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If you are struggling to find a loan because of bad credit and a poor credit history, you are not suffering alone. The amount of people with bad credit is rising daily. This is due largely to the unstable economy and thousands of people who are losing their jobs. It is impossible to keep up with bills and payments on past loans when you are not earning any income. Even people who still have jobs are struggling to make ends meet due to pay cuts and price increases on everything from groceries to gasoline. Even just paying bills late will negatively affect your borrowing history by causing a decline in your FICO score. However, there is always the chance that a time will come when you unexpectedly need a large sum of money. Whether this is due to automobile failure or unforeseen medical expense, the bills still have to get paid. Even if you do not have any collateral, you can still get a short term loan until payday.

Money Before Payday For Your Needs

This type of loan is often referred to as a guaranteed loan or a payday loan, and it is meant to meet basic expenses until you receive your next pay check. To qualify for this loan, all you must do is bring a post-dated check to the lender written out in the amount of the collateral free loan with interest charges tacked on. The lender will wait to cash your check until you are scheduled to be paid again. They will usually hold it for up to thirty days. When the payment on the loan is due, the lender will simply cash the check to withdraw the funds from your bank account. For those borrowers who wish to do their business online for convenience and savings, there are lenders who will process an electronic check in the same manner, and hold the check in the same regard as a loan store. These lenders are often cheaper than the brick and mortar lenders of this type of loan.

Paying for Unforeseen Bills

Short term unsecured loans are great to pay for unforeseen or forgotten expenses that arise suddenly, usually when your bank account has been drained dry. For instance, you might get a flat tire on the way to work or just need some extra cash for an anniversary gift you forgot to buy. Whatever the reason, these loans allow you to borrow money on a short term basis.

Get as Little as $200 or as Much as $2500

You can borrow as little as $200 or as much as $2500. To determine how much they can loan you, the lender will examine your existing household income. Married borrowers are allowed to apply jointly to have both incomes taken into consideration, but they must both agree to repay the loan. Even if it is not a joint checking account, they can still apply together. The majority of borrowers of unsecured short term loans today search online to find the best rates. Because there are so many lenders out there, they can spend a little bit of time doing some research and really find the best deal for themselves. The application process is also a lot quicker because it is done completely online. You do not have to drive across town to the loan store. They also have a quicker turnaround time, and the money is deposited into your account the same day.