Short-Term Installment Loans for Bad Credit

Need some money fast? Having bad credit, you know that finding a short-term installment loan will be like climbing a mountain, but desperate times call for desperate measures. You’re willing to do just about anything to get that $2500 you need to consolidate debt, buy a used car, pay for your daughter’s wedding — whatever the case may be.

Now, picture a huge sea of people waiting to give you a loan. You are going to need to sift through those options to separate the sharks from the lifeguards. Here are some ideas to help you along the way and get one of the short-term loans for people with bad credit:

Where to Find a Short-Term Installment Loan

The Web is chock full of lenders that want to “help” people with bad credit. There are so many that you might think the Internet was invented just to give these sharks a place to swim! Not all of them will exploit you, but shop around carefully, compare rates and service fees, and see if you can snag reasonable terms on a short-term installment loan. Not all of the lenders online are bad guys.

A new genre of lender has sprung up in recent years, lenders that interact with you person to person and are willing to overlook a poor credit score if you make a strong case for your newfound credit-worthiness. These individuals are looking to make money, but not like the loan sharks. They might even interview you via Skype to get a feel for you and your needs.
Take a look at Prosper.com as an example. These types of lenders capitalize on the cyber-intimacy that the Net makes possible. That might work to your advantage, especially if you can come across as a competent, sane person who has hit a bad spell in your credit history.

Do you own a home? See if you can get a line of credit on your equity. This type of loan has diminished with the current economic malaise, but it’s not impossible. It’s a relatively quick and easy way to get the funds that you need in the short-term.

This might be real hard, but have you thought of approaching your company about a loan? Many will give you payday advances taken out over several paychecks, which might solve your problem. If you have been a good worker for a considerable length of time at your company, you might be able to grab an installment loan for bad credit. Humble yourself and see what happens. You might be overjoyed by the response.

Finally, do you have friends that can help you out? They don’t necessarily need to have $2500 lying around, but they could serve as a co-signer for you on an installment loan. They also might have a friend that works in a bank or credit union that can hook you up with a loan. Go through those contacts on your phone and think about what friend would be sympathetic to your plight, then see if it can lead to one of the short-term installment loans for bad credit that are available.