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A man with empty pockets who needs a payday loan in Lubbock TX.

Dealing With A Bad Credit Loan

If you need fast cash but have bad credit, you usually have two choices. You can get a payday loan or an installment loan. If you are unfamiliar with the differences, let’s take a quick look before you proceed with any loan request.

Payday Loans

A payday loan is one that you repay when you get paid again. Simple enough right.

Most loan terms are for 10 to 14 days and you will pay a set fee per hundred dollars that you borrow. An example might be around $20 for every hundred dollars that you borrow.

The good thing about these loans is that you can get them very easily. Most lenders will not even do a traditional credit check. So, even if you have been turned down elsewhere, you may be able to get a payday loan.

Another good thing is that you will get your money very fast. You can get your money as soon as the next business day which for a loan is a pretty quick time period. This makes it a great loan for handling a sudden emergency.

Now, for the bad. These loans have high fees and because of the short loan term, the APR is huge. It can be over 500 percent in many cases.

The real problem with a payday loan is the loan term. High fees aside, these loans can be hard to pay back because they are due so soon. It can be hard to get things together in Lubbock in just a few days. This leads many people to pay off one loan just to have to get another, so be careful.

Title Loans

Title loan are a little bit different. While a payday loan is an unsecured loan, a title loan is secured by your vehicle title. This means the lender has the ability to seize your vehicle if you default on your loan and believe me, they will do so if necessary.

Because this loan is secured, you would think that the interest and fees would be less but this is not the case. Interest is capped at around 10 percent by the state but fees are not capped at all. Because of this, the APR of these loans can be well over 200 percent.

A title loan gives you the worst of everything, so be careful with Lubbock title loan services. People lose their vehicles all of the time to these companies, do not let it be you.

Paying Back Your Loan

Before accepting a loan, you should give some consideration to how you are going to pay it back.

If it already fits into your budget, great. If not, you need to make some changes in Lubbock to make sure that the loan process goes off without a hitch.

The easiest way to make room for a loan payment is to make some cuts to your budget. There are a lot of ways to do that.

Cut your food budget by taking your lunch to work or switching to cheaper staples like rice and potatoes.

Cancel or put your cable, satellite and gym memberships on hold.

Write down all of the expenses that you have in a month and see where you can make some cuts. Chances are that you can make some simple changes that will help you make your loan payment. And, keep in mind that the little things add up. A dollar here and a dollar there can be hundreds at the end of the month.

If cutting your expenses doesn’t do it, increasing your income is the answer. Easier said than done you might think but this is not necessarily true.

It is very easy to get a part time job these days. Because of a strong economy, employers are hurting for staff. This has led many to increase their starting wages to some much more attractive levels.

Look at 24 hour retail stores like Walmart. They can get you a nice supplemental income and, because they are mostly open all of the time, you should be able to find a shift that works.

Your Emergency Loan Decision

Now, it is time to make your decision as to whether a loan in Lubbock is for you.

Before you make your decision, make sure that you have no other options and that you can afford to pay the money back. Just because you are approved for a loan does not mean that you can afford it. Only you can really make that decision so be careful. The only thing worse than being broke is being broke with added loan debt.

In addition, if you find yourself depending on short term loans often in Lubbock, you should consider making some big changes and seek consumer counseling.

Find your next loan online.
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Summary

If you are in Lubbock and need money in a hurry, this article may be able to help you. Get a fast loan quote as well as information on how to pay for your loan.