Cash Loan Crisis - Bad Credit Loan Program

Bad Credit Loan Program - Utpoia

What would it take to create a meaningful, beneficial bad credit loan program?

High approvals - lenders must be willing to accept clients no matter how bad their credit.
Low rates - a successful bad credit loan program should not bankrupt their clients by dragging them back down to zero with a single, timely repayment.
Non-profit interaction - we'd need caring individuals not concerned with profit who will go out of their way to help people in financial emergencies.

So far there is no one company capable of providing such a perfect bad credit loan program, but there are companies offering a slice.

Taking a piece of the bad credit loan program pie

Most lenders are in the right track with regards to the first qualification - any bad credit loan program should have low requirements for approval, and payday advances have some of the lowest requirements in the world. They don't run credit checks, and a minimal salary will qualify for immediate financial assistance - they're not picky, but their leniency is based on profit, not on the desire to help.

Then there are those lenders who offer extremely low rates for their payday advances. Thing is, they do require credit checks and they do take a significant amount of time to verify the applications. Even if these affordable advances allowed people with bad credit, they would still not qualify as a bad credit loan program - they are too slow to actually make a difference in the life of someone trying to avoid further credit damage.

Finally, there are organizations out there trying their best to provide affordable, flexible, fast loans to people with bad credit without profiting off the loans themselves. These organizations fail miserably - speed and efficiency cost money, and they just don't make enough of it to provide an effective, secure bad credit loan program.

Waiting for the incredible fusion

Gradually, the distinction between these three different types of lenders should minimize, and we are guessing that someday there will be a bad credit loan program offering fast, affordable, reliable, flexible payday advances for people who desperately need emergency financial aid and who are desperately searching for a lender who can actually help them in their emergency.