Time for Easy Loan Options: best Choices
You should give serious consideration to your repayment options before applying for a payday loan. Consider if you will have the payment and interest available next month if you are short on funds this month. Can you foresee any monetary windfalls? Will you be able to maintain your current standard of living, or will drastic budget cuts be necessary?
The Cooling-Off Period of 14 Days
Within the first 14 days, you have the option to cancel the contract without penalty. Only the interest accrued on the amount you borrowed is due. If you were overcharged, you should receive a reimbursement.
Collect a Co-Signer
If you want to improve your loan terms and increase your borrowing possibilities, finding a co-signer or co-applicant is your best bet. A reliable person who has better financial standing than you have is an appropriate co-signer. Having a cosigner makes you a less risky borrower, and may allow you to negotiate better conditions and interest rates on your loan.
The Top Loan Options for People with Poor Credit
Finding a means to secure a loan when you have negative credit can be discouraging, but there are still options to help you out of a financial bind. Some of them are listed below. Otherwise slickcashloan offers personal loans for bad credit with quick background check.
Funding On an Individual Basis
Personal loans are installment loans that typically have repayment periods anywhere from two to five years. Borrowers with less-than-perfect credit histories still have access to lengthy repayment periods with personal loans.
Alternative Payday Loans
This choice might be available to you if you’re a credit union member. Loans offered as an alternative to a traditional payday advance typically have lower interest rates and longer repayment periods. Although PAL loans often range from $200 to $1,000, they are a much safer option than traditional payday loans.
Avoid These Risky Bad-Credit Loan Options
When looking into negative credit loan choices, you may come across predatory lenders who don’t have your best interests in mind. Loans with exorbitant interest rates and unfavorable terms are offered by predatory lenders to those with bad credit who are in dire need of money. Avoid these loans at all costs because they can lead to worse financial difficulties down the road. Avoid the following bad credit loan choices at all costs:
Instant Cash Advance Loans
Payday loans are small-dollar loans often due on your next pay day. A typical payday loan has a maximum value of $500 and requires repayment on the borrower’s next payday. Payday loans have notoriously high interest rates and are risky because of this; if you can’t make the payment, your balance will continue to grow.
Bad Credit Loan
Hard money loans are short-term loans secured by a physical asset, most commonly real estate. While the application process can be completed in as little as a few days, there is significantly less oversight than with a typical lender due to the private nature of the lender.
Prepaid Card Advance
Another type of short-term loan, cash advances can be obtained with the use of a credit card or, in some situations, via internet services. It’s important to keep in mind that cash advances often come with sky-high interest rates that must be paid back in the future.