Short on cash and in need of a loan? The usual way to obtain a loan is through traditional channels, such as going to your bank or credit union and completing a long application. The problem is that, these days, having a perfect credit score is not a reality for everyone and it can be difficult to obtain a loan from these large institutions with bad credit.
If you are faced with the need for quick cash but at the same time have poor credit, the idea of finding a loan shark has probably crossed your mind once or twice. While the term “loan shark” has a negative meaning for many people, there is no shame in going to such a business for a loan. And these are legitimate companies and they are totally legal.
In short, a loan shark (although most are not called that) is a company that is willing to offer a short or medium term loan for people who need the cash immediately. You generally pay a higher interest rate, but the benefit is that you can get a loan quickly, even with bad credit.
Here are 4 tips on how to find loan sharks online:
1. You can find lenders who specialize in helping people with bad credit
Although they don’t call themselves usurers, you can get immediate access to various companies that are in business to help people like you who need that extra money when they’re in trouble. They specialize in working with people who have less than perfect (or even very bad) credit scores.
2. Many of these lenders offer unsecured loans
Many people who approach these lenders for the first time worry that they will have to provide some type of collateral to be eligible for a personal loan. Fortunately, this is not the case. Unlike a mortgage or car loan, obtaining a personal loan does not require you to present any collateral, such as valuable personal property.
3. Most loans of this type do not require you to deposit money
In the case of mortgages and auto loans, it is common to have to make a down payment of 10%, 20% or more to obtain the loan. However, in the case of a personal loan, you do not need to deposit any money. Your loan will be paid at 100% of the cash value of the loan. This makes obtaining a personal loan of this type especially convenient.
4. You can get funds right away
Unlike going through the major financial institutions to obtain a loan, going to a lender type company does not require a complicated application process or a long wait. You can often get funds within 24 to 48 hours of applying for the loan.
Having the urge to get cash quickly is not an uncommon problem in today’s economy. Fortunately, there are companies that are ready to quickly extend a loan to someone with bad credit. If you choose to go this route, it is important that you do your research and speak with several lenders before deciding on the best one.