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Friday, October 11, 2013

Do You Deserve a Loan For Extra Cash Even With a Bad Credit History?

We all run into situations where we need a little extra money sometimes, regardless of our credit history. But is a bad credit cash loan something you deserve? I mean, after all, you did manage to get yourself in a situation where your credit score is, perhaps, at an all-time low. Should lenders take a chance on you and let you borrow the money you need anyway?

As you might imagine, the answer depends on a few things. First, what were the reasons you fell behind on your bills to begin with? Not everyone with poor credit history is a deadbeat who just didn't bother to pay their bills. Sometimes "life happens" and financial burdens get heaped upon you. As they say, bad things happen to good people too. So maybe you were usually one to pay your bills on time but something happened, perhaps some crisis situation, to make that impossible, you fell behind for a while, and now have a stinky credit score as a result.

If this scenario or something similar describes you, it's quite possible that yes, you do deserve another chance and should be allowed to borrow money to meet your need and improve your credit reputation. You should get a second chance for sure, and many lenders would absolutely agree.

However, if you are just generally pretty irresponsible and undisciplined and just felt like spending your entire paycheck as soon as you got it rather than keep up to date on bills, you really should not have another loan until you can become more responsible. Otherwise you are going to keep digging yourself deeper and deeper into the hole you are in.

The problem for lenders is it is sometimes hard to differentiate between these two types of people. All they really see on the credit report is someone who didn't pay their bills on time. There is nothing about how much or little the individual makes, what the reasons for the failed payments were, or any other helpful information.

So does that make it impossible to get a bad credit cash loan even if you plan to repay the loan with timely payments? No, it doesn't, but expect to be lumped in with the second group of people and given a higher interest rate until you prove yourself. However, as long as you make your monthly payments on time from now on you will raise your credit score, and the next time you need money you will be able to enjoy a much better rate.


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