If you’ve ever needed personal loans with bad credit ratings take heart, there are some great options out there for you. You just have to be persistent. Here are some options for you to consider.
Friends And Family
If you know your friends well enough, or if you have a family member who is willing to help you out, you can ask them for a personal loan. Just remember that you still need to repay the loan and that you don’t want to damage the relationship by not repaying the loan.
Some companies will offer employee’s a cash advance for emergencies. This advance is against their paycheck and you’re still going to be repaying it, but if you’re about to have your utilities shut off or you have an eviction notice you may wish to ask the boss for a cash advance.
Pay Day Loans
Pay Day loans are often mentioned in the news. Here you will bring in proof of income and you’ll receive a short term loan. This loan is generally for 7 to 10 days and carries a steep interest rate. However, if you’re desperate, this steep interest rate is well worth keeping your power on or a roof over your head. You’ll either authorize a direct withdrawal from your checking account on a specific day or you’ll leave them a post dated check in the amount of the loan plus interest.
While all of these methods are short term only, you’ll at least be able to secure personal loans with bad credit ratings. If possible you should try to raise your credit rating and create an emergency fund from which you can draw if you’re in dire financial straights. Remember that no matter how you secure your loan, you still have to pay it back.