The bad credit lending stores are an increasingly common solution for the financial challenges of the world today. Bad credit loan apps are another common solution. There are also online payday loan resources available. All of these potential solutions will sell you on convenience and getting your money now.
Granted, this is an important factor, more so in some cases than in others. What if you had an accident, you just got out of the hospital, and you need to find money immediately so that you can get your prescription filled? Do you borrow money from family and friends? Maybe you visit co-workers and try to find a quick $50 bucks to get you through the night?
What if you do not have any family nearby? What if you are relatively new to your job and do not have any friends that will lend you any money? Those bad credit lending stores can begin to look very tempting no matter the cost.
How much is convenience worth to you? Are there viable alternatives to the bad credit lending stores that will still let you get your money now? What are the available options and what should you do when you have an emergency and need to find some quick cash?
What Are Bad Credit Lending Stores
Some people will head down to the local pawn shop which is in a sort, a bad credit lending store. They are after all the proverbial if not the literal personification of the bad credit lending scores. You go in, you take in your valuables, and you walk out with cash.
The big issue here is that these pawn shop loans are all secured loans that do require you to put up physical collateral. It is presumed that the value of the items in exchange for the minimal loan given based on that value will ensure repayment in most cases.
Just as common are the instant cash loan stores specializing in bad credit loans with no credit check needed to get your cash now. In these shops you do not even need collateral, but can generally just walk in, fill out a simple fast loan application form and walk out with your cash.
Once again, though more subtle, there arises another major issue that many people will fail to consider, much less concern themselves with. If there is absolutely no credit check required ever, how is the bad credit lending store going to ensure that the loan is paid back in full?
They can do this because they do not care about your credit score. They do not care because most of the people who are relying on bad credit payday advance loans do not have good credit to begin with. That is not to say that they are bad people, merely that they have come across hard times financially.
What Are The Good and Bad of Pawn Shop Loans
The fact that they do not care about your credit score is one thing, and it looks like a benefit at first glance. However, the fact that it is not used is because they do not care. Not because they are caring and concerned about your health, but because they know you will pay off the loan by using other criteria.
Despite popular belief, the Pawn Shops do not make most of their money from all those items on their shelves. They make the majority of their income from pawn shop loans in most cases. The pawn shop cash advance loans can be very convenient, and they can help you to find some quick money, but they are not always the best deal.
Worse still is when you are susceptible to temptation and you have a clerk constantly offering you the “opportunity” to keep more of your money. What? If you have your choice between paying twenty bucks or paying a hundred bucks, which would you pay? Many people think twenty bucks is a small price to pay.
Except there is no balance paid on the actual loan. You walk out the door twenty bucks lighter, and still owing just as much money as you did when you walked in the door. Many of the bad credit lending stores do effectively the same thing, though without the sales pitch, or even the kindness in some cases.
Bad credit lending stores that offer the bad credit loans with no credit check required just presume the worst case scenario about you. If you have a job and they can take their money before you get yours, they will often be content just to charge you rates bordering on usurious, or outrageous in more common English terms.
What Is The Fastest Way To Get My Money
All of these types of bad credit lending stores offer convenience, but there are better ways to get money now that will not put you through all of the risks that may be otherwise associated with bad credit cash loans.
The use of the free bad credit lending services online allow you to fill out a single, simple credit application and will then pass your loan requirements on to as many different direct lenders as possible within their networks. In that way you can get prequalified for instant cash loans up to $5000 or even $10000 dollars.
Once you have been preapproved for the loan based on your personal financial requirements, you can then read the terms and conditions and determine the costs. After you realize you have been approved for many different cash advance loans, you can compare the loan amounts and the payback options.
This means that you get offered custom bad credit loans based on your personal financial needs. You can determine how much you need to borrow. You can determine how much you are willing to pay back. You can determine all of the different factors in regards to these bad credit loans and make sure you get the best deal anytime you need to find money fast.
