June 5, 2017, 1:48 pm

Finding Lending Options Even With Bad Credit

by: The Financial Blogger    Category: Personal Finance,Social Lending
email this postEmail This Post Print This PostPrint This Post Post a CommentPost a Comment

How Bad Do You Need Money?

Have you ever gone to a casino and wasted twenty dollars in five minutes at a slot machine? Better yet, have you ever thrown a hundred-dollar bill down on blackjack and watched that Benjamin disappear into the casino’s coffer? Well, then you know what it’s like to lose money on a long-shot. But it’s worse if you win.

Here is why: when you throw down a large sum of money on something that shouldn’t end up resulting in profit, but does, in the back of your mind is planted a subconscious psychological seed which says these possibilities can be had again. While there is a statistical probability of multiple, high-yield winnings, this probability is low.

What’s more likely is that you’ll win several thousand, go to the tables, and lose more than you won in the very same evening. But all that being said, you know—or have likely heard—that professional gamblers exist. These are individuals who have learned how the system works, and are able to use it to their advantage.

Granted, professional gamblers represent a minority of a minority. Statistically, they’re as rare as a win at a slot machine. But they do exist, and they exist in greater quantities than you might expect.

Is A Loan A Gamble? Sometimes Yes, Sometimes No

When it comes to loans, securing one with bad credit can be somewhat of a gamble. You’re going to face high interest rates. If you’re lucky, those interest rates will be fixed, but this is not always the case. As a matter of fact, you face the prospects of increasing interest rates which compound what you owe even when that’s already been compounded.

This is a downward spiral, and is something which is only really worth pursuing if you truly have a top-tier opportunity on your hands. It is possible to take out a high interest loan that isn’t fixed, and end up coming out ahead on the deal. But it will require that you pay that loan back as soon as humanly possible, and well-within the time limits.

An ideal situation for a bad credit high interest loan without fixed interest is when you’ve got revenue that is just going to be a few days late, but a bill that has to be paid right now. You take out the loan, pay the bill, then pay off the loan when the revenue rolls in a few days later. This way you’re only “on the hook” for a short time.

Still, being able to pay such bills immediately can be the difference between your business remaining successful, and your business going under. It all depends on your personal situation. What makes sense is to secure a sound financial advisor, and have them paint a picture of your monetary situation that you can get your head around.

The Peer-To-Peer Factor

You want to understand your financial situation, not have your financial situation explained to you. If you can get to that point, then you’ll be able to make an informed choice as regards taking a loan or not. To that end, sometimes your best solution is a peer to peer loan.

When you’re looking for peer to peer bank loan reviews, you might try Banking.Loans, where you will find such information and references resources like Peerform which, according to the site, is a: “…peer-to-peer lending site that targets borrowers who don’t have the best credit scores.” Solutions like this can make finances available to you where otherwise they were unobtainable. If obtaining a loan is something financially feasible for your or your business, going the peer-to-peer route can for many individuals be the wisest option.

 

You Want More? Sign-up! ->
TFB VIP Newsletter


If you liked this articles, you might want to sign for my FULL RSS FEEDS. If you prefer to receive the posts in your email, subscribe CLICK HERE


Comments