It's not that uncommon now to have a poor credit rating. It used to be considered a taboo subject and anyone who had a poor credit rating wasn't thought of very highly. However, the economic climate of the past few years has effected so many of us, that you will now find that there is actually a greater percentage of people with a poor credit rating, than those without!
You adverse credit history does not unfortunately stop you from needing cash. This is when most of us go in search for guaranteed bad credit loans. We will look for any ways or means to secure a loan and hope that this will relieve some of our financial worries.
In this article I wish to introduce you to 3 ways of getting cash that can be considered guaranteed bad credit loans. However, I truly believe no matter how desperate your situation, you should avoid these at all costs.
1) Credit Card Cash Advance - This is probably one of the simplest ways to get a guaranteed bad credit loan, but also one of the most dangerous. Credit card companies will usually allow you to borrow up to 90% of your credit limit as a cash advance. So for example if your card has a $5000 limit, you may be able to borrow up $4500 in cash.
However, the interest charges should be extremely worrying to you. The majority of card companies will charge at least 30% APR, but many charge far more for a cash advance. Although this will give you an immediate influx of cash, believe me, you will pay for it in the long run!
2) Payday Loans - I must admit I am NOT a fan of Payday loans. Yes this can be considered a guaranteed bad credit loan, but can also lead to trouble. The ease of this type of loan and the terms and conditions can lull you into a false sense of security. A payday loan is basically exactly what is says! It is a short-term loan to cover your finances until your next salary day.
A lender will give you a small loan to help you through the month. Numerous lenders will offer an interest free loan as long as you pay the money back on a specified date. However, the majority of these loans carry some of the most outrageous interest rates I have ever seen when you repay the money late or look to borrow again. I have seen a payday loan carry a 1000% interest rate. Therefore you would need to pay back 10 times the amount your borrowed each year!
3) Loan Sharks - Once again a loan shark can provide guaranteed bad credit loans, but this is in most cases is illegal. I understand that you may be so desperate for money, that you would do literally anything. However, approaching a loan shark is not the way to improve your financial circumstances.
Don't expect to receive any paperwork providing a binding agreement. In addition, if you thought the interest rates charged on a payday loan were bad, you really don't want to get involved with a loan shark. This is merely a verbal agreement and can be changed in favour of your lender at any time!
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