10 Best Bad Credit Personal Loans

In an ideal world, we would all be able to balance our personal income and expenses each month so that we would never fall short of having the money we need. In such an imaginary world, you could easily predict and plan for expenses such as upcoming car repairs, medical expenses, or the need to travel to visit relatives in another city.Of course, we know that such a world does not really exist. In real life, any number of things can happen to you in a way that makes it virtually impossible to predict your exact cash needs for the upcoming weeks and months. Sure, we can all work to be great planners, but life just doesn’t work quite as simply as that.When unexpected cash needs arise and you are not able to cover them using your regular income resources, you may consider taking out a personal loan. Technically, a personal loan is any loan whereby you are able to use the cash you receive for anything you like. Contrast this to auto, boat, or mortgage loans, whereby you are borrowing money in order to use it for a specific purpose.If you need access to cash fast but have a bad credit score, here are the advantages and disadvantages of the 10 best bad credit personal loans:1. Borrow from a friend:This is a great way to go because it will usually not cost you a penny in interest charges. The drawback, of course, is that if you are unable to repay the loan you risk damaging or ruining the friendship. Or, it just may be that your friends do not have the cash to loan you.2. Borrow from family:This is very similar to taking out a loan from a friend, including both the advantage of a no-interest loan and the disadvantage of it being a risky venture. Unlike with friends, family may be a bit more forgiving if you are unable to repay the loan in time.3. Borrow from your boss:All of us have seen movies or read books wherein the main character takes out a loan from their boss. If you have worked for your boss for years and if he or she is particularly keen on you, this plan could work. But, it’s not a sure thing.4. Visit a pawn shop:If you have something of value to put up as collateral against your personal loan, consider visiting a pawn shop. Make sure you are okay with risking your valuable possession as collateral since you could lose it.5. Get a payday loan:If you receive a steady paycheck, a payday lender will be able to make you a loan against a future paycheck. The downside: very high interest rates and the fact that you will still have to come up with more money in the future, since your future paycheck will be going toward the current loan.6. Take out an auto title loan:This is where you use your car as collateral against a high-interest loan. Very high interest rates usually apply with these loans, and you risk losing your wheels.7. Take out a home equity loan:If your home is worth more than the balance on your mortgage, your bank may be willing to make you a loan against that equity. This is a great personal loan choice if you have home equity.8. Take out a home equity line of credit:This works much like a home equity loan. But, with a line of credit, you just borrow what you need when you need it, instead of all at once. Interest rates are usually variable.9. Take out a secured personal loan:A secured personal loan, like an auto title or pawn shop loan, is one whereby you put up something as collateral. It could be any object of value. Great choice if you have something to use as collateral.10. Take out an unsecured personal loan:An unsecured personal loan is ideal because it does not require you to offer any loan collateral. If you have a bad credit score, you may have trouble taking out this type of loan. But, you can still qualify: just find at least 5 bad credit personal loan lenders and apply to all of them. These lenders specialize in working with people in your credit situation.Consider these 10 best bad credit personal loans as you find a way to get the cash you need to pay your bills.

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