Ways to Get Money when Your Credit Sucks

Credit scores seem to dictate your financial future. If you happen to have a bad credit score it can seem nearly impossible to get the money you need. Thankfully, there are a number of options open to you. It’s still possible to get money when you have a low credit score. This article is going to show you some of these options.

Get a Credit Card for Those with Bad Credit

Need a small loan? You might not qualify for the best credit cards but there are still cards available to you. These cards are designed for people who need help with rebuilding their credit scores. The credit limit may amount to no more than $500, but if you need a small amount of money fast they can be great. In many cases the lenders perform no credit checks for a loan. More importantly, using them correctly will help you to repair your credit score.

Opt for a Payday Loan

Payday loans are short-term loans that can allow you to borrow in excess of $5,000. These are for the emergencies that hit before you get paid; hence the name. These loans are designed for short-term use only, which is why they always come with high interest rates. Make the repayments and you’ll never be hit by these enormous rates. Shop around online for lenders. The money can be in your account on the same day and you can take advantage of online calculators to help you with determining how much you’ll eventually have to pay back.

Consider a Secured Loan 

Sometimes you have to think about a secured loan instead. Secured loans are better because they rarely take into account your credit score. A pawn shop is the best example of a secured loan. You submit a valuable item and if you don’t pay the money back you lose that item. The item is always worth more than the loan, so the lender never loses out. A type of secured loan is a mortgage. As you can see, if you have an asset you can get one of these loans.

A Cosigned Loan

Some lenders will give you money if you can find a cosigner to guarantee that loan. The way it works is if you fail to pay back the loan the cosigner is responsible. The cosigner can be anyone from a family member to a friend. Think about whether you can pay the money back before asking someone to take this position of responsibility.

Borrow from Family and Friends

A final alternative is to borrow money from family and friends. Tell them what you need the money for and ask if they’ll grant you your request. Set down the terms of the loan in writing and treat it as seriously as you would treat a loan from a bank.

Conclusion – There are Options

As you can see, there are options on the table for those with bad credit that need a loan. Take a look at which one works for you based on your personal financial circumstances.

How will you get money if you have a low credit score?