911, I Need a Loan! Emergency Loan Options for Those With Bad Credit
Life can be tough sometimes. Even when we’re doing everything right, it seems that fate intervenes and throws obstacles in our path. Some of the worst types of obstacles are financial emergencies, especially when we’re already low on funds.
Fortunately, the world is full of organizations and companies designed to help us out of these sticky situations.
But what if you have bad credit? Are there emergency loans out there available to you? Read on to find out!
Your Options for Emergency Loans in a Pinch
If you haven’t gotten to the point in your life where you can start improving your credit, you still have options for obtaining emergency loans. While you’ll need to accept the overall cost of these options, they can be imperative to moving past financial emergencies in your life.
Here are our top suggestions.
Credit Card Cash Advance
Depending on your financial emergency, one of your only options to come up with cash quickly may already be sitting in your pocket. You can use your credit card to pay for the emergency directly.
If that’s not an option, you can take out a cash advance from your card. Be warned, however, that this option often comes with some downsides. For example, you’ll likely start accruing interest on the advance immediately, the interest rate will be higher, and you’ll have a transaction fee (five percent or more of the amount borrowed).
Payday Loans
Payday loans are emergency loans generally from $100 to $1,000 that are due in full by your next payday or two weeks. They are handy in a tight situation but have a high cost at about 400 percent APR. In layman’s terms, for every $100 you borrow, you can expect to pay about $15 to $30 in interest.
Title Loans
Title loans are common emergency loans for people with poor credit. You can obtain one using your car as collateral. The amount you can borrow depends on the value of your car.
Title loans are typically owed within 30 days and having a staggering fee of 25 percent of the total loan, or 300 percent APR. If you fail to pay the loan in time, your car can be repossessed by the agency.
Unsecured Personal Loans
Unsecured personal loans are emergency loans available to those whose credit scores aren’t completely in the tank. These are often more favorable than payday loans or title loans because they can be paid back in installments.
Your credit score will have a role to play in how much you can be approved for and what your interest rate is. If you can get approved, you’ll be able to get the funds you need without a rushed due date or using collateral.
Quick Loans
Quick Loans America offers good credit, poor credit, and bad credit emergency loans for people in all types of financial situations. They can provide loans for up to $5,000 depending on your unique circumstances. They use various lenders to find the money you need with a next-day funding policy.
Quick Loans America helps people obtain bad credit loans for all types of financial emergencies, including car loans and business loans.
Looking for More Great Advice?
If you’re looking for more information on emergency loans, improving your credit, or saving money, you’re in the right place.
Check out some of our other articles before you go from everything from finances to home improvement. Good luck getting the finances you need!
