Obtaining a personal loan from mainstream banks and financial institutions is a little difficult if your credit score has taken a beating for some time. The good news for individual with bad credit is that there are other kinds of personal loans at their disposal. Depending on their specific situations, the following personal loans in Altoona, PA can be ideal for them.
Payday loans are the most common bad credit personal loans that anyone who has a regular source of income can choose. As long as the lender can verify your residence and income, they can have the money availed to you within a few hours of application. The best thing about these loans is that they do not require any collateral. Those who need the loan can visit the borrower’s website to fill in the application forms and also provide a checking account. Note that this loan is like a cash advance on your next salary, and many lenders expect the full amount to be paid once you receive your salary. Therefore, payday loans are personal loans in Altoona, PA that have to be repaid within a few weeks.
Car owners can also use their cars to get pink slip or car title loans when faced with emergencies. A car title loan, unlike a payday loan, allows the borrower to make payments over a longer period. Furthermore, the amount of money that you can receive on the car is significantly more than that of a payday loan although it is based on the car’s condition. With a car title used as collateral, the lender has the right to possess the car if you are unable to repay the owed amount.
Other than these two options, those individual who have a fairly good credit score can go for high risk secured personal loans from institutions such as ARC Federal Credit Union. There are different kinds of collateral that you can use with this loan although, many lenders also require proof of employment before they can approve the loan. Regardless of the emergency loan that you choose, remember that servicing it diligently can help you build your credit score. Therefore, do not be scared to ask for financial assistance even if you have bad credit since this is one of the best approaches to recover financially.
