First and foremost, the United States is in one of the worst recessions we have seen since the Great Depression. Therefore, banks and other creditors are making it increasingly difficult for everyday people to obtain credit and purchasing power. With the dollar depreciating each and every year and inflation rising at alarming rates, it's no surprise that, in the near future, there will only be a few people who have access to credit at low APR rates. With that said, how does a person find a loan if they have bad credit? Furthermore, how does a person get out of the debt they are in, fix their credit, and get their credit back on track?
If you need an emergency loan, you need to ask yourself this question: Is this loan a necessity or a "want"? Many people often times find themselves in situations where they are desperate for a solution to their financial woes, and believe it or not, many of them look for loan sharks. Illegal ones at that. A website by the name of The Loan Shark Guide helps people learn the difference between legal lenders, and illegal lenders who will rip you off. The site is in the middle of an upgrade and looks rather ugly, but in the coming weeks/months the site will get a complete makeover, with the ability to help folks search for loans that fit their needs.
This brings up another conundrum, however.
Some will argue that payday loans and debt consolidation loans are the worst loan programs that a person could ever get into. While there are many payday loan companies out there that charge insane APR, the resolution lies in finding the right type of payday loan. You have to compare loan providers in order to make an informed decision. The best thing to do if you find yourself in an emergency financial situation, however, is to borrow from family or friends first. Payday loans, and other high interest loans, should be a last resort. If you know of an illegal lender, you can report them here.
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