A bad credit report can be a real stumbling block, and extremely inconvenient at a time when you desperately need to borrow money. The vast majority of lenders dealing with personal loans and other forms of credit are very choosy these days about who they lend money to. This means that it does not take much to be rejected for a loan, and you do not want too many rejections, because that hurts your credit score even more.
So what is the answer when you need cash but you have bad credit? The good news is that there certainly is an answer, though it does depend on how much money you want and how long you want it for. The way to get round a bad credit report is to go for a type of lending where the credit report is of little importance. Your credit report matters to the mainstream lenders because they are looking at a long term risk and if you stop paying there is not that much they can do about it except sue you.
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There are two options open to you, one is for small amounts of cash for a short time, and the other is for large amounts of money, paid back over a longer period of time. For large amounts of money the only option you have is secured borrowing. This is only an option if you have your own home and a mortgage. It involves taking out a loan and using your home as security. In other words your home and the loan are legally bound together, and in the worst case scenario, the lender can arrange to get their money back by selling your house if you default on their payments.
The other, much easier and less drastic step is for cash advance, or 'payday' loans. These are widely available in both the UK and US now and are a hugely popular form of short term, and most of all fast, borrowing. The best companies can have cash in your bank account the same day as you apply online, sometimes within an hour! The principle is that you get a cash advance to help you over until you next get paid, which is when you must immediately pay it back.
The beauty of payday loans is that the lenders are generally not interested in your credit report, provided you can show that you have a job and a bank account. Because the amounts being borrowed are relatively small, the lenders know that as soon as you get paid, there will be enough money in your account to cover the debt. That is partly why the process is so quick - the best direct online lenders will give you an answer straight away, with money in your account soon afterwards.
One word of warning with payday loans though. They should not be used to try to deal with ongoing debt problems and they must always be paid back on time. They are designed for occasional unexpected costs and should not be used to plug gaps in your finances that will still be there next month. Fees for payday loans are perfectly reasonable for the short periods for which they are agreed, but as soon as you miss a payment and extend the period of borrowing, the interest will mount up at a startling rate. This is exacerbated by the many less reputable payday lenders who apply ridiculous penalty charges, making it difficult to ever pay the loan off.
There are many payday lenders to choose from, but take are to check rates with at least two or three, and always use well established and reputable companies.
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