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Are there Loans for Bad Credit?

cash-keyboard People all over the country have been affected by the economy’s downturn over the past few years. Countless people have seen their credit go bad because of the economy, finding themselves unable to secure a loan from their bank or credit union. If you’re one of those people who are afraid to apply for a loan due to bad credit from the economy, or you find yourself turned down for a loan from a bank or credit union, there are still loan options. You can still get loans for bad credit.

You may be able to get the kind of funds you need for any kind of out-of-the-blue emergency. So what kinds of loans could be available for people with bad credit?

  • Installment Loans: People who have found themselves with bad credit because of the economy may be able to get funds from some installment loan lenders. This kind of loan is becoming more popular due to its fixed payment schedule over a period of time.
  • No Fax Bad Credit Loans: A no fax bad credit loan, as it is sometimes called, is typically a short-term loan which can be useful for people who don’t have the time or access to use a fax machine to send their documentation – such as a bank statement or pay stub – to a lender. These kinds of loans can be done online, without having to wait in line at the store.
  • Pawn Shops and Car Title Lenders: Another option for funds when an emergency occurs are pawn shops and car title lenders. These kinds of loans involve the person putting up a piece of collateral so they can insure timely payments on their loan. Pawning and car title loans aren’t without their risks, however - if you do not pay back the loan as you’ve agreed, you may lose your collateral.
  • Payday Loans: Terms for payday loans can vary from lender to lender, but in most cases, lenders will expect you to repay the loan on your next payday.

Many of the lenders you find at MoneyMutual offer short-term loans for people who have bad credit and need a bad credit loan. Please remember, MoneyMutual is not a lender and does not make lending decisions. By using MoneyMutual, you could find a lender who can help you get the funds you need.

You can still get loans for bad credit

If you are approved and presented with a loan offer by a lender, keep in mind that you are under no obligation to accept the offer if you feel you cannot repay the loan or if you do not agree with the terms and conditions. Take your time in reviewing the terms and conditions of your loan offer before you decide to accept it. If you accept the loan offer, cash could be deposited into your bank account in as little as 24 hours.

cash-in-hand There are several options out there when it comes to loans for bad credit. If the economy has turned your credit bad when you have an emergency, you aren’t the only one. By using Money Mutual, you can connect with a lender when you need a short term solution to your financial needs – safely, quickly, and securely.