Guaranteed Bad Credit Personal Loan – Your Two Best Options

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Bad credit can be devastating, especially if you need bad credit. In today’s faltering economy, many people have bad credit after job loss and layoffs, and a reduced number of hours they are allowed to work by employers trying to reduce costs. Or maybe you got sick or injured, and found yourself out of work due to frequent absenteeism.

Whatever brought your bad credit situation, you will no doubt, like the rest of us, may need a loan from time to time. There are two best options for those with bad credit – the secured personal loan or the secured bad credit personal loan.

Secured Personal Loan

Secured Personal Loans are short-term loans that allow you to borrow up to $ 10,000 and repay the lender in monthly installments. Most secured personal loans are written for terms of 12 months to five years, depending on the amount you are borrowing and other circumstances. To be a recipient of a secured personal loan, you will need to pledge a guarantee to your lender.

A down payment can be in the form of your home, late model or other property valued higher than the amount you want to borrow. Secured personal loans will get interest on the principal amount you borrow, which requires that you only borrow the amount of money you really need to avoid paying additional interest costs.

Bad Credit Loan Guarantee

Another option very popular among those with faltering credit scores is the secured bad credit loan. A secured poor credit loan is the easiest of all loans on the market. Almost everyone can qualify for a bad credit loan regardless of previous credit history, with 99.99% of all applicants approved in most circumstances. It can also be known as a payday loan, a cash advance, or simply a cash advance.

To receive it, you will write a post-due check in the amount you want to borrow. The lender will hold the check until a set time period has elapsed, usually coinciding with your next scheduled due date. When that date arrives, you simply return to the payday lender to take your check and pay the money you owe, or you do nothing and the lender will deposit the check into your account for payment.

No credit check is required to get a payday loan, and the only requirements to get the money you need is that you have an active checking account and a job.

Payday loans are usually written for no more than $ 1,000, but the lender will determine the amount you are allowed to borrow based on your home salary, or the combined home salary of you and your spouse (if you have a common checking account). Payday loans are a bit higher than other loans in terms of the interest rate you will pay, but can really help bad credit borrowers who find themselves in terrible financial difficulty.

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