Credit SparkFinancial Tips for the Average Joe

Getting a personal loan with bad credit is much simpler than you might think. This is especially true when you don’t need to borrow that much money. There are lots of loan options that don’t even check your credit score, so having bad credit is irrelevant to whether or not you get approved. In this post I want to share with you how all of this works so you can get a loan today.

No credit check loans get a bad rap in the media, but when used responsibly they are one of the safest and most efficient ways of getting a loan. The fact that they are so easy to get approved for leads to many people abusing them, and falling into an incredible amount of debt once they can’t afford to repay them.

The most common type is the payday loan. These are unsecured loans that rely on your income to determine how much you can be approved for. Payday loans carry a very short term, and are usually repaid in full after 14 days. The necessary things you need to be approved for a payday loan is steady income, to have been at your job for at least six months, make over a grand a month, and have a checking account. You can apply for these locally or online, the interest rates and terms are all relatively the same.

While there isn’t a credit check involved with these loans, many will check into your background to make sure you haven’t recently filed for bankruptcy, have outstanding payday loans, and don’t overdraft your checking account often.

Another type of secured loan for people with bad credit are title loans (logbook loans in the UK). These use the value of your car to get you a loan. In order to be approved for this type of personal loan you need a car that has been paid in full and possess the title. Generally, you can borrow up to 50% of the car’s value, but each lender will have their own terms. Failure to pay this loan back will get your car repossessed and sold at auction.

Getting a loan for bad credit is easy when you use these types of loans. The important thing is that you don’t rely on them as a source of income. They are expensive and risky, dependency on them will almost always result in major financial problems later.

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