If you’re in need of a loan but you have poor credit, you can find poor credit loans in several different places. Keep in mind, however, that you’re going to be paying a higher interest rate if you have poor credit.

Payday Loans

The first and most logical location for a poor credit situation is a payday loan. If you have a job, and a checking account, you can get a loan here.

Here’s how it works. You take in a paystub, and your checking information and they will loan you an amount that is less than $100 to $300. In a few cases, you can get as much as $500.

You’ll leave them a postdated check for the amount of the loan, plus interest. This will be due on a specific date and they will send the check through to be processed on that date.

They’ll give you the money and that’s all there is to it. It will take about half an hour at the most and less time if you’ve had a loan there previously. Keep in mind that you’re going to be paying a higher interest rate and that this isn’t going to help build your credit. It’s a short-term, stop-gap type solution to a money issue.

poor credit loans

Friends/Family

If you’re blessed enough to have friends or family that are willing to loan you money, this will also work. Always agree to a repayment schedule.

Always keep to your payment schedule as you want to retain this friendship and you want to be in good with your family. It’s not always the best solution, but in an emergency situation, it may be a good solution.

Advance On Your Paycheck

If you’ve been employed with the same company for a time, you may be able to get an advance on your paycheck. Keep in mind that this money will be reduced on your next paycheck so don’t do this unless you absolutely must.

Your paycheck will reflect that you borrowed money against it and you’ll have a shorter paycheck so keep this in mind as you go through the month.

One or more of the above methods may help you if you’re in need of a loan. Poor credit loans aren’t always easy to find but these methods may help you in an emergency to find some extra money and get where you need to be.