Are you enduring a bad credit score after missing repayments on your loan, or have you had a bankruptcy charge or a county court judgment against your name? Having a bad credit score doesn’t necessarily insinuate that you are irresponsible. At times, bad economy, loss of a job, or unexpected bills like medical expenses can put you in a financial difficulty. And, even though bad credit may be a stumbling block to getting a solid financial future, you can still acquire a loan with bad credit. Here are the bad credit installment loans Utah options to consider if you have a bad credit score.
Visit a Credit Union
Being nonprofit organizations, credit unions often pass their earnings to the members in the form of lower borrowing costs and customized customer service. They are more flexible and can be forgiving to customers with imperfect credit scores. The only requirement is to become a member.
Borrow From Family or Friends
The decision to borrow from friends or family shouldn’t be taken lightly since defaulting to pay back the loan could lead to poisoned relationships. To avoid future problems, you should have legal contracts stating loan terms, interest rates, and what happens if one defaults.
Consider Guarantor Loans
You can find someone with an outstanding credit score who trusts your ability to repay the loan to co-sign a loan application. You are both held responsible for the repayments. Timely payments boost both your credit scores whereas late payment or defaulting reflects negatively on both your credit scores.
Try Marketplace Lenders (Peer-to-Peer Loans)
With marketplace lenders, you can borrow from another individual instead of going to financial institutions. You can create a profile and post an affordable loan listing on peer-to-peer websites where investors can review and choose if they wish to fund.
Even with a bad credit score, you can still acquire a bank loan by borrowing against your own assets such as your car, savings, home, and even stocks. The lender holds the asset as collateral in case you default on the loan.
These are unsecured short-term loans that you must repay by your next payday.
Money issues can crop up at any time in your life, ranging from medical emergencies to a car breakdown or even day-to-day expenses between paychecks. Let Money 4 You Payday Loans help tide you over. Our loan application process is fast, easy, and friendly. Contact us today for your Utah money needs.
About the Author:
Mike is the owner of Money 4 You Payday Loans in Utah. He has been serving the community for over 20 years and has kept that small-town, friendly business feel from the start. Money 4 You Payday Loans has 21 locations across Utah to serve you.
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