Have poor credit? Well all isn’t lost. Before I even mention some options, let it be known that I don’t recommend these sources as a long term solution. As a matter of fact, some of these businesses border on being a legal loan shark.

Payday and check cashing outlets. Almost anyone with an income qualifies. Here are some of the benefits (cough..cough) of using one of these type lenders:

NO Collateral Required
NO Down Payment
NO Security Deposit
Use The Money Anyway You Like

But be aware of the down sides too. Borrowers who obtain payday loans generally have cash flow difficulties, and few, if any, lower-cost borrowing alternatives. Because these loans have such short terms to maturity, the cost of borrowing, expressed as an annual percentage rate (APR), is very high.

The borrower usually provides the lender with a post dated check or debit authorization for the amount of the loan plus the fee. If the borrower does not redeem the check in cash and the loan is not refinanced, the lender normally puts the check or debit authorization through the payment system. If the borrower’s deposit account has insufficient funds, the borrower typically incurs a NSF charge on this account. If the check or the debit is returned to the lender unpaid, the lender also may impose a returned item fee plus collection charges on the loan.

This scenario reminds me of those medicine commercials. The side effects are sometimes worse than whatever you’re trying to cure! Defaulting on a payday loan has the same financial side effects. BEWARE!!
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‘Legal Credit Manipulation’ free ecourse. Don’t be held hostage by personal loan for poor credit lenders for high interest rates. Learn the secrets to creating the credit you need, want and deserve. Click
here at Free Credit Repair.

Christopher Wright, Financial Cancer Specialist
http://Blog.GoodCreditApproval.com

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This entry was posted on Saturday, July 12th, 2008 at 12:00 pm and is filed under Bad Credit Personal Finance, Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.