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Personal Loans for Deadbeats

Posted March 19th, 2010
by Staff

All right, maybe that is a little bit harsh. Maybe you’ve just had some credit problems. Maybe you’re not a deadbeat. Maybe you had some huge medical bills that you couldn’t pay, and had to file bankruptcy on them.

The problem is that this puts you in a precarious situation, in terms of your credit. Your credit score isn’t good enough to get a regular unsecured personal loan from a bank. You might be able to get a car loan or maybe a mortgage, but a loan without some sort of collateral from a traditional financial institution just isn’t in the cards for you.

Still, there are some ways you can get personal loans, even if you have less-than-stellar credit. Here are some ideas:

  • Take a cash advance on your credit card. Now, understand first of all that the fee involved in a cash advance, coupled with a higher interest rate, can be extremely expensive. Of course, if you weren’t in at least somewhat of a desperate situation, you probably wouldn’t be considering it in the first place. Just make sure you know what you’re getting into before you key in your PIN.
  • Consider a payday loan. Of all the personal loan options out there, the payday loan has the highest interest rate. Ironically, if you’re able to pay it off right away, you may actually wind up paying less in fees and interest than with a cash advance, however. Just make sure you can pay it off, or you’ll wind up having to pay that fee every two weeks for a long time.
  • Pawn something. Pawn shops are coming back into vogue. The way a pawn shop works is this: you take something of value into the shop. They loan you money. You pay it back (plus interest) and you get your item of value back. If you don’t pay it back, they get to keep the item of value and then sell it to someone else in order to get their money back.

Photo via kevindooley



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