5 Reasons To Get Bad Credit Loans That Aren't Payday Loans

There is nothing good about having bad credit. People think that you are shady, banks don't want to lend to you and it may even be hard to find a job. This means that you need to take action to get your credit score back to where you want it to be. If you are looking for a bad credit loan, don't apply for a payday loan. Here are some good reasons to apply only for loans for bad credit not payday loans.

1) The Interest Rates Are Too High

The interest rates that you pay for a payday loan are ridiculously high and take advantage of those who are desperate. Did you know that military payday lenders charge interest rates of up to 60 percent? If lenders are willing to do that to those who have served our country, you can only imagine what they would do to you.

2) Payment Terms Are Not Flexible

You have a couple of weeks to repay your loan. This means that you may get one or two paychecks in that time. If you are working part-time, you may not get enough hours to repay the loan. If you are self-employed, you never know when a client might come through with a payment. When you fail to repay the loan on time, you are automatically given a new loan that you have to pay back with interest and fees.

3) You May Not Be Eligible To Borrow

Your state may decide that you cannot borrow for a variety of reasons. You may have already borrowed too much money or you have too many outstanding loans. If you can't access the money, what is the point of asking for another loan?

4) The Loan Amounts Are Small

What are you going to do with $100? For some people, that isn't enough money to buy groceries for a week. You are better off negotiating with a bank or credit union to get a loan that is actually going to help you. Your bank can most likely get you a loan for with a lower interest rate and more time to repay it.

5) You Can Do Better

Payday lenders are preying on your desperation and vulnerability. You deserve to get a loan that helps you instead of keeping you in a situation that you don't want to be in any longer. A good lender such as a bank or credit union will help you repay the loan and give you options in the event that you miss a payment. Payday lenders will simply shrug their shoulders and walk away.

There are many more reasons why you shouldn't get a payday loan. If you have to get a loan, make sure that you are looking a loans for bad credit not payday loans. You can save a lot of money while preserving your dignity as a borrower.