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One of the great ironies of personal finance has always been that the people who need money the most are the ones who can't get a loan and the people who least need the money are the ones who can obtain credit most easily. Nowhere is this more evident than in the world of personal lending. Getting an unsecured or personal loan with bad credit has always been somewhat challenging but in recent years it has become virtually impossible. The subprime lending crisis and subsequent credit crunch have caused all banks to significantly tighten their lending standards. The first customers to get squeezed out of the equation are those with credit problems. The unfortunate reality in 2009 is that if you have bad credit, you will not be able to get an unsecured loan from a traditional bank www. Cash Fairy .com Login.

Do a search on the web for "bad credit personal loans" and you will see hundreds of listings for websites promising to deliver the elusive cash without collateral that you so desperately need. Look closely and you will find that every single one of these offers will be for a payday loan. A payday loan is a completely different product than a traditional unsecured installment loan (often called a signature loan). Payday lenders do not evaluate your credit when making the decision whether or not to grant you a loan. Instead they simply debit your checking account automatically on your next payday. Of course the lender's significant fees are debited as well. This product can make sense for a short term emergency situation that requires cash but it does not accomplish the same thing as a personal loan which could allow you to repay over a much longer period, usually between 12 and 48 months. Personal loans also carry lower interest rates. Typically, personal loans carry annual percentage rates ("APR's") that are equal to or better than most credit cards. If you look at the average fees on a payday loan and converted them into the equivalent APR's you would be looking at mind-blowing rates of up to 350%. So, while a payday loan can be a good product for short term, emergency situations - it cannot replace the value of a personal loan www. Cash Fairy .com Login.