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Personal Finance

How to get a Personal Loan with Bad Credit

Obtaining a personal loan with bad credit can be a difficult endeavour. You may have a bad credit score for any number of reasons, from having financial troubles to having problems building credit early on.

While it can be easy to lose hope in a situation like this, don’t worry yourself too much because there are a number of options at your disposal.

When should you consider a personal loan with bad credit?

There are numerous legitimate reasons that someone might seek a personal loan with bad credit. Before seeking to acquire a personal loan, however, it is good practice to plan your budget ahead of time in order to not end up in a worse financial situation than you started in.

Of course, there are a variety of circumstances which may require you to get an emergency personal loan, such as medical bills, car and home repairs, caring for a sick pet or paying school tuition fees. In these cases, having a bad credit rating may discourage you from trying to obtain a personal loan but it is important to understand every option available to you.

What options exist for obtaining a personal loan with bad credit?

For those with bad credit, there still exist several loan options for you to consider. Take the time to determine which type of personal loan will best fit your needs. Here are a few for you to consider:What options exist for obtaining a personal loan with bad credit?

  • A short-term loan is one which must be repaid in the short-term (less than a year). This type of loan may or may not require a credit check depending if they are private loans or not. At Friendly Lender, for example, we offer a service without credit checks.
  • A traditional bank loan is of course issued by your bank. These types of personal loans will check for bad credit, which will make it more difficult to acquire them.
  • A home equity loan is secured using your home as collateral.
  • Alternative options can also be used such as a pawnbroker or seeking help from friends and relatives.

Where to go for a personal loan?

Depending on the type of loan you will be seeking, there may be a number of options for you to explore. However, the two major routes can generally be defined as the bank and the private lending institution.

Going to the bank is usually what first comes to mind when thinking about your options for a personal loan. Applying for a loan with bad credit from a bank isn’t impossible but it will certainly take longer and you have a much higher chance of being denied.

The second route is less traditional but much more effective for those with bad credit. Turning to a private lending service such as Friendly Lender will assure you rapid service without a credit check. At Friendly Lender, we offer a trusted service that will secure you a personal loan quickly without the headache of going the through the banking system.

Summing up

Now that you understand the variety of options available to you when you have bad credit, you can take the necessary time to find what will work best for you. If you have any further questions regarding obtaining a personal loan with bad credit, do not hesitate to contact the team at Friendly Lender!

Applying for an Online Loan is easy as 1-2-3

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Personal Finance

5 Common Reasons to get an Emergency Loan

Life has a tendency to throw us some unexpected curveballs. Some of them may require you to withdraw funds that you may not have saved up in the first place.

To face these financial troubles that pop up seemingly out of nowhere, we sometimes have to turn to alternative financial sources such as a payday loan. In the case of dealing with personal loans from a bank, this can be especially frustrating if you have a bad credit rating.

Fortunately, services such as the one we offer here at Friendly Lender can help people in urgent need to get back on their feet. Here are 5 common reasons that people require an emergency loan in unexpected circumstances.

Emergency loan for medical expenses

In the event of a medical emergency, unexpected costs can hit us by surprise. These could be any extra hospital bills, expenses for medical treatments or dental charges.

Since our health is important above all else, requesting an emergency loan in the event of medical need is very common, especially if you don’t have insurance.

Repairs

Emergency repairs for vehicles, home appliances or electronics are other extremely common reasons to request a personal loan. Having access to a car is a requirement for many people to earn a living and if it breaks down, an emergency loan presents a quick solution to get it back up and running again.

As for other repairs, electronics can be unreliable and have short lifespans, while other things in your home may require immediate fixing like a leaky faucet or malfunctioning dishwasher. These appliances are things people have to use everyday and without any expendable cash in the bank, an emergency loan is something many consider.

Home renovations

Making important renovations to your home is another commonly seen problem that can often require an emergency loan. Many homeowners understand the feeling of always having something that needs to be done to improve the house.

If you are planning on moving in the near future, everything from applying a fresh coat of paint to renovating a deck can require your immediate attention to boost the sale price of your home. Instead of waiting forever, many people decide that a personal loan is the right option for them.

Unpaid bills and debt

Most people have bills to pay and debts they want to get rid of as quickly as possible. Unwanted delays can occur due to anything from poor financial management to an unforeseen job loss.

Rather than allowing the debt to pile up, people regularly turn to emergency loans as a solution. Short-term financial relief in the form of a loan can be just what many people need to get their bills and debt back in order.

Vacation

Some reasons for taking out an emergency loan are less stress-related than others. Exploring the world can be costly and many young people will seek the help of a personal loan to help cover their travel expenses.

Summing up

There are numerous reasons one might seek to acquire an emergency loan and this article hopefully shows just how varied they can be. When used for the right reasons, a personal loan can take a great weight off your shoulders.

If you wish to apply for an emergency loan or you have any further questions do not hesitate to contact our specialists so we can help you with all your personal loan needs.

Applying for an Online Loan is easy as 1-2-3

How it works?