Choosing A Better Loan

Short Term Loan Options When You Suffer From Bad Credit

by Görkem Talsma

If you need a short term loan and you have bad credit, you may find you have a difficult time. Banks and traditional lenders are going to want to see that you have a history record of paying your debts on time. Showing a low credit score will make it difficult for you to prove your credit worthiness to them. Here is how you can go about getting a short term loan when you don't have the best credit.

Title loan

You may be able to get a loan on your car. In order to do this, you do need to be the legal owner of your vehicle and the title needs to be in your name only. Take your car with you when you go to try for the loan. The staff member will check the car out and take a look at your paperwork. They will let you know how much they can lend you on your car.

When you get a loan on your car, you will be able to continue driving it. The company will have you sign a contract and they will hold on to the title until the loan has been paid off completely. However, if you don't pay back the loan according to the terms of the contract, then you will need to turn your car over to the lender. Therefore, you want to make absolutely sure you are going to be able to fulfill the obligation of the loan.

Payday cash advance

You can also get a payday loan that allows you to get a loan fast that you can pay back on your next pay day. To get this type of loan you need to bring in paystubs as proof that you currently have a job and proof of the amount of income you receive. You will also need to show information on your bank account and a check.

You will post date a check for the amount of the loan, plus any fees. The check will be postdated for the date you are supposed to pay the loan off. If you do not come in to pay, the check will be deposited into your bank account. Once you pay off the loan you will be eligible to take out another one.

While you do want to be careful not to become too dependent on these services, they are great for those times when you really need cash and you don't have good credit. For more information on cash advances, tlak to a professional like Cash Depot Inc.