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If you need money now, you can always simply visit your local bank and ask for a loan, but if you do that, you may not be able to find out the same day whether or not your loan was approved. It’s possible that your financial emergency won’t wait a week or more to be solved. Fortunately, there are several different options at your disposal when you need money in a hurry.

I Need a Loan ASAP, but I Have Bad Credit

As if needing money fast weren’t worrisome enough, having bad credit on top of that only makes matters worse. Everyone knows that most financial institutions don’t like to lend money to people with poor credit. So, what can you do if you fit this profile? First off, you should do some research on poor credit loans instant decision. These loans are designed for people with bad credit who need money now. Depending on the lending company you choose, you could qualify for personal loans $5000 and under. Like almost all loans for people with bad credit, these come with high interest rates and are either secured or unsecured. The unsecured loans for bad credit instant decision are going to be for smaller amounts than the secured loans. Securing a loan with collateral, whether you have bad credit or good credit, means you stand a good chance of being approved to borrow larger sums of money.

Try To Find a Cosigner

Assuming you want to avoid the unpleasant consequences that are associated with loans designed for people with bad credit, your best bet is probably to get yourself a cosigner and visit your local bank to apply for a traditional loan. If your cosigner has good credit, you may be able to get the money you need quickly with a reasonable interest rate. While it’s true that banks often take their time approving loans, you might be able to get them to speed up the process if you explain your circumstances. Before you ask a trusted friend or relative to cosign with you, be sure that you can actually pay back the loan. The Federal Trade Commission reports that three out of every four cosigners end up paying back the loans they cosigned on. If this happens, it could ruin any good relationship you ever had with the person who agrees to cosign, so be absolutely sure this won’t be the end result before you ask for their help.

Try Getting a Payday Loan

20 minute payday loan might be a good idea if your financial emergency is incredibly pressing. With payday loans, you can be in and out of the office with money in hand in 20 minutes or less. Before you go in to apply, be sure of how much you need to borrow. Loans with fast approval like these that are designed to be paid back on your next payday usually have limits in place as to how much you can borrow. Chances are good that you won’t be eligible for more than the amount of your average paycheck. It also pays to be wary of loans like these. Consumer Affairs warns borrowers against payday loans because of the absurdly high interest rates. You should probably be pretty desperate for fast cash before taking out this type of loan.

Payday Loans have become increasingly popular in the United States within the last fifteen years. Their stores even outnumber fast food franchises in some places according to the New York Times. Some people see payday loans as predatory because their fees go up above annual interest rates of 300%.

If you can’t pay the loan back with the added fee on your payday then you can pay only the fee and often the loan will ‘roll-over’ onto the next two weeks, by which time you will have to pay the entire loan back again with another added fee. A consumer agency set up in 2009 now regulates payday loans, specifying caps on interest for example. A payday loan is often tempting for those who want convenience, but it can lead to a cycle of more and more debt if it cannot be paid right away. Check if your lender is legal in your state and see its rating at the Better Business Bureau.

A $4000 loan overnight is the kind of amount you would expect to get from a personal loan, not a payday loan as the amount is too great to just be paid back on your payday. Loan periods stretch from months to 60 months, the last being five years. Stretching out the cost of the loan may mean cheaper instalments but the loan can take longer to pay off perhaps leading to some financial difficulties especially if other financial commitments come occur later on. A personal unsecured loan is going to have higher APR rating. A 10,000 dollar loan is probably going to be taken out as a secured loan perhaps as a home equity loan for example.

Cash loans for people with terrible credit are easier to come by than you think and sometimes it has to be asked if it is ethical for lenders to be borrowing to people with such a history, but often they need loans to consolidate already existing debts. If you choose to take out a loan with bad credit you are instantly connected to those lenders who have interest rates, fee charges and overall costs tailored for those with bad credit, which means you may get less of a good deal than if you had good credit.

I need a loan after bankruptcy. Is there any hope of getting one?

According to MSN Money, getting approval for a loan after bankruptcy can be a positive thing — as long as you are ready to become financially responsible. If you get the loan approval you need, you can use it as a valuable opportunity to rebuild your credit score. If you ever want to be considered by reputable lenders offering lower rates of interest again after you initially file for bankruptcy, you’ll have to have improved your credit rating. These subprime personal loans that you have to settle for just after a bankruptcy can be used as stepping stones toward that as long as you are responsible and have learned from your past mistakes.

Filing for bankruptcy is definitely one of the most financially devastating things that could ever happen to you, and getting a loan with bad credit after you’ve filed probably won’t be that easy. However, it’s not impossible, either. But first, there are some questions you should ask yourself because getting a loan may not be the smartest thing for you to do for obvious reasons. Before applying for a loan, ask yourself:

  • Can the money wait?
  • Do I have the means to pay the money back if my loan is approved?
  • Is there any other way to get the money apart from taking out another loan?

You should think about your answers to those three questions carefully. If there’s any way that you can put off whatever circumstances have led to you needing this money after your bankruptcy, do it. It’s likely that not being able to repay your debts has gotten you into this mess, and you’ll never get out if you keep throwing yourself further and further into the hole. Also, it’s important to keep in mind that you might not be eligible to file for bankruptcy again for several more years. If you find yourself in a situation before then where you cannot pay off your debts, there won’t be an out available to take. It’s also best to put off borrowing the money if you know you can’t afford to pay it back. If the money is something that you cannot wait on, try to see if you can possibly borrow it from a friend or relative instead of taking out a loan. You might also want to consider selling something you own that is of value to raise the money you need. Doing this would prevent you from having a monthly payment to keep up with.

If you have determined that you need a loan after bankruptcy and it simply cannot wait, you’ll have to accept the fact that the only lenders willing to do business with you will likely be those that primarily work with bad credit borrowers. There are also some lenders who cater to people that have just filed for bankruptcy, claiming that they can help you get the fresh start you need to turn your credit around. Unfortunately, these lenders generally charge a great deal of interest on top of the amount borrowed. Keep this in mind while you consider borrowing the money, and make sure that you can in fact pay back whatever you’re given before taking out another loan.