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How to Get Money with Bad Credit

April 12, 2012 by  
Filed under Loans

Lots of folks have lost good credit standing in the past few years as a natural consequence of reduced hours and/or job loss. However, you need money now with bad credit all is not lost. There are still a few ways that you can get money, even if your credit is less than stellar. Some may require a form of collateral, while others just require the ability to repay the loan.

Gold Buyers

If you have gold jewelry lying around your house that you want to get rid of, it can be a way to get some extra cash in your pocket relatively quickly. The price of gold has skyrocketed in recent years, opening up new businesses that will buy gold from consumers. You can try selling to local jewelers or to online businesses that specialize in buying gold. You won’t get as much as it is worth, but it will be a quick way to generate some cash in a pinch.

Pawnshops

The recession has been a boon to pawnshops who have seen business increase dramatically. You can take in any number of goods, including jewelry, and they will provide a loan based on that collateral. If you do not repay the loan in time, you forfeit whatever you’ve put up as collateral. Otherwise, the item is returned to you upon repayment of the loan. So, if you love the gold jewelry and don’t want to sell, but still want to use it to leverage some cash, a pawnshop is a good way to go.

Payday Lending

Lastly, you may not want to put anything up as collateral, and you have a good job that gives you the ability to repay a short-term loan. In that case, a payday lender can spot you some cash until your next payday.

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