Bad Credit Loans

Payday Loans and their Disadvantages

For those people who are facing terrible cash or debt problems, the instant solution they think of is to take out a payday loan. While it is true that these types of short term loans can guarantee quick repayment, high interest rates and short loan payment term are definitely not favorable to borrowers. And if you don’t want to fall victim to these loan sharks, would you still be wondering how to get bad credit loans?

The good news is that payday loans are not the only solution to urgent money problems. There are actually a lot of alternatives out there, and all you need to do is research so that you will be knowledgeable about them.

Here are some good options you should consider:

Payment Plan Offered by Creditors

If you must pay for some outstanding debts from various creditors, you don’t necessarily have to turn to payday lenders to know how to get a cash advance? One thing you should try is to talk directly with your creditor. Though not known to the public, it is common for creditors to offer different payment schemes to their clients. By choosing a certain payment plan, you will be able to settle your debts in a scheme that is most suitable to you.

Cash Advance from Employers

You shouldn’t neglect the possibility of your own employer to give you cash advances. What makes this option really good is that cash advances are not a loan. This means that you needn’t worry about the interest you should pay along with the borrowed amount. This is definitely a much better alternative to payday loans.

Emergency Assistance Programs

Are you still wondering where and how to get a quick cash advance? You are not alone, definitely. You shouldn’t think, however, that turning to faxless and same day loans are the only way out. There actually are a number of community groups and organizations that offer emergency assistance that you can apply for directly or via certain social services programs. There will, however, be a process for application and criteria for eligibility.

Credit Card Cash Advance

While browsing the net for bad credit loans, you will get various results indicating different means of getting a loan even with a bad credit score. One of the first options you may find are cash advances on credit cards. You may not be aware of this, but many credit card companies are actually focused on clients with poor credit reports. All you need to do is ask around and choose a reliable credit card company that will lend you money without charging too much on interest.

Small Consumer Loan Companies

Instead of going directly to payday loan companies, you may as well try inquiring in small consumer finance firms where short term loans may just come with more or less 35% loan interest. In comparison to payday loans, these are way more affordable and will not cause you worse debts in the future. So remember, as you try to find out how to get bad credit loans, make sure you explore your other options than payday loans.