Bad Credit Loans – Should You Apply?
While most people are against bad credit loans, I am not most people. If you have tried all of the conventional means to get more money in a crunch, this may be a good route. This is me speaking from experience. I had a situation where I had nothing to pawn and was unable to get a conventional loan through the bank. This was very disappointing as…let’s just say I got a lot of bills at once. I was in full blown panic mode as there were a lot of implications if I missed certain payments. So what did I do? I defied what every site told me to do in terms of loans: I applied for a bad credit loan.
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What Are Bad Credit Loans?
Bad credit loans are loans that have easier overall requirements than traditional bank loans. They allow you to still get a loan even though your credit is prime or sub-prime. While I would not recommend this course of action for everyone, this did save me a big deal. If you intend to pay off the loan in a timely manner, you will not have to pay much of a penalty. In fact, that is the only time I can recommend getting the loan. If this is done correctly, it will only cost you marginally more than a conventional loan for the same dollar amount would.
When Is The Right Time?
So when should you apply for a bad credit loan? The following is The Credit Dojos criteria:
You cannot obtain a conventional loan through the banks
- Your credit score is prime or sub-prime
- You’re are financially responsible to pay off the loan as soon as possible
- Income is sufficient to cover the amount borrowed
- There is an absolute need for the additional funds
If all of these criteria are met, please do not hesitate to sign up a loan if absolutely needed. You can do so HERE. As always, just remember to be responsible, and pay off the loan as soon as possible
Additional Information About Credit
If you do not wish to apply for a loan and just want to work on your credit, visit my FICO Score guide HERE.
Want to see how I fixed my credit? read THIS article on how I grew my credit score 200+ points in less than a year! This is applicable to todays credit system!
If you want a free credit check with no strings attached, sign up for Credit Sesame HERE. They are a well-known company working with all types of credit matters.