might realize how you’ve been spending on things that you don’t really need.
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