Trying to qualify for a bad credit loan with an easy approval process, AND it’s NOT a Payday loan? Well look not further, because getting approved for a loan if you are a borrower who has a really bad (poor) credit rating is next to impossible – well if you want a decent interest rate anyway. Only Payday loan companies will give out loans to borrowers with really, really, bad credit, so beware of where this is all going – read on. If you want an installment loan that you pay back in monthly or biweekly payments the bank or lender, you will have to provide some sort of security on the note. Just a fact of life. You will need a vehicle for a vehicle title loan, a house for a home equity loan, the cash in the bank already (which makes NO sense, but some loan officers actually ask for that), or a good, and steady, well paying job. So if you want an easy approval within 24 hours, and a loan that is not approved by some sort of Payday lender, you are dreaming. It’s a fantasy that can’t be expected to come true.

I mean, you could find some kind of loan shark site that will put you in a worse financial hole than you are already buried in, but that would be just plain stupid – right? Right! A loan shark will charge interest rates that are barely legal, and your run-of-the-mill loan shark down on the Boulevard will give you an illegal loan for an interest rate (the Vig) which is astromomical in size. You’ll end up on your knees paying back the loan in a way you don’t want – believe me – you don’t want that! I mean we’re talking about disgusting here – right? Right!

Just go make some more money, or stop spending so much money, get a raise, change jobs, borrow from your parents, or stiff your existing creditors – but whatever you do, don’t get a loan from scummy loan shark. That’s not what you want to be doing, and it’s even worse than getting a Payday loan.

You don’t really want a Payday loan in the first place for many a good reason, and you should be smart enough to not even go there.

Qualifying for a bad credit loan is hard enough, let alone trying to get one quickly and hassle free. Not a good combination of expectation in my book. I’m sure if you talk to any legitimate loan officer they would tell you the same thing – the same story – if you have a FICO score with Experian, TransUnion, and Equifax, that is lower than 520, you are barking up a bad tree. The cost of financing a loan with a terrible credit rating is through the roof (between 18% to 25% interest).

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A LOAN CALCULATOR; Enter your loan amount, how many years, the interest rate, and payment frequency (14 for biweekly, 30 for monthly, 7 for weekly. Very helpful so you know exactly what the loan will cost you in interest payments and you will know the total COB (cost of borrowing).

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