bad credit loans in georgia

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Do you struggle with debt? You’re not alone. The average American household owes around $134,000.

It comes in the form of medical bills, student loans, credit cards, mortgages, and it adds up quick. So how do you get out of it?

The simple answer is to consolidate it all with a loan. That’s easier said than done, though. Bad debt-especially unpaid medical bills–will tank your credit rating.

Most banks hate bad credit. They’ll either make you pay ridiculous interest or flat out reject you. It makes getting a loan difficult, but not impossible.

There are plenty of ways to get bad credit loans in Georgia. And we’re going to show you how.

Understand Your Credit Score and Fix It

Most people have no idea what a credit score means. Simply put, it’s a summary of your money management.

Credit scores range on a scale from 0 to 850. If your score is 700 and above, you’re doing good. If you’re in the 620 range, it’s not the best. If you’re below 500, forget about it.

The easiest way to view your score is to check it, using any number of free sites. You can also assess your financial habits.

Ask yourself:

  • Is my checking account often overdrawn?
  • Do I only pay the minimum payment on my credit cards?
  • Do I have a history of late payments on bills?
  • Do I pay high-interest rates?

A “yes” to all these questions usually signals bad credit. Fortunately, you can fix it.

Start by paying your bills on time. Then, pay down and pay off debt. It sounds simple, but rebuilding credit takes time.

Life has little patience. If you need funds now, you might want to look at some other solutions.

Check Your Options

Short-term loans are available, even if you have bad credit. You just have to know where to look. You should also know what you’re getting into.

Predatory lenders are everywhere, and they can entice you with easy money. You might’ve even seen their ads.

But what constitutes a bad loan? What other options exist?

Secured Loans

Secured loans, such as a hard money loan, work best for those with bad credit. Why? Credit is not often a factor of approval.

Instead, these loans use collateral as security. It takes the form of an asset, such as your house or car. Be warned though, if you default on the loan, you will lose your collateral.

Unsecured Loans

Unsecured loans, such as a personal loan, are used to pay off high-interest debt or cover an emergency expense. They are difficult to obtain and may carry a high-interest rate themselves.

To get one, you may want to request an in-person interview with the bank. You may also want to bring a co-signer with you too.

Loans to Avoid

Payday loans are not your friend. They often start a neverending cycle of debt, charging high fees and brutal interest over a short term. Auto title loans do the same thing.

Even at your most desperate, you should never turn to these loans. In general, you should avoid any loan with steep fees and interest over a short term.

Where to Find Bad Credit Loans in Georgia

Money management is never easy. Yes, you should always be responsible, even when borrowing, but sometimes everyone needs a little help.

If you’re in Georgia, and you need a loan, we can help. We’re HardMoneyGeorgia, a direct lender who can get you the funds you need fast. Contact us today to see how we can help you.