{"id":3522,"date":"2019-08-19T14:37:02","date_gmt":"2019-08-19T14:37:02","guid":{"rendered":"https:\/\/sheknowsfinance.com\/?p=3522"},"modified":"2024-01-03T09:42:15","modified_gmt":"2024-01-03T09:42:15","slug":"get-the-money-you-need-how-to-secure-loans-for-people-with-bad-credit","status":"publish","type":"post","link":"https:\/\/sheknowsfinance.com\/get-the-money-you-need-how-to-secure-loans-for-people-with-bad-credit\/","title":{"rendered":"Get the Money You Need: How to Secure Loans for People with Bad Credit"},"content":{"rendered":"\n

Are you struggling with your credit score but need\nto take out a loan? Click here to learn how to secure loans for people with bad\ncredit.<\/strong><\/p>\n\n\n\n

30% of the United States has what major credit bureaus would consider to be below-average credit.<\/p>\n\n\n\n

If you’re among those people, you might\nbe thinking to yourself, “Who the heck cares what some corporation thinks\nabout me?!”<\/p>\n\n\n\n

Unfortunately, that answer to that\nquestion is landlords, life-partners, car rental services, lenders, and more.<\/p>\n\n\n\n

Expanding on that last party, lenders<\/em>, if you’ve tried to take out a personal loan with bad credit, you’ve probably run into rejection. That’s because lenders see too much risk in lending money to people that have proven to be less than consistent when it comes to managing their financial obligations.<\/p>\n\n\n\n

The good news is that there are\nstill ways to secure loans for people with bad credit.<\/p>\n\n\n\n

We outline a few of these ways\nbelow.<\/p>\n\n\n\n

1.\nBorrow from the People That You Know<\/strong><\/p>\n\n\n\n

Very few professional lenders are\ngoing to give you a cent without running your credit. That’s why it’s\nbeneficial to turn to a non-professional lender if you have access to one.<\/p>\n\n\n\n

Your parents.Your siblings.Your\nfriends.<\/p>\n\n\n\n

Depending on how credible you are to\neach of those parties on a personal level, if you let them know that you’re\nstruggling financially and could use help, they may be willing to lend a hand.<\/p>\n\n\n\n

We get that it can be a hardship to\nasked loved ones for money. The truth is though that they are among the few\npeople that might be willing to offer you a no credit check, 0% interest loan.<\/p>\n\n\n\n

2.\nWalk into a Pawn Shop<\/strong><\/p>\n\n\n\n

Pawn shops have been a go-to way to secure loans for people with bad credit for decades. All you need to qualify for this loan is an object of value (a game console, necklace, etc.).<\/p>\n\n\n\n

If you’re not sure if your object is\nvaluable, you can look it up on Amazon\/eBay to get a better understanding of\nwhat it might be worth.<\/p>\n\n\n\n

Pawn shops will give you an amount\nof cash that’s in line with what your item might be able to sell for. Once you\npay back your loan, they’ll return your item.<\/p>\n\n\n\n

3.\nTry a Car Title Loan<\/strong><\/p>\n\n\n\n

Most adults own a car. As a matter of fact, there are well over 250 million cars on the road domestically today.<\/p>\n\n\n\n

Since cars tend to have a value that\nexceeds $1000, they have become an excellent way to secure loans for people\nwith bad credit.<\/p>\n\n\n\n

To use your car to get a loan, find\nwhat’s called a “car title lender” in your community. Then, bring in\nyour car and your ownership paperwork to borrow against your car’s value.<\/p>\n\n\n\n

Just be aware that if you don’t pay\nyour loan back on time, your lender reserves the right to repossess your\nvehicle.<\/p>\n\n\n\n

4.\nConsider Payday Loans<\/strong><\/p>\n\n\n\n

Payday loans get a bad wrap because\nof the volume of predatory lenders that exist in this space. Still, payday\nloans represent a way to get your hands on fast money, and most lenders won’t\nrun your credit in order to facilitate your loan.<\/p>\n\n\n\n

All you’ll need to score a payday\nloan is a job, a checking account, and an ID that proves that you’re a legal\nadult.<\/p>\n\n\n\n

Understand your loan provider’s\nterms (interest rates, fees, etc.) prior to taking on a payday loan to ensure\nthat you’re getting a deal you can live with.<\/p>\n\n\n\n

5.\nAsk Your Bank If They Offer Secured Loans<\/strong><\/p>\n\n\n\n

Secured loans are loans that are\nbacked by an object of value.<\/p>\n\n\n\n

Sound familiar?<\/p>\n\n\n\n

That’s because pawn shop loans and\ncar title loans (both of which we’ve discussed) are types of secured loans.<\/p>\n\n\n\n

Your bank may offer secured loan\nproducts that accept niche forms of collateral.<\/p>\n\n\n\n

For example, a bank might let you\nborrow against the value of your home. They may also be willing to let you\nborrow against the value of your stock portfolio.<\/p>\n\n\n\n

What banks accept as collateral will\nvary from lender to lender, so inquire to see what your options are.<\/p>\n\n\n\n

6.\nFind a Co-signer<\/strong><\/p>\n\n\n\n

If you know somebody that’s generous\nenough to serve as a co-signer (guarantor) on your loan, you’ll almost\ncertainly be able to qualify for an excellent loan.<\/p>\n\n\n\n

Co-signers sign your loan application\nalongside you. If you default on your loan, your co-signer’s signature gives\nlenders legal permission to come after them for any debt that you still owe.<\/p>\n\n\n\n

Given the amount of risk that\npresents to a co-signer, you’ll probably need to have a solid relationship with\nthem in order to get their support.<\/p>\n\n\n\n

7.\nLook for “Bad Credit Loans” Online<\/strong><\/p>\n\n\n\n

With such a large percentage of the\ncountry having below-average credit, lenders have gotten wise to the fact that\nthey’re losing out on potential business by excommunicating those people from\nborrowing. What many lenders have decided to do is create loan products that\nare tailor-made for people with credit issues.<\/p>\n\n\n\n

Consequently, “bad credit payday loans”, “bad credit short-term loans”, and more are all just a Google search away.<\/p>\n\n\n\n

As with all loan products, be sure\nthat you understand your loan’s terms before signing. Loans that are targeted\nat bad credit borrowers tend to be heavily stacked in a lender’s favor.<\/p>\n\n\n\n

Wrapping\nup Our Tips to Secure Loans for People with Bad Credit<\/strong><\/p>\n\n\n\n

Our tips to secure loans for people\nwith bad credit are tried and true methods that people use every year to get\ntheir hands on the money that they need.<\/p>\n\n\n\n

Deduce which tips work best for you,\nleverage them, and make sure you always borrow with the intention of paying\nback your debt. If you do that, you’ll rehabilitate your credit and eventually\nqualify for better loan products.<\/p>\n\n\n\n

We upload new content to our blog\nevery week, so read more of our newest posts today!<\/p>\n","protected":false},"excerpt":{"rendered":"

Are you struggling with your credit score but need to take out a loan? Click here to learn how to secure loans for people with bad credit. 30% of the United States has what major credit bureaus would consider to be below-average credit. If you’re among those people, you might be thinking to yourself, “Who … Read more<\/a><\/p>\n","protected":false},"author":13,"featured_media":3529,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"yoast_head":"\nGet the Money You Need: How to Secure Loans for People with Bad Credit - sheknowsfinance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sheknowsfinance.com\/get-the-money-you-need-how-to-secure-loans-for-people-with-bad-credit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Get the Money You Need: How to Secure Loans for People with Bad Credit - sheknowsfinance\" \/>\n<meta property=\"og:description\" content=\"Are you struggling with your credit score but need to take out a loan? 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