Getting a loan when you have bad credit is not impossible, but it can be quite challenging. The options that you have available may not be ideal, but at least you can obtain the funds you need for your emergency.
The following are some of the most common options you have for cash advances with bad credit:
Quick Cash Loans
Those with bad credit are disqualified from most traditional loan options but have access to quick cash loans. A quick cash advance is an easy loan to apply for online and can be in your bank account as soon as the next business day. The interest will be higher than a typical bank loan, but complete fulfillment of the repayment will reduce the amount paid over time. It’s important to carefully read over the terms and condition before applying for a quick cash loan to ensure you understand the arrangement.
The Cosigner Option
One way you can get a personal loan with bad credit is by finding a cosigner. A cosigner is a person who is willing to vouch for you by signing his or her name to your loan. The person makes himself or herself responsible for the debt if you ever fail to make your payments. A cosigner can help you get the credit you need and establish yourself. Unfortunately, not everyone is willing to be a cosigner because of the possible repercussions.
Another way you can get the money you need with bad credit is by pawning some of your valuables. Pawn shops will give you cash for your gold, electronics, and firearms for 30-60 days. You’ll have the opportunity to come and repurchase those items if you pay back the loan with a tiny bit of interest. The downside is that your loan will not be equal to the full retail value of your item.
Title loans are another realm of options for you. They are great for people who own vehicles. The benefit to title loans is that their repayment periods are longer than payday loans. They usually last at least 30 days and some last several months. Title lenders base their loans on the value and condition of your vehicle, and they offer you a percentage of that. The downside is that you will have to allow them to place a lien on your vehicle that they will not release until you have repaid the advance.
If all else fails, you can download a lending app if you have an Android phone. Some of them will allow you to borrow funds after they verify your bank account and employment information. These companies will lend you money until your next paycheck if they see that you earn a significant amount of cash. They generally charge a small fee for the loan. They are worth looking into if you have a job that pays you by direct deposit.
Now that you know a few of the options you have, you can choose the one that fits best into your lifestyle. Your situation will improve if you repay your advances on time. Eventually, you’ll establish trustworthiness with the lenders, and you will be able to receive credit with low-interest repayments.