In today's strict lending environment, it can be difficult to get a loan even when your credit rating is high. If your credit is less than stellar, a good loan may appear to be almost impossible to obtain.
The good news is that there are a number of reputable lenders willing to provide funds to those who need a little help in the credit department. This article will dispel four of the myths of emergency cash loans and bad credit to help you find the cash you need, regardless of what your credit history might look like.
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Myth #1: Banks don't lend to people with poor credit ratings.
In today's financial climate, there are many individuals with credit problems who are in search of quality loans. Because this market is ever widening, more and more banks are finding a niche by providing loans specifically to people with lower credit scores. The growing number of companies in this market means that people in search of loans have the ability to shop a number of options to find the best solution for their individual situations.
Myth #2: Loans for people with bad credit are too expensive to consider.
While fees and interest rates for loans in this category may be higher than traditional lending options, the abundance of companies offering such products means that you have the ability to shop around for the best deal. When you consider emergency cash loans for people with poor credit, compare apples to apples by weighing APR (annual percentage rate) and calculating the cost of all the fees included with the loan.
Myth #3: People with poor credit histories have to jump through many more hoops to get a loan.
Many companies offering emergency cash loans to customers with less than stellar credit require a fast, easy application process and a relatively quick response rate. Some may ask you to write a letter explaining your financial situation, while many others may simply accept your credit history at face value and adjust their loan packages accordingly. A few companies don't consider credit history at all, ensuring that your loan will be processed as quickly as possible, regardless of what your credit report might currently look like.
Myth #4: The only type of loan for people with poor credit is a secured loan.
Although a secured loan may come with a lower interest rate than an unsecured product, many individuals do not feel comfortable offering their home or vehicle as collateral for this type of financing. In many cases, companies will provide unsecured emergency cash loans to applicants with a lower credit rating, especially if the credit score can be explained by a specific circumstance. Some companies don't even pull a credit report before issuing unsecured emergency loans so you can completely bypass this step in the process.
Finding emergency cash loans without perfect credit may be more challenging, but it is far from impossible. With many more companies catering to customers with less than stellar credit, the options have become broader, and more customers are enjoying emergency cash quickly no matter what their credit reports look like.
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