$1,500 Bad Credit Loan

There are a number of ways that a person with bad credit can quickly get a loan of $1,500 in an emergency.

1,500 $ bad credit loan at a pawnshop

The best source of emergency loans for people with bad credit is still the pawnshop. Pawnshops don’t need to run credit checks when they issue loans because they take the items you pawn as collateral. If you don’t pay off the loan, the pawnbroker simply sells the item.

To get a loan from a pawnshop you’ll need something that you can pawn. Pawnshops take a wide variety of items as collateral including jewelry, electronics, cameras, cars, guns, coins, gold, tools, motorcycles, recreational vehicles, antiques and some equipments used in business. You’ll have to take the smaller items or cars you want to the pawn shop. You might also be able to get the pawnbroker come out to your home or place of business to look at larger items.

Locating a pawnshop should be fairly easy because there are pawnshops in all American cities. The pawnbrokers in your area should be listed in the telephone book and online directories. Their advertisements should tell you what items they are willing to pawn. If you don’t see the item you want to pawn listed in the advertisements call the pawnbrokers and ask if they take it.

The amount of money the pawnbroker will give you for an item will be much lower than the item’s book value. The pawnbroker has to do this because it is how they make a profit. If the pawnbroker gave you full value they wouldn’t be able to loan you money. This means that you may have to pawn several items in order to get a $1,500 loan from the pawnbroker. One way to get a pawnbroker to give you a larger loan is auto pawn. If you have a vehicle that you have completely paid off, many pawnbrokers will pawn it. Pawnbrokers also take motorcycles, campers, boats, motor homes and other recreational vehicles in pawn. This means that you maybe able to pawn a luxury vehicle that you don’t normally use to get a $1,500 loan.

Other ways to loan $1,500 with a bad credit

If you have nothing to pawn there are other places where a person with bad credit can get a $1,500 loan. These include payday lenders, high interest lenders and check lenders.

Check and payday lenders give you a person with bad credit if they’re willing to obligate themselves to making a quick payment. Check lenders ask the borrower to write a check that covers the principal of the loan and the interest. The borrower agrees to have the money in the checking account on a future date. The loan will be paid when the lender cashes the check on that date. Payday lenders lend money to individuals with jobs who agree to come in and pay the loan on their next payday.

Many online lenders will loan money to people with bad credit who agree to provide their banking details. The lender will wire the money to the borrower’s checking account. The borrower signs an agreement that lets the lender withdraw the principal and interest of the loan from their account on specific date in the future. As in a check loan the borrower agrees that the money will be there on that date.

Borrowers should only take out these loans as a last resort because the interest on them is very high. These high interest loans should always be paid off quickly.