We understand. You’re not really a deadbeat, just because your credit score stinks. You’re just an average Joe who got the worst end of the recent financial crisis and recession. You don’t have a lot of marketable skills, and when your factory closed you found yourself on hard times. It happens to the best of folks. Now, when you go to apply for a car loan, home loan or even a credit card, the lender looks down on you as if you’re some lower species.
So, what do you do when you need some money but your credit score stinks? You’ve got a few options:
- Payday loans. Now, we list these first but that doesn’t mean it’s your best option. Payday loans are a quick way to get cash. They’re also the most expensive way to get cash that we can think of. Payday loans often have interest rates of 300 percent or more.
- Friends and family. Borrowing from friends and family can be tricky. If the process goes bad, it can ruin a friendship or make Thanksgiving very uncomfortable. If you’re going to borrow money from people you know, try to put some safeguards into the process. The biggest one is honesty. Honestly tell the person when you can pay the money back, and if you can’t do it let them know sooner rather than later.
- Rob a bank. We’re not advocating crime, of course. However, if you’re smart about it, you won’t get shot when the police capture you and you’ll wind up in prison with three square meals a day.
- Get a part time job. Look, just because you work 40 hours a week doesn’t mean you can’t work 60. Back in the old days, people used to work from sunup to sun down. Put on your big girl panties and find a way to make some more money.
Realistically, of course, we know that three of these options are viable. Whatever you do, try to avoid that payday loan.