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Now, if I need 3000 dollars and I have bad credit, where can I get a loan? For those who are asking yourself this question, let’s examine how to go about trying to borrow 3000 dollars with no upfront fees.
If your FICO score is really low, you must understand that the majority of banks and financial institutions will not lend you any money. This is understandable as a bad borrowing history reflects badly on your ability to handle monetary matters, and these lenders are wary of taking such a risk. An alternative is to find yourself a cosigner who has good credit, to cosign for an unsecured personal signature loan but not every bank provides installment personal loans with cosigners for those who have bad FICO scores. Besides, this approach will tend to implicate others, as your cosigner will be held legally for the debt together with you.
You may wish to consider using collateral to secure a 3000 dollar installment loan for bad credit. Lenders tend to welcome borrowers who have assets and are willing to use them in exchange for getting some money. Auto title loans are a good example of using your vehicle as collateral to borrow money. Pawn brokers are also an excellent choice if you have valuable items sitting around in the house as you may put them up with a pawn shop, and use them to borrow cash. Gold rings, branded watches or high-end electronic goods are commonly accepted by pawn loan lenders and there is no worry if you have bad credit or not. This option will allow you to get the cash you need to solve your immediate cash-flow, and once your situation has improved, you may then redeem the items from the pawn lenders.
Lastly, if you have bad credit and no assets but need to borrow unsecured cash for an emergency, you may also wish to try a same day decision nonbank loan. However, do that note that emergency online payday loans are usually provided in amounts between $500 to $1000 and therefore, you might have to attempt a few times from different providers to arrive at the 3000 dollars that you need. These short term cash advance loans have high interest so it is not always wise to use them to borrow more than 2000 dollars for more than 90 days, as the accumulated interest will be rather significant.
Make sure you understand the risks and that you have planned out on how to pay for the cash loan that you are going to get.