You can apply for Instant Text Loans here – Not all types of debt are bad. For example, you’ve racked up quite a bit of credit card debt and want to pay it off using a loan with a smaller interest.

To be clear, credit card debt is probably one of the worst kinds of debt but it is perfectly reasonable to want to pay it back as quickly as possible by taking out another loan.

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It is going to be risky for sure, but if you have a solid plan and enough discipline to make your payments every month you might end up saving yourself some money in the long run.

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Sounds like a solid plan but the problem with this is that your credit card debt puts a huge dent on your credit score.

You credit score is going to be the major criteria banks and lending institutions are going to look at to judge whether you are a high risk client or not.

So what are you going to do? Below are some options you have for taking out a loan on a bad credit score.

Using your Home as Equity

Disclaimer: this sounds like a really good idea until it’s not. If you have a record of paying your mortgages on time your home could have a large enough equity that you can use as a credit line.

Home equity could get you a low-interest line of credit that you can use to spend in whatever way you see fit. The bad news however is this: if you fail to repay your debts, you and your home are going to be in so much trouble.

Missing payments could mean a tarnished home equity record or worse it could mean your home getting repossessed.

However, if you have a steady source of income, are disciplined and have an automated plan to pay off your debts taking out a loan on your house can be the best deal you can find.

Ask a Friend to Co-Sign

Another option you have is to ask a friend with great credit score to co-sign a loan with you. If your friend is willing to loan you cash without interest then that is much much better.

However, borrowing from friends and family or getting them involved in financial matters can quickly turn into messy affairs. If you have a stable source of income but just need the cash ASAP you could give your friend or family member pre-dated checks that they can encash every month. That way you can automate your payments and you can give your friends peace of mind.

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Instant text loans are also a really convenient way to take out a loan on bad credit. First of all, they might be able to lend you money regardless of what your credit score looks like and second of all, you can get your money hours after your loan is approved.

This type of lending can be quite high-risk however and that is why lenders limit most transactions to 100 to 1,000 normally.

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