Personal loans are given out to people who want to avail an unsecured line of credit, since they have no collateral to put up and hence cannot avail regular loans. Most types of personal loans do not require collateral as security and the promise to repay money is the only assurance for the loan taken. There are a number of things that you should take into account before applying for a personal loan among the multiple sources available to choose from. A thorough research of the lender, the interest rates at which the personal loan is being offered at and terms of condition of the loan will help you get the best deal. Listed below are the different types of personal loans: Personal loans are generally divided into two categories namely unsecured and secured loans. Unsecured loans: Unsecured loans, as the name suggest, do not require any collateral security for the loan taken. Banks and financial institutions will generally not deal with a lot of unsecured loans since the only guarantee that the loan will ever be repaid is on the basis of the promise made by the borrower. Unsecured loans and short terms credits are generally given by individuals, credit unions, and third-party credit sources.

The industry is plagued by predatory lenders and practices designed to trap vulnerable borrowers. As a borrower with bad credit, the options for loans are limited and usually not very good. Within the available loan option, as a smart borrower be aware of the reigning pitfalls. Be proactive at the beginning of your personal loan journey thus preventing trouble along the way. Most common pitfalls and scams to stay away from: Roll over of the loan to another term As many people have difficulty in repaying the loan within a short span of time, the loan usually rolls over for one more term thereby making the original loan more expensive. This may also lead you to a vicious cycle of debt. To avoid this mishap always ensure that you can repay the loan in its entirety on its due date. Astronomical APR As a borrower with bad credit, you will be eligible only for pay day style short term loans and they usually have very high-interest rates (ranging from 230% and upwards) leaning on shark loan territory. Ensure to avail these loans only in true emergencies. Multiple fees structure Especially online lenders levy a variety of fees like origination fees and various other range of fees.

Alternatives to Big Picture Loans Big Picture Loans is a provider of direct loans, which specializes in personal loans and installment loans. The goal of the company is to provide borrowers with a solution for a short duration without having to worry about regulations and fees. This company is operated by a federally-recognized American Indian tribe. Even though this company claims immunity under the pretext of tribal sovereign immunity, the issues and lawsuits still come under the US Consumer Financial Protection Bureau (CFPB), hence adding a certain reliability factor. However, it does have high-interest rates and as such, may not be the best option. Here is a list of the best Big Picture Loan alternatives for you: Forward Lend Forward Lend is different from Big Pictures Loan only in one way—it is not exactly a direct lender. However, it entails in itself a large network of lending partners. Most of these lenders are verified by this service and you will be able to procure yourself a good short-term loan, no matter what your credit score is, making it quite advantageous. It is ideal for borrowers who want to borrow an amount between USD 1,000 to USD 4,000. The lenders here offer an annual percentage rate (APR) between 4.84% to 35.99% and the term specific to hold this loan is about 2 to 84 months.

There are moments when needed cash urgently. This could be due to the broken car or emergency medical bills. If there is a need to borrow money, you have several options which include personal loans and credit card advances who give you money in an instant. This is not possible with banks and other credit unions as they take time to process the loans, sometimes days and week. Before you make up your mind on borrowing money, it is important to look around for options. People with other personal installment loans and have bad or no credit must be more careful. For ex: if you need $1000 urgently, below are some ways of getting quick personal loans. Federal Credit Union: Federal Credit Unions are supervised by the National Credit Union Association(NCUA), a federal agency. The interest rates are 9.6% APR which will amount to a repayment of $1,155. The loan gets approved in a week or more. Online Personal Loans: Online personal loans are lenders without brick and mortar. Everything they do is through online process. The interest rate is at 19.84% which will amount to a payment of $1,335. The loan gets approved within a week. Credit Card Cash Advance:

This concept essentially is a kind of debt refinancing, which means to avail one loan to pay off many others. Now you can pay your debts off easily by these three companies that will help you to be burden free. The research is based on three categories; one is public satisfaction rating, second is the debt solution offered to clients and the last one is the fees charged to the customers: National Debt Relief: This company has a 5-star rating for its overall performance. Being their client if you are with $7,500 debts or more, you will be analyzed based on your credit and financial conditions. Hence you will get an affordable debt payment plan. So it gets a high score in client satisfaction. CuraDebt: this company has 4.5 stars. As long as your debt is $10,000 or more, they will provide their service to you. This company also offers a customized plan for paying off the debt. They are quite famous among the credit card companies so they tailor-made the plans. American Debt Enders: this has got a 4 star for client satisfaction. This debt relief company accepts if you have debts of $5,000 or more. Government Consolidation Loan Companies in the US:

Fast cash solutions have recently surfaced up and are of great help when you are in urgent need of money. Fast cash personal loans are easier to obtain as compared to loans that are to be approved by banks. Fast cash loans are sanctioned as soon as you finish a few formalities. They usually get credited in one day or two, sometimes in an even lesser time. People usually seek such loans when they are in need of instant cash or when they cannot get a loan from the bank due to poor credit scores. You can find on the internet how to obtain personal loans from private lenders. How Fast Cash Personal Loans Are the Solution to Your Financial Problems Here are a few benefits of fast cash personal loans in times of financial crises: Fast cash loans are flexible and legitimate. People usually believe that they do not have any other safe source for borrowing money other than banks, but that is not true. You can choose to pay for whatever you want, for example, medical bills, purchasing important commodities or electronics, etc. Most of the times, there is no need of disclosing your credit scores. Personal loans do not have a credit check at all.