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January 2020

High Risk Loans

High Risk Loans

High Risk Loans

High Risk Loans – If you know your credit score stinks, then choosing one of the high-risk loans can help you get the cash you need in your pocket fast. When you know you need a little financial assistance, you can turn to online lenders to help you in a pinch. These lenders can help you with many different types of loans and you can get cash in your bank account the same day, if necessary. The best part is they specialize in bad credit, so you don’t have to worry about what your report looks like. Some of these lenders don’t even check your credit, which can be very helpful.

Fast Cash Bad Credit Loans

The easiest type of high-risk loan to get is going to put up to $1,500 in your pocket with 24 hours. Most know this type of loan as a cash advance or payday loan. These fall in the personal loan and signature loan categories and they won’t require a credit check. If you need cash fast, this is the type of loan you want to consider because you can put cash in your pocket within a few hours, in most cases. Simply apply online, become approved, fax in any necessary documents (usually pay stub, copy of ID, and a utility bill), electronically sign your loan documents and get your money.

Unsecured High Risk Personal Loans

Another type of loan you can get if your credit is ugly comes in the form of an unsecured high-risk loan. These loans don’t require collateral, but they will not be all that easy to get. They are often reserved for those with good credit, but some lenders will work with bad credit, as well. It may take up to a week to become approved and get your money, but you can get much more with this type of loan. These personal loans can give you up to $25,000 and often will have a much longer term than other loans. You may get up to 5 years to pay the loan back and this can really help when you need money in a crisis and a few hundred dollars won’t cut it.

Peer 2 Peer or Person 2 Person Loans

Another online loan you can use if you have bad credit is known as a P2P loan. This type of loan website actually connects individual investors with those seeking loans. They can help you get the cash you need very fast and this can really make a difference. Most of the time you can get your loan within a week and the individual investors won’t look too closely at your credit rating. They base the loan on what you have to say and how equipped you are to pay the loan back.

Co-Signer Loans

If you cannot become approved for the loan you need, don’t have any collateral to secure it, and need more than a cash advance offers, then a co-signer may be necessary. You will need someone with good credit that can vouch for you by signing the loan documents, as well. They will be at risk if you don’t pay the loan back and it may be hard to find a co-signer, but you might not have any other option.

Pawnshop Loans

However, if you cannot find a co-signer and the other options above don’t work for you; it is possible to get a pawnshop loan. This is a very easy loan to get, but you will need collateral. The good news is they don’t require the collateral to be a property you own or a vehicle. They will accept jewelry, electronics and pretty much anything of value. Most of the time you will get about half or a little more of the actual value of the item, as the loan amount. You will have 90 days to pay the loan back and get your item out of pawn, in most cases.

When you have bad credit, it can be difficult to get a loan, but if you get creative, you can find the money you need. If all else fails, you can go right back up to option #1 and get a cash advance online. This is probably the most popular type of online high-risk loan out there because of the quick turnaround. The good news is some companies actually give you up to 100 days to pay your cash advance back and they will give you lower payments because of the longer amount of time.

4 Common Buy Here

4 Common Buy Here

4 Common Buy Here

4 Common Buy Here – If its Buy Here, Pay Here you can finance a lot of car for little money:

This can be true but is mostly false. I think this misconception came from the way things were years ago. Even 3-4 years ago you could get away with it but not in today’s environment. Lending practices at one point were very loose. You could get a new car with $500 down, a 650 credit score and a steady job.

But that type of thinking is what got us into this mess in the first place. Why would you want to revert to something that got you into a messy financial situation again? The thing is that we get people walking in all the time trying to put $500 down on a 10k car. Well the problem with that is most of the people we deal with people in a tough situation. Why make your situation even harder by taking on a loan you cannot afford? 4 Common Buy Here.

That $500 won’t even cover your taxes which in turn won’t put anything towards the principal of the car. This will keep your payments high and the interest has the potential of eating you up in the long run. The best thing you can do is put more money down towards the price of the car. We actually make much less money when you do this because it lowers your payments and the interest doesn’t cost you as much over the course of the loan. 4 Common Buy Here.

All the cars in Buy Here, Pay here are pieces of junk:

This has some merit but so does buying a car at a franchise new or used dealership. Really, it comes down to the management. What kind of work are they putting into their cars? Are they going for the cheap quick fix or are they trying to get a customer for life? Do they check their cars when they come in? Do they perform safety inspections? Will they let you take the car to an independent mechanic? These are all questions you must ask the dealership. If they say no to any or all of these then you should be suspicious.

The thing is a carfax only does so much these days. Everyone has to have a Carfax or they can’t tell. While its nice to have one it doesn’t really tell the whole story. So, when you get to a BHPH make sure that you’re dealing with the right people. There are plenty of cars I have seen come and go out of a BHPH that have lasted a long time. It works both ways. Its the dealerships job to make sure they are getting you into a good running car but its your job to maintain the car.

Buy Here, Pay Here is just another car dealership:

Well Kind of. Buy Here, Pay Here car lots do sell cars. There are salesman and there is a finance department just like any other dealership. Some of them have mechanics on hand as well.
What you really should look at a BHPH car dealership as is a place to qualify you. Things work backwards at a BHPH according to what you’re used to. The first step in the process is to get you qualified for a car. While at other places the first step is to sell you a car.

Those were in the good ol’ days when everyone could get financed. It didn’t matter how good or bad your credit was. Its different now. You may not get qualified for everything. A BHPH dealers job is to fit you into a car you can afford. They don’t want you to fail. They don’t want you to get stuck in another tough financial situation. it is in their best interest to get you into a car you can pay on time.

Because its a BHPH you can get into any car you want:

This is simialr to 2 of the common misconceptions above but not entirely true. I see a lot of people come on to the lot and expect to get into a really nice car. When I suggest something else they respond “but isn’t this a buy here, pay here”?

Well yeah it is but that doesn’t mean we want to put you into a situation where you will fail. Everyone wants a nice car but the reality is not everyone can afford a nice car. You have to not only consider the payments but also the maintenance and insurance that goes into owning a car. You also should prepare for unexpected mechanical fixes and keeping up with basic maintenance. Putting you into a 20K car is only going to set you up for failure.