Ways to Borrow Money with Less than Perfect Credit

Many Americans are just one pay check away from poverty. Of that population, nearly half also have a less than desirable credit rating. There are many things that take place in your life to cause missed or late payments. Maybe you lost your job for a few months, had a new baby or suffered an unexpected expense. Luckily, there are ways to get the cash you need to cover your expenses and pay your bills.

Installment Loans

Life comes with its ups and downs, and if you don’t plan for them by having a savings account or another source of credit available, it can really take a toll on an already tight monthly budget. Installment loans provide a great opportunity for those with less than stellar credit to gain access to cash quickly to cover an emergency. These types of monthly installment loans do not require any collateral like a typical bank. Instead, they realize that scenarios don’t always pan out the way you intend and have minimal requirements, including a checking account, a social security card and proof of a steady job. They are available with several repayment options, offering low monthly payments.

Secured Loans for Bad Credit

If you need to borrow more than a thousand, a secured loan may offer a better choice. Since they use your home, car and even a retirement plan as collateral, many online lenders provide these type loans even if you have a few marks against you. You will have to pay more interest than if you had good credit, but it’s a way to get you a loan without the need for taking on a second job.

Soliciting the Help of A Family Member

Most adults tend to keep to themselves when they run into a difficult period in their lives. If you are unable to afford even the lowest monthly payment available with an unsecured installment loan, then borrowing the money from a family member would work as another option. In most families, if someone is in need of occasional help from time to time someone will step forward and offer to lend you the money.  Just remember to treat it like any other monthly obligation and work the amount that you can afford into your scheduled monthly payments. If you do this, the next time you need assistance you’re likely to get the help you need right away.

Finding Other Ways to Make Up the Extra Money

If you’re coming up short due to an unavoidable expense and need to use money from your budget to pay for it, there are other ways to recover the money. One way is to have a garage sale. If you’ve resided at the same home for many years, chances are good that you have a lot of things you no longer use that are still in great condition. If this is the case, you can clean the items up and schedule a sale for a weekend. Make sure to set your displays up early, as many people who stop at them like to get it in during the morning. Clothing, tools, home goods, and furniture are all generally big sellers. If you have enough wanted items you could stand to make more than a few hundred dollars.

Tightening Your Belt

If your budget is so fragile that a hundred dollars sends it spiraling out of control, you need to make some necessary trimming on food and other household expenses. Food shopping is an area where many families don’t take advantage of the savings they could enjoy. Before heading out blind to a supermarket, look through the flyers of not one but all of the local grocery stores in your area. Believe it or not, they don’t always have the same items on sale. This is very good for you, the consumer. Get a sheet of paper and list the 2 or 3 local stores and then write down what you need for the week and then list the price offered by each store next to it. It may mean that you will need to shop at 2 or 3 stores each week, but the savings is well worth the additional time invested.

Life happens, and sometimes even with your best efforts in place, you still may end up occasionally needing to borrow money. There are many options you can use, just make sure that you only borrow the amount you need and that you repay the loan promptly.