Whether you have a poor credit rating or you just need some money to cover a temporary shortage of cash, there are many options available. Some of these options include loans from credit unions or co-signed loans from partners or family members.
Co-signed or joint personal loans
Adding a co-signer to your loan application can be a great way to increase your chances of approval. Having a second set of eyes on your application can also help you qualify for a better interest rate. But be warned: co-signed loans come with their own set of risks, so be sure to do your research before you apply.
The best co-signed or joint personal loans have low APRs, flexible repayment terms and quick funding. You can find these types of loans from a variety of lenders. Some lenders offer better rates and other features, such as no prepayment penalties.
Payday alternative loans
Having a loan from a credit union can help members in a financial emergency. The loans are usually low-cost and offer short-term solutions. They may also help members avoid the debt trap created by payday lenders.
The loans are usually repaid in one to six months. However, some credit unions offer payday alternative loans (PALs). PALs are designed as an alternative to payday loans, and are generally cheaper and less risky.
PALs must be approved by the National Credit Union Administration (NCUA). The NCUA sets the rules for PAL terms and conditions. There are two types of PAL loans: PAL I and PAL II.
Online lenders offer loans for bad-credit borrowers
Whether you’re in need of a loan for personal or business purposes, there are plenty of online lenders for bad-credit borrowers. There are many different types of loans, and they differ in terms of the interest rate, length of the loan, and other factors.
Some of the best bad credit loan companies offer simple, easy-to-use application processes. Their services also include customer support to help you get the information you need. You can also talk to a lender about your loan’s terms before you accept the offer.
Some companies allow you to apply for a loan instantly, while others require convincing before they will approve your request. This can be frustrating. You also have to make sure you have all the necessary documentation.
