Debt and credit

Methods to Get Money when Banks Don’t Help Due to Bad Credit

Often, stuff happens and we find ourselves in compromising situations. Bad credit is one of those situations. If this is you, however, don’t despair. Where there is a will, there is a way. In the following few words, I’m going to show you the way, actually, more than one way you can work around this not so good situation. You are in a tight spot, so don’t make things worse. The methods I’m about to share with you require discipline and integrity on your part, without which, you may make the hole deeper than it is. I’m going to trust that you are willing to do yourself a favor and be an honorable person. So, let’s get you out of that hole.

Family and Friends

Money is a very sensitive thing and most people will react very funny when it comes to it. This is an extreme example, but what would happen if you borrowed money from a Mafia and failed to pay? All I’m saying is that my first choice for getting money when it comes to bad credit would be to borrow from friends and family. There is no one in the world who would understand your situation better. If you can get a friend or family member to help you out, that would be great. However, you should not take it lightly just because you have a personal history. As I indicated earlier, money has a tendency of making people behave very funny. Family members have destroyed each other because of inheritance issues and alternative money struggles. Beautiful friendships have been terminated because of money. I believe you get the point. If you can get a friend or family member to help you out, at least be an honorable person and ensure you repay the money according to the terms and conditions the money was lent to you.

Title Loans

Title loans are also referred to as auto title loans because they involve the title of a vehicle. In some cases, you can even use a boat if you have one and the title loan company you are targeting accepts them. The idea is that you give the title of your vehicle to the title loan company, they loan you money based on the value of the vehicle, and you payback within an agreed period. According to Embassy Loans, the good thing with title loans is that they are fast, easy to apply and have low-interest rates provided you pay promptly. If you have a vehicle that could fetch you the kind of money you are after, this is a good option. By the way, you will still have your car even after you’ve applied for the loan, the only thing the title loan company will need is the title of the vehicle, which serves as the collateral; hence, ‘title loans’.

Credit Unions

Think of a credit union, as a bank owned by individuals, typically, its members. The members of a credit union are usually connected by something that they share, for instance, the same profession, location, or even hobbies. According to Investopedia, credit unions are non-profit establishments that provide income to members in lower fees and exceptional customer service. There are probably a few within your area. Do a search on your favorite search engine and you’ll locate some.

A Co-Signer

Another option is finding someone with good credit and who will be willing to co-sign a loan with you. The best person for this kind of thing is someone who knows you to some degree. He or she could be an acquaintance, a neighbor, a work colleague, or just anyone who has faith in your abilities. The idea is that the co-signer will allow their signature to enable you to take a loan and then he or she will be held responsible for the loan. According to Forbes, if things go south, it will be mostly his or her problem. You can get the sense that this requires some degree of trust between you and the co-signer. Not just anyone will do this for you. If you can find someone who will do this for you, again, be honorable and ensure that the loan is settled within the agreed upon duration.

Peer-to-Peer Loans

There are individual lenders online who are willing to lend money to those who need it at a tolerable interest rate. According to Business Insider, borrowers indicate the amount of money they need and the reason behind it and the lenders review the application and determine whether the borrower is worth their time and money. This will only work for you if your case is appealing to the lender.

The above are sure ways for relieving the financial pressure from your shoulders. Your goal should be to work things out, so whichever method you’ll pick, ensure that you observe your end of the bargain. I wish you the best of luck.

A post by Kidal D. (3401 Posts)

Kidal D. is author at LeraBlog. The author's views are entirely his/her own and may not reflect the views and opinions of LeraBlog staff.
Chief editor and author at LERAblog, writing useful articles and HOW TOs on various topics. Particularly interested in topics such as Internet, advertising, SEO, web development, and business.

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