www. Loan mart .com

www. Loan mart .com

The stigma of a bad credit score is hard to avoid. If you are looking for a personal loan with bad credit, generally the only option available to you is what are called cash advance or payday loans. Once upon a time, using these services was considered even more terrible than having bad credit in the first place. However, since the federal government decided to take over the regulation of payday loan facilities, much of the bad associations that people have with these personal loans has gone away.

There Are Some Differences

Clearly, if you qualify for a traditional personal loan from your local or community bank that is the best option for you in times of need. Generally, brick and mortar banks offer the lowest interest rates to those who qualify for their loans. The problem with this scheme, however, is most people, and especially people with bad credit, do not qualify.

Cash advance loans, on the other hand, are given out without regards to credit score. Instead, they are income-based and carry a higher interest rate. However, the regulation of cash advance loans by the government has made the interest rates on them far more reasonable than before.