The day may come when you have use for a personal loan with a term shorter than a few months. For example, you might find yourself in early April faced with a big tax burden and no liquid funds on hand to pay the government. You had no your business's sales were going to be so stellar, and now you're up against the bitter sweet situation of earning a lot of money and consequently owing a lot of it to the government.
So you owe the government some money, and you have one big problem - you spent all your cash reserves (which were supposed to take the fear out of tax day) on a trip to everyone's favorite gambling town in Nevada. You're wishing the government were in favor of such trips, so they'd give you a break on your bill, but no such luck. Yeah, right - it's either pay the bill or pay the interest and penalties.
And here you are without the cash, and that's not all. You also don't have the good credit a person might use to borrow the cash you need to pay your taxes. It turns out having your brand new Chevy Truck taken back by the bank when you couldn't make your payments ruined your credit. If you had good credit any number of banks or credit card companies would give you the money to pay the government right now, but no such luck.
You have yourself in a serious quandary - how are you going to get the government's money to them when you have no cash and really bad credit? There is an answer, although it's not ideal. Certain types of lenders will give you a signature loan for people with really bad credit.
Let's establish the definition of a signature loan, but I suppose it's not too hard to understand. A person can go to a lender, put your name on an application, along with your address and some other personal information, and end up carrying out the money to get you through the week. Although it seems easy, it's not really going to be so simple.
A few complications may arise. One, you'll have to prove to the bank that you actually have earnings to justify their loan. A lender may not mind your bad credit as much if they see that your current income exceeds your personal expenses including the new payment on your loan.
Another prerequisite to loan approval may be your demonstration to the bank that you can provide them with some valuable, sellable collateral to secure the loan. Nothing could make the bank feel more secure than knowing they can sell your car or your jewelry if you decide not to make payments. Of course the best advice is not to give something you'll actually miss if the lender ends up selling it.
Make a strong case to your prospective bank. Let them know you're a person of integrity, and you will repay the debt if they take a chance on lending you the money. And for future reference - don't spend your tax money in Vegas. - 16089
So you owe the government some money, and you have one big problem - you spent all your cash reserves (which were supposed to take the fear out of tax day) on a trip to everyone's favorite gambling town in Nevada. You're wishing the government were in favor of such trips, so they'd give you a break on your bill, but no such luck. Yeah, right - it's either pay the bill or pay the interest and penalties.
And here you are without the cash, and that's not all. You also don't have the good credit a person might use to borrow the cash you need to pay your taxes. It turns out having your brand new Chevy Truck taken back by the bank when you couldn't make your payments ruined your credit. If you had good credit any number of banks or credit card companies would give you the money to pay the government right now, but no such luck.
You have yourself in a serious quandary - how are you going to get the government's money to them when you have no cash and really bad credit? There is an answer, although it's not ideal. Certain types of lenders will give you a signature loan for people with really bad credit.
Let's establish the definition of a signature loan, but I suppose it's not too hard to understand. A person can go to a lender, put your name on an application, along with your address and some other personal information, and end up carrying out the money to get you through the week. Although it seems easy, it's not really going to be so simple.
A few complications may arise. One, you'll have to prove to the bank that you actually have earnings to justify their loan. A lender may not mind your bad credit as much if they see that your current income exceeds your personal expenses including the new payment on your loan.
Another prerequisite to loan approval may be your demonstration to the bank that you can provide them with some valuable, sellable collateral to secure the loan. Nothing could make the bank feel more secure than knowing they can sell your car or your jewelry if you decide not to make payments. Of course the best advice is not to give something you'll actually miss if the lender ends up selling it.
Make a strong case to your prospective bank. Let them know you're a person of integrity, and you will repay the debt if they take a chance on lending you the money. And for future reference - don't spend your tax money in Vegas. - 16089
About the Author:
Mark is the local expert on all kinds of financial tools, including bad credit personal signature loans and payday signature loans.
