People who have immediate cash needs would want to take advantage of immediate loans. Of course these loans aren't really available at many banks since these financial institutions will have to protect their investment with a credit check. They wouldn't want to entrust their money to someone that has been very delinquent in their previous loans.
But if these banks cannot trust you with their money, there are other institutions that will. These are those online and offline pawn shops, credit unions and payday lenders. Read on to know more about these sources.
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A pawn shop provides an instant and secured cash loan by requiring you to put up your valuables such as your gold and silver jewelery, your electrical appliances and more as collateral. The pawn shop will appraise your item for its equivalent value and that will be the amount you can loan. You will be given enough time (usually 1-2 months) to redeem your valuable item by paying off the loan amount. If you can't pay back the loan amount, the pawn shop will have to sell it to other customers so it will recover the amount that it lent you. The good thing with this loan source is that it doesn't perform credit check and only requires one or two identification cards from you so you can take advantage of it even with your bad credit rating.
A credit union on the other hand only provides instant cash lending services to their members. Meaning, if unfortunately you're not a member of one, you cannot avail its more indulgent and more sympathetic lending rules especially during those trying times when you can't repay the loaned amount as agreed. If you're a member however, you need not to worry about your bad credit score because it doesn't check on your credit history prior to allowing you the loan.
You can also depend on a payday lender for an instant cash loan even with your bad credit, that factor doesn't matter to them anyways. What matters is that you are at a legal age (18 years), you have a checking account, you can submit at least two proofs of your identification and that you have a stable job that pays at least 1000 USD a month. This lender usually deposits the loan amount within hours after you submit your application form. Your main concern then will be to fund your checking account so you can be sure that you will pay off the loan amount on the agreed term.
The downside of a loan for people with bad credit is that the interest rate will be higher and the loaned amount will be limited. If you think you can't deal with that, you can also take advantage of those fast cash personal loans from your friends and relatives, but of course you have to prepare yourself for the possibility of straining your relationship with these people once you get behind with your payments.