What if I Have Bad Credit?
The reasons for bad credit could be many, and in truth, the reasons are not what matter. What is done is done, whether you made poor financial decisions, things happened that were beyond your control, or a combination of both. The important thing is to fix the problem. However, this can be quite difficult because no matter how hard you try there are always going to be financial issues that pop up, and these are much harder to face when you have bad credit. The biggest reason for this is that there are few options when you have poor credit. It is difficult to get a loan, and thus when problems present you simply have to fall further and further behind.
A Vicious Cycle
This is a vicious cycle that must be stopped. You have to stop paying things late or not paying them at all, and ultimately it will be necessary to stop using credit to handle financial difficulties. There are alternatives to traditional bank loans and credit cards for those that have bad credit however, and they can buy you a little more time to get on your feet and set things right.
Bad Credit Loans
There is such a thing as a bad credit loan. In fact, they are quite common and not as hard to come by as you might think. There is little red tape and no credit check. The most important part is proving you have a job. Basically, these are payday advance loans, so you must provide the amount of your next paycheck, and you must realized that check will be used to pay the loan. The quick and dirty run down of the process goes something like this.
- Apply online quickly and easily from the comfort of your own home
- Wait just a bit for approval, often it is instantaneous
- Sit back and wait for the money to be direct deposited into your checking account, usually only a few business days
- Remember that the money will be drafted out again once your next paycheck is in the bank
Short-term Solution to a Long-term Problem
The most important thing to remember with these types of loans is that they are a short-term fix to a long-term problem. They do not fix the problem; they simply buy you some time to come up with a more permanent solution. These types of loans themselves can become an ugly cycle if not used properly, but there is no reason for that to happen.
What to Do with the Time You Buy
During the time that you are using the funds to stay current on bills, before your next paycheck comes, consider some of the following options to fix the problems for good.
- Sell some items to buy more time and avoid continual payday advances
- Consider a second job. There are many options for this from delivering pizzas after your 9 to 5 to waiting tables during the breakfast rush at a restaurant before your regular job. Get creative!
- Consider talking to family if at all possible. Sometimes simply explaining the situation and proving you can handle any gift they are willing to give with wisdom can make all the different. This may be a time to swallow your pride if other options are not working.
In the end, you are the only one who can fix your credit issues. There is hope however, and there are options in the form of hard work and bad credit loans. Put your nose to the grindstone, set your feet, and get ready to work hard to make your financial situation what you always wanted it to be.