A credit card, in today’s world, is a tool that is constantly used by most people both to tide them over till additional funds roll in and to make purchases faster and more convenient.
Credit cards are usually the last thing on the minds of people who are trying to get from under the pressure of past due bills and late notices stemming from credit problems. They are so busy trying to get rid of the debt based upon the usage of credit cards and other debt that they do not feel like adding anything will help their cause.
But when you have bad or no credit, it’s not always easy to get a credit card. What about credit cards for people with bad credit? Do they exist? And what are your options?
Types of Credit Cards for People With Bad Credit
If your credit score is too low, you might not get approved for an “ordinary” credit card; or even if you do, the rates and terms might be unappealing.
The next option becomes a secured credit card. But that means tying up funds you may need and using a very limited credit limit.
After that, there is the preloaded debit card. But as you can only use what you load onto it, it will only be of very limited use to process certain transactions that must be made electronically.
Finally, consider the payday loan bad credit credit card. This option combines your payday loan with a card set-up that also functions a little like a bank account.
Why Choose a Payday Lender Credit Card?
Why, of the various possible credit cards for people with bad credit, is the payday lender card a better option?
First, it allows you to borrow money direct onto the card. You no longer have to pick up your payday loan physically on-location.
Second, you don’t have to have an active bank account to take out a payday loan online with a bad credit credit card.
Third, unlike an ordinary debit card, you can go over your limit to a degree (in a pinch) with a payday-loan credit card, though there is a fee for doing so.
Fourth, you can have your paycheck automatically deposited onto the card, which makes it act a bit like a checking account. That’s a great benefit for those who can’t get approved for a regular checking account at a bank.
Fifth, as your loan payments are automatically withdrawn from the credit card’s balance, you never have to worry about a late payment so long as you keep enough on the card to pay for the upcoming amount due.
Sixth, unlike many bad credit credit cards, no deposit is needed to open your account.
Seventh, unlike prepaid cards, which do not affect your credit score, you can use payday-loan cards to rebuild your credit.
Eighth, it is very easy to get approved for this kind of a bad credit credit card. The process is fast and simple, approval instantaneous, and your card can be ready to use within a day or two at most.
How Credit Cards for People with Bad Credit Help
People with bad credit can get help through credit cards designed for people just like them. Bad credit no longer has to force you to regret your choices in life. Even if you have no credit, these types of credit options can prove helpful for people in your situation. There are credit cards for people with bad credit. There are also credit cards for people with no credit.
You have options and alternatives awaiting you.
Finding Financial Options for Bad Credit and No Credit
You have options as mentioned earlier. You do not have to suffer from the piles of debt in your life overshadowing you. You can succeed at living beyond your dreams with the help of credit cards for people with bad credit and other financial options. You can also look into no credit check online personal loans.
Bad credit does not have to haunt you. You can be assured that you choices are wide open. Do not let debt blind you from seeing what you have available to you, especially in the form of personal loans.
Alternative Options to Traditional Lending Agencies
Traditional brick and mortar lenders will not even give some lon applications a glance when they see the credit score or credit history. The decision is already made before they look at your income or any other information. You do not qualify and you are not worth the risk. They will not lend to you based upon their tried and true screening methodology and matrixes.
You need to check with lending alternatives to such lenders for borrowers just like you. You need help from people who work with people who have bad credit like yourself. You need to see that your best options do not sit behind huge mahogany desks in large scale commercial bank buildings. Your best option may be just a click away with an online lender who is not as interested in your past as they are in being a part of your financial future.
Know What It Takes to Get Started
These online lenders will only lend to you if you meet certain criteria. You will need to be between 18 and 65 years old as well as have a verifiable source of regular income. Additionally, you will need to supply a cell phone number for receiving messages and either a debit or credit card for backup payment solution on the loan.
Use the money however you decide. Some ideas for usage include home improvements and to pay off long term debt. It is up to you.