One of the hardest things people deal with is financial stress. To that extent, given the current state of the economy, more and more of us are finding ourselves facing financial difficulty. Because of this financial difficulty, some people might find themselves falling behind on their bills. They might find that they are completely unable to pay these bills and "bill trouble" quickly lowers your credit score making it even harder for you to fix your financial problems. Most people do not understand just how quickly a missed payment or an unpaid bill can impact a credit score, and they don't understand how important good credit is until they try to apply for a loan.
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While there are some bad credit unsecured personal loans available both online and off, they can be hard to find. This is usually because most personal loans are usually decided based on a person's credit score and credit history. While a less than perfect credit score might not necessarily keep you from obtaining a loan, a sketchy bill repayment history could be the deal breaker when it comes to whether or not a bank will approve you for a loan. Banks like to see a steady repayment history as proof that their investment will be repaid. While secured loans might be possible if your credit score is low, an unsecured loan might be considerably more difficult.
If you are desperate for money and need some right now, there are a few options available to help you get past the bad credit barriers. If the amount of money you need is small (as in less than five hundred dollars) you might be able to get a payday loan or a "cash advance." These can be found both locally and through the internet. What is nice about these smaller loans is that you don't need to have good credit to be approved. Typically all you need is a checking account that is in good standing at your bank and a steady job (that you have been at for a month or more). The downside to these loans, however, is that they always have a high interest rate attached--even when you pay the loan on time and in full. If you think that you might have trouble repaying the loan, you should look into other lending options.
There are also some lenders who are set up to loan money specifically to people with questionable credit scores and credit histories. While you will probably end up paying a higher interest rate on the loan, these places are designed to be "walk in, apply and walk out with cash in hand" institutions. Some people are even approved for loans up to fifteen thousand dollars even when they have bad credit and hits on their credit histories.
Of course, you could work on cleaning up your credit history and raising your credit score before you try to get a personal loan from a bank or other traditional lending institution. If you can pay your bills on time each month, make sure that you do so. You can raise your credit score quickly simply by paying your bills on time every month!
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