Recession affected the ability to borrow of almost everybody. While consumers with high credit scores are still able to secure loans with attractive terms and rates, people with mediocre and especially low credit scores are having great difficulties in getting loans from banks, even for amounts not exceeding $5,000. Most banks have learned their lesson of irresponsible sub-prime lending and have suspended loaning to people with past credit problems. Despite above, there are non-traditional solutions in place for bad credit borrowers, allowing getting up to $5,000 in a form of unsecured personal loan.
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Private Loans
Private loans, coming from family members or friends, are the best solution for people with problem credit. Your friends or family would not run a credit check on you as well as charge you skyrocket rates that some bad credit lenders would. In addition, the repayment terms are often more flexible. If you need cash fast, borrowing money from family and friends is one of the best ways to get financing.
Company Loans
Most people, however, would not consider borrowing from family members or friends. There may be different reasons for this: feeling embarrassed to ask for help, hiding personal problems from your loved ones, and so forth. In such cases, the next place to look for an unsecured loan would be your employer. Many employers will gladly help you if you are in good standing with them. Many large companies offer loans and subsidies to their employees as a part of your motivation package. Even if your employer does not, it would not hurt to ask. Usually, your employer would not charge an interest on a loan, or charge a nominal amount. In addition, many employer-originated loans offer very flexible and convenient loan term - in most cases your loan payment is deducted from your paycheck.
Non-Traditional Bad Credit Loans
If the above two ways of getting an unsecured loan failed, or if you decided not to proceed with them, you should consider bad credit loans from non-traditional lenders. Banks are not the only ones granting credit these days, and there are plenty lenders in the market today, offering loans to people with blemished credit. Most of them operate online, allowing borrowers to benefit from fast application processing. Very often, they are able to approve your loan request even if you have been rejected multiple times before.
Pawnshops
If your credit looks truly ugly, or if you need cash urgently, you may utilize the services of pawnshops. However, in order to obtain a loan this way, you have to have some items of value to use as collateral. The way pawnshops operate is very simple. You secure one or few items with them and get cash right on the spot. Once the repayment date comes, you come to the pawnshop and return the original loan amount with interest, and take your property back. If you do not repay the loan as agreed, the pawnshop would sell your property without going after you for repayment.
It is important to remember that there are always options out there, and getting loan even with very bad credit is possible, provided you look in the right places.
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