If you own your house, you know you can do a cash-out refinancing or easily obtain a Home Equity Loan if you need some quick money. But what should you do if you rent your home? Fortunately, there are some loans available to almost anyone--even folks with bad credit. Here are three possible options: A SECURED PERSONAL LOAN Almost every bank and credit union offers personal loans, where the money you borrow can be used for any purpose you desire. If you have good credit, you can get one of these loans without any problems. However, if your credit is less-than-perfect, you may have to secure the loan with collateral, usually any valuable possession like a car, boat or expensive piece of jewelry. To find a personal loan, start with your local banks and credit unions, or do an online search for "personal loan lender." A PAYDAY LOAN Payday loans are offered by certain types of lenders. Essentially, your next paycheck is collateral for the loan. In a way, it's like a salary "advance." You sign over a personal check to the lender for the amount you want to borrow, and the lender hands you cash on the spot. Then the lender will cash your personal check the next time you get paid by your employer. Though this type of loan typically has very high interest rates attached to it, you can get the cash fast with no credit check. A CASH ADVANCE If you have a credit card, it probably includes a "cash advance" option. In most cases, you can simply insert your credit card into any ATM machine, enter your PIN, and select the amount of cash you want (up to your available credit limit). Be careful, however, since credit card cash advances almost always have a high interest rate tacked onto them. And any payments you make to your credit card in the future will go toward lower-rate purchases first. Your expensive cash advance will be the last thing that gets paid off your balance. Here is a list of recommended Payday Loan Lenders online. It's important to use a reputable lender online to make sure your personal information is secure. Even those who don't own their home have options for loans, though people with good credit have a few more lower-cost choices than folks with bad credit. Just remember: fast cash usually comes at a price, so carefully weigh the bottom line cost of any loan before taking the money. |
