This is an all too common plea shouted from the suburbs, cities, and rural communities all across the United States; “I need a personal loan fast and I have bad credit!” – “I need a loan quick but no-one will give me one because of poor credit!” – “Will someone please give me a loan!!!”

The two most needed quick – usually overnight – loans would have to be the $5000 and the $3000 dollar personal loan. Why? Because these micro-loan amounts are higher than any Payday loan company will provide under a cash advance lending product.

The trouble with getting approved for a personal loan this size, is that no major (traditional) lending institutions will ever take a chance lending an individual $3000 to $5000 dollars sight unseen. Using the Internet can be a very frustrating experience when you need this kind of cash money overnight.

As always at CLF, we are sympathetic to the borrowers who have poor, or really bad credit rating, and require an overnight deposit into their bank account because they have a personal financial crisis – or crunch. We urge borrowers requesting $3000-$5000 (sometimes $2000) to carry out their due diligence to avoid some the shady lenders online and in their own local neighborhoods. Some of these lenders who “claim” to approve borrowers for these cash money, micro loans, ask for 1-2-3 monthly payments up front. NEVER do this. No legitimate, or reputable bank, that approves personal loans will EVER ask you to pay some monthly installments up front. Run for the hills.

Quick Personal Cash Loans = High Interest Rates and Fees

Even if you do find a reputable lender that will give you an overnight loan then you will be facing extreme fees and interest rates (APR) if you have a very bad credit rating. There are State laws, and Federal laws, that prohibit mainstream banks from charging insanely high rates, but “so-called” private lenders can will attempt to skirt some of these laws by hiding costs in the associated fees they so conveniently mention on page 23 of the their loan agreement – which of course the borrower must sign to get their ill-gotten funds.

No matter how you slice it, when you have really bad credit rating, the lenders will be licking their lips and getting prepared to make as much profit from your temporary downturn in financial security. When you really analyze the financial reality of these kinds of high interest, s0-called bad credit loans, you soon realize the predatory nature of them. The question you need to ask yourself is, “Do I Really Need Fast Personal Cash Loan Overnight”. The answer of course depends on your personal situation, and if you can honestly sustain the long term costs involved. Or will this loan drive you even further into a black (more like red) hole which you can never escape unless you claim personal bankruptcy.

If You Do Decide To Find a Bad Credit Personal Loan

OK – let’s assume that you do find legal bank or lender to approve your bad credit loan – what do you need the money for? For school, for a car, a house, debt consolidation, holiday, paying an overdue mortgage payment, an overdue rent payment, a gambling debt, or relocating? If you accept the terms of the loan, you need to prepare yourself for another loan in the near future.

This quick cash loan is going to bleed to you dry in fees and interest so you have to clean up your credit rating, change your spending habits based on your TRUE monthly income and your TRUE monthly expenses. You will need to find a debt consolidation loan to clean up all of your bad debts (high interest loans) once and for all, and at a much lower interest rate. You may have to see a trustee or certified personal financial specialist to negotiate a debt settlement between yourself and all of your creditors. There is a fee for this as well, but it’s the best money you can spend if you have very bad credit rating. It’s a fresh start, and not to be taken for granted.

The Quicker The Loan, The Higher The Interest Rates and Fees

Most of our readers (and borrowers) understand full well that; the worse your credit rating (FICO score) is, the worse your fees and interest rates are going to be when borrowing more money. The sad irony and paradox here is that the borrowers with the very worst credit are the last people that handle (afford) the highest rates at a such a punishing level.

You can see the vicious cycle here, and where it will ultimately lead to unless the borrower has a big change in their monthly/yearly income, or a sudden cash windfall such as a winning, stock, a lottery, or inheritance – financial ruin in the form of personal bankruptcy. This is why CLF always recommends that you learn to change your spending habits ASAP, or find ways to earn more money. We suggest the prior – curb your spending habits.

No Mercy From Banks and Lenders For Borrowers With Bad Credit

One thing you can be sure of. No bank or lender (legitimate or not) will take mercy on you and have a great deal of empathy for you in your time of need. They see you as a possible cash cow if you can somehow make all of the installments agreed upon in your loan contract.

The banks don’t care about your new start, and they certainly don’t care. I know this is a very cynical thing to write, but when it comes to big banking and small cash lenders, you have to call a fact a fact. Especially when you come to them applying for loan with extremely bad credit. They see you as a liability and a high risk borrower – of course they are going to look upon you with a wary eye.

What You Can Do Is Prove Them All Wrong

I suggest changing your lifestyle and proving them all wrong. Pay off all your debts with these “shark in the water” lenders and prove them wrong.

Find a better job, stop wasting money, buy only the most important “things” in life, and turn around your credit rating. You can find plenty of information online on how to turn around your credit rating – I suggest you search for the information elsewhere because we at CLF don’t have much information on repairing a personal credit rating – yet!

All the above requires discipline, and something you don’t want to hear if you came here to find a quick loan – but just think about it – wouldn’t it be nice to have a good credit rating? Wouldn’t it be if you were debt free and have the peace of mind to know that you are not trapped in the state of insolvency.