Bad Credit Loans Near Me: Go Local
You’ve probably been told countless times that you can’t get a loan with bad credit. I know it’s something I heard over and over when I needed money to cover a shortfall. I started to look online for more information about bad credit loans and learned that I wasn’t completely out of luck. Plenty of places in my area offered bad credit loans near me and offered reasonable rates. I knew that there was no way I could qualify for the lowest possible APR. But I could still get a loan that helped me out of a bad spot. Here are some questions I asked and things I learned in my quest to find bad credit loans near me.
Why is a Local Loan Better Than an Online Loan?
I looked into getting cash advance loans online and found that there’s nothing wrong with them. Except I wanted to work with someone in person and talk about my options. I also wanted to work with a lender near me in case I needed assistance while my loan was active. What I also found out is that the local bad credit lender also has an online presence with a payment portal and information at-a-glance. I felt better knowing that I had all of these options at my disposal.
I Didn’t Want a Loan to Last Forever
While I did my research, I kept encountering comments that talked about not getting trapped in endless payments. What I also learned that it’s only a problem when taking out a payday loan and not repaying it as soon as possible. Other short term loans bad credit have the same problem. They need to be paid back quickly to avoid getting stuck making payments for what feels like forever.
One of the things I liked about taking out bad credit loans near me is that I could go to the office and give them cash for a payment. I found myself stopping in and giving them cash to pay off the loan frequently. I didn’t have to go to the bank, deposit cash, log into my account, and set up a payment.
Getting a Loan in My Area was Easy
I don’t get bad credit loans near me often, but there are times I’m short between paychecks and I need emergency cash to buy something important. Cash loans bad credit near me was the way to go. Yes, I get payday loan advances, but I don’t look at the money I borrowed against my check to be in addition to the money I earned. Instead, I look at it as getting part of my check early. When I get my paycheck, I take that money out, plus the interest for the loan, and go right to the lender to pay it off. The added bonus to taking the money right to the lender is the fact I spent less money on interest, settled the loan quickly, and made it easier on myself to get another loan in the future.
How I Got the Loans With Bad Credit
I don’t have the best credit in the world. I made mistakes in the past when I didn’t know what I do now and I’m paying for it. But that doesn’t mean I don’t have access to money just because my credit is bad. It just means that the lender is going to put on a higher rate of interest and not loan me as much money. My poor credit score is a sign that I’m not the best risk for the lender, but I’m not the worst one, either. That means I get the loan funded, but it’s not going to a whole lot of money and the interest rate is going to be on the higher end of the scale.
Why I Went to a Local Lender for Bad Credit Loans
I’ve mentioned that I usually go to a local lender for ease of repayment. What I haven’t talked about is the initial reason why I look for bad credit loans near me. It’s all about convenience and speed. Sure, I can go to an online lender and get money that way, but sometimes I need cash in hand. I can’t wait for the online lender to make their decision and deposit the money into my account. Going to a local lender gets me money fast and I can take care of my problems quickly.
Going to a lender in person also has another benefit in the form of developing a personal relationship. The internet has made it so we don’t interact with people in person that often. But the internet will never override the importance of talking face to face with someone else. When I go to a lender for loan as opposed to a cash advance loan online, they know me and can make a value judgment off my repayment history. A computer can’t and won’t do that. An algorithm is a poor substitute for human judgment.
Are Bad Credit Loans Legit?
A majority of the time they are. A lender has to follow accepted standards and practices in order to maintain their reputation and keep their doors open. I make sure to check that the bad credit loans near me belong to the major lending organizations. I also make sure that they don’t charge excessive fees to originate the loan. Another thing I check is if the lender can explain the terms of the loan to me, the penalties involved, and if I have the option to extend the loan if I run into troubles.
It’s real easy to find out if a lender isn’t legit. They don’t operate the same way that a legit lender does, and they won’t be accredited. A scammer asks for personal information, a lot of money for an application fee, and other various fees and disappears with it. They may also steal your identity and open up accounts in your name, further ruining your credit. Do what I did and investigate the lender before you go in to apply for a loan. Just because you are looking for a loan with bad credit doesn’t mean you deserve to be scammed.
Getting bad credit loans near me isn’t something I do often. But when I need one, I want to be treated fairly and have the option to repay quickly without being punished for having bad credit. I realize these loans may or may not help my credit score, but that’s not what’s important for me in the moment. What’s important is getting cash quickly so I can take care of a debt before it goes into late fees and I wind up paying more than I would from taking out bad credit loans near me.
If you want to get a loan from a local lender, go for it. But if online lenders are also an option for you, make sure you do your research. You can also use Cashry to connect with reputable lenders. Start here:
Blaine Koehn is a former small business manager, long-time educator, and seasoned consultant. He’s worked in both the public and private sectors while riding the ups-and-downs of self-employment and independent contracting for nearly two decades. His self-published resources have been utilized by thousands of educators as he’s shared his experiences and ideas in workshops across the Midwest. Blaine writes about money management and decision-making for those new to the world of finance or anyone simply sorting through their fiscal options in complicated times.