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Every day, tumblr blog more people are losing their jobs and finding themselves in tough financial times. If you have ever been among these unlucky people, tumblr blog you may have damaged your credit rating and tumblr blog feel like you may not be able to get a loan. While it may be tough to find them, tumblr blog loans exist that are designed for tumblr blog people in just this situation. While it is sad that so many are struggling, tumblr blog it means that there is more demand tumblr blog for tumblr blog high risk personal loans, tumblr blog especially unsecured personal loans, tumblr blog and tumblr blog these loans are more available to people who might not have qualified for tumblr blog loans in the past.

tumblr blog tumblr blog Bearing tumblr blog this in mind, tumblr blog here are the 8 things you should know about high risk loans: 1. Payday Loans are Expensive You probably already know that payday loans should really only be a last resort. Unless you are absolutely sure you can repay them in full, tumblr blog they will typically cost you far more than they are worth. When extended for tumblr blog a full year, tumblr blog a $100 payday loan can have almost an 800% APR. That is astronomical compared to the rates that banks and tumblr blog even credit tumblr blog cards charge.

2. Payday Loans are Easy To tumblr blog Get You are a grown-up, tumblr blog and tumblr blog only you can decide if it makes sense to get a payday loan. If you decide to apply for tumblr blog a payday loan, tumblr blog you will usually need to bring your ID, tumblr blog proof of income, tumblr blog a bank statement, tumblr blog and tumblr blog the date of your next pay day at a minimum. Some places also require you to have a certain level of income before they will give you a pay day loan. The good news about pay day loans is that you can get them the same or tumblr blog next day in most tumblr blog cases and tumblr blog there is typically no tumblr blog credit check, tumblr blog so your credit doesn't have to be good to qualify for tumblr blog one.

3. Payday Loans do not Improve Credit Scores You would think that a loan paid off in a timely fashion would help you build your credit. This is not always the case. Since these loans are not usually reported to the major tumblr blog credit bureaus, tumblr blog they do not have a bearing on your credit score. 4. You Can Get a Loan Online One of the best places to find a high risk personal loan is online, tumblr blog and tumblr blog you can get an tumblr blog online loan from the comfort of your home.

If you have a poor tumblr blog credit rating, tumblr blog it can be embarrassing to apply for tumblr blog a loan in person only to be turned down. Going online for tumblr blog your application, tumblr blog ensures that you do not have to put yourself in this position. Online Loans usually have low limits on the amount of money you can borrow, tumblr blog which might prevent you from taking on more than you can handle financially. 5. Tax Return Loans are Available Known as Return Anticipation Loans (RALs), tumblr blog these loans are extended based on tumblr blog the anticipated amount of your tax return.

Basically, tumblr blog they are cash advances with interest rates ranging from about 50% to over 500% APR. Keep in mind that if you tumblr blog file your taxes early, tumblr blog you can generally have your return within 8-10 days if you file electronically and tumblr blog use direct deposit. This is almost always a better option than a Return Anticipation Loan, tumblr blog but it is good to know that they exist. 6. Your Car Can be Used as Collateral Known as Car Title Loans, tumblr blog these are secured loans that use the title of your car as collateral.

Often, tumblr blog the tumblr blog loan is for tumblr blog less than the car itself is worth, tumblr blog so it is essential that you are able to pay back the loan because the lender can take possession of your car if you are unable to pay tumblr blog in a timely manner. You are going to need your car, tumblr blog right? So, tumblr blog be very careful if you decide to go this route. The one positive is that secured loans such as this often have lower interest rates than payday loans. 7. There are High Risk Loan Stores You can sometimes qualify for tumblr blog high risk personal loans of thousands of dollars or tumblr blog more if you go to one of the personal loan stores that are available in some states.

With the credit crunch in the United States, tumblr blog there are fewer of these stores than there used to be, tumblr blog but a few still exist. High risk personal loan stores specialize in giving loans to people with bad credit. These are not pay day loans that you pay back in a couple of weeks. These are genuine, tumblr blog non-collateral, tumblr blog unsecured personal loans that you pay back over several years. Sometimes, tumblr blog you can get a lump sum tumblr blog loan, tumblr blog and tumblr blog other times you may qualify for tumblr blog a line of credit where you free up more money to spend as you pay off your loan(it's like revolving credit).

The interest rate is typically high, tumblr blog but you have longer to pay it off, tumblr blog and tumblr blog it looks good on your credit report to have a higher loan awarded to you. These will probably take some work to find, tumblr blog but may be one of your best options. 8. Lenders Take a Risk, tumblr blog Too Because these types of loans are really high risk to lenders, tumblr blog the fees and tumblr blog interest rates are typically higher for tumblr blog online unsecured personal loan options than they are for tumblr blog traditional loans. As such, tumblr blog you will probably have to pay more just to acquire one.

Keep in mind that these are high risk personal loans to individuals whose credit doesn't warrant better terms, tumblr blog but better terms are often available to those with better credit scores or tumblr blog some sort of collateral. Other Things to Keep in Mind About High Risk Personal Loans One more thing that may make the process of searching for tumblr blog a high risk personal loan simpler is to search in your state first. The regulations for tumblr blog high risk loans are different in many locations and tumblr blog lenders may be more apt to loan to people located closer to them.

Having said that, tumblr blog tumblr blog there are many financial products online and tumblr blog available anytime, tumblr blog and tumblr blog it will just take a little of your tumblr blog time and tumblr blog patience for tumblr blog you to find the right one. Once you've decided which option is best, tumblr blog make sure that you do some research first and tumblr blog compare the interest rates of each lender. This will keep you from taking a loan that could cost you more money than you realized it would.


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