A shop window advertising payday loans.

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People that are looking for a quick loan and have bad credit need to understand that they are going to get a high interest loan if they do in fact find someone who will extend credit to them. Hence, this will place you in a high risk position to either get ripped off or to not being able to pay this credit back.

However, that doesn’t mean you are going to get scammed or that you wont pay the money back. It just means that the percentages of people who cannot pay these loans back are high. You really need to understand that fully before you go out rush to agree to a deal that may ruin you financially for good.

If you now are aware of the risks, you can now make the plunge to see who will lend you some much needed cash.

Here are some sources and ideas to start out with:

  • Personal Loan From a Family Member – This is the best place to find some low interest cash to get you out of a bind. If you don’t ask, you don’t get. So, go here first and proceed to other options if you fail.
  • Paycheck Advance From Your Employer – Why don’t you ask your boss to give you an advance on your paycheck? I have done this myself many times in my life and it has worked almost every time. As long as you have a good track record and work history with your boss, you should be fine.
  • Community Assistance Plans: Your city probably has local support grants, cask or gifts that they can assist you with. Often a local church will be operating these programs for the city or county.
  • Pawn Shop Loan – Look around the house for some things you can sell quickly and get some cash from the local pawn shop. There may be old military memorabilia or comic books. Heck, one family who was in foreclosure found a Superman comic book in their attic and ended up paying off their house when they sold the book. You can expect to sell or get a loan for your pawn items at approximately 10-50 cents on the dollar. It all depends on the quality and consumer demand for the product.
  • Cash Advance or Pay Day Loans: You can use your credit cards to receive a cash advance or fill out a cash advance form online.  There are numerous companies that offer anywhere up to $1500 via a cash advance. Generally, you can borrow anywhere between $250-1000 and the lending requirements are very lenient. Payday lending is legal and regulated in 37 states. In 15 states it is either illegal or not feasible, given state law

The current list of states that have made PayDay loans illegal are as follows:

* Arizona
* Arkansas
* Connecticut
* Georgia
* Maine
* Maryland
* Massachusetts
* New Hampshire
* New Jersey
* New York
* North Carolina
* Ohio
* Pennsylvania
* Vermont
* West Virginia

Here are some links to big brand name fast cash lenders that you can investigate. I do not endorse them and I am not affiliated with these firms. This is just a list for your convenience:

Please keep in mind that the answer to your current economic issues may not always another loan.  You really have to make sure that you are making the right decision in order to determine if it is truly worth the risk.

The Signs of an Advance-Fee Loan Scam From the FTC

The FTC says some red flags can tip you off to scam artists’ tricks. For example:

  • A lender who isn’t interested in your credit history. A lender may offer loans or credit cards for many purposes — for example, so a borrower can start a business or consolidate bill payments. But one who doesn’t care about your credit record should give you cause for concern. Ads that say “Bad credit? No problem” or “We don’t care about your past. You deserve a loan” or “Get money fast” or even “No hassle — guaranteed” often indicate a scamBanks and other legitimate lenders generally evaluate creditworthiness and confirm the information in an application before they guarantee firm offers of credit — even to creditworthy consumers.
  • Fees that are not disclosed clearly or prominently. Scam lenders may say you’ve been approved for a loan, then call or email demanding a fee before you can get the money. Any up-front fee that the lender wants to collect before granting the loan is a cue to walk away, especially if you’re told it’s for “insurance,” “processing,” or just “paperwork.”
  • Legitimate lenders often charge application, appraisal, or credit report fees. The differences? They disclose their fees clearly and prominently; they take their fees from the amount you borrow; and the fees usually are paid to the lender or broker after the loan is approved.
  • It’s also a warning sign if a lender says they won’t check your credit history, yet asks for your personal information, such as your Social Security number or bank account number. They may use your information to debit your bank account to pay a fee they’re hiding
  • A loan that is offered by phone. It is illegal for companies doing business in the U.S. by phone to promise you a loan and ask you to pay for it before they deliver.

Moe Bedard
My name is Maurice "Moe" Bedard. I am the founder of America's #1 Mortgage Forum, LoanSafe.org. My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications.