Where Can You Borrow Money With Bad Credit – 4 Tips to Help You Get the Money You Need

If you have bad credit, you may be under the impression that you cannot qualify for any type of loan. The fact is, however, that having bad credit does not automatically make you ineligible for a loan. If you need to borrow money, traditional lenders will often be willing to grant you a loan.

Whether you need to buy a car, finance a home, or pay for a college education, there are unsecured personal loans for people with bad credit available to you. If you approach traditional lenders, they will likely turn you down for a loan. However, there is an alternative source you may want to consider – payday loans.

What Are Payday Loans?

Payday loans are small, short-term loans designed to give you quick access to cash. Just like any other type of loan, payday loans charge a high-interest rate. However, your loan will be repaid from your next paycheck, thus minimizing the risk to the lender because if you do not pay the loan back, the lender will only get part, if any, of your paycheck.

As with other types of loans, however, if you don’t pay the loan back promptly, the lenders usually mail you a postdated check which you have very few chances of cash. In most cases, the lenders will add a prepayment charge or interest to your loan as a result of any unpaid principal.

Why Use Payday Loans

Payday loans have been widely criticized by most consumer groups because many people who use payday loans can be additional borrowing. However, the fact is that payday loans are a viable option if you need access to cash in a pinch.

For example, a family emergency could require a larger than usual loan to meet payment requirements, or a medical emergency could lead to the need to access more cash paid directly to your bank account. In such cases, payday loans can help you.

4 Tips to Help You Borrow Money

Assuming that you know how medical emergencies, car repairs, and medical expenses cause financial stress, consider these 4 tips to help you with your money problems and keep from requiring payday loans:

  1. Find unnecessary expenses and cut them.

If you have a car payment, start eliminating any unnecessary car expenses. Maybe you could choose to rent a more expensive vehicle and cut your car payments for a few months if you can make it. You could also sell one of your expensive cars, and take one with you to keep a lower bill.

If you need further help cutting unnecessary monthly expenses, you may want to talk to a nonprofit car-coaching organization. They will help you get rid of expenses you don’t need and improve your gas mileage and overall mileage.

  1. Get or establish an emergency savings account.

Your emergency financial fund could be just the money you need to get by without any further outside help. Rather than approach payday lenders, get cash through your savings.

If you have children, find a way to put away some or all of their tuition money at college before they need to pay tuition. You could even start a college savings fund to save some or all of your money.

  1. Bond yourself to a budget.

You will likely need to accept a lower-paying job or part-time job or cut back on any luxuries. You may also need to downsize any items you buy, and or sell anything you can sell to get money to pay off debt or pay your bills.

Look specifically at your monthly expenses and see if you can cut back on anything. Even cutting back on the chocolate you buy for your children a week can quickly add up.

If you still have extra money, you should consider putting it into a savings account. Set an amount on where you want to save it and then put it somewhere safe. Even starting by putting aside $100 per month could soon grow into a nice growing stability fund.

  1. Read books about money and personal finance.

There are thousands of books available on almost any subject. Go to your local bookstores and check out the titles to find ones about money and personal finance. It’s especially easy to follow the link inside each book to get the information for that book. Here are a few I took that will point you in the right direction. First, click on the title. Then follow the link to the author’s website so you can read his books.

Financial Peace University2-Step Approach to Personal Finance, Step 2-Financial Peace University- Fully Given1-Step Approach to Personal Finance1-Free at Your Free Library1- Tray tee shirts2 – lunch2 – T-Shirt DesignMost of the books are free and you can even purchase some of the books on Amazon.com.

Not all of these will help you.

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