The subject of bad credit loans may be a touchy one for you if your credit score is not up to par. However, you should rejoice about the number of options that are available out there for you so that you can get the funds you need in the face of an emergency. More information can be found at WeLoanMoney.ca, which provides additional resources. The following are five types of bad credit loans you can get and at least one thing about them that makes them unique:
Payday loans are perhaps the most popular type of bad credit loans that exist. The concept of the payday loan is that you will be receiving a check soon. Payday lenders use your impending paycheck as proof that you will pay, so you can get one of these loans easily. As long as you are 18 years of age with a valid job and bank account, you should have no problem getting one of these loans. They can be as small as $100 or as large as $1,500 or more.
Installment loans are the same as payday loans except they offer you an extended repayment period. Instead of only having 14 to 30 days to repay the advance, for example, you may have 90 days. Some installment lenders give their borrowers up to a year to repay their loans.
Title loans are bad credit loans based on the value of your car. The lender uses your car as collateral and places as temporary lien on it. The upside is that you can get large loans if you have a new car. The downside is that there is a minimal risk involved. Be sure that you have the means to repay the advance.
Pawn Shop Loans
A pawn shop loan is another type of loan that may interest you. You can take items such as gold jewelry, electronics and furniture and get a temporary loan for letting the pawn shop hold your item. You do not have to do a credit check. You will be approved if the pawn shop believes that your items are valuable enough. You can reclaim your item if you come back within the allotted time frame with cash in your hand plus interest. If not, the pawn shop will simply sell your item to get its money back.
Peer-to-peer loans are advances that investors and regular people provide to you based on your promise to repay. You do not have to have perfect credit for peer-to-peer loans. Check with several of them to find one that you fit into.
Try any of the above-stated loan types if you need help. You may end up with some cash in your hands today. More information can be found at We Loan Money, which provides additional resources.