The Very Best Emergency Loans for Bad Credit or No Credit
January 5, 2021 | Peyton Sawyer
It is common knowledge that life can be unexpected and the same goes for our finances. No matter how much we try to save up, financial emergencies can hit us hard and force us into a corner. In such situations, getting a loan is the most logical solution. But for people with bad credit, it is not as simple as just walking into a bank and applying for a loan.
Here are some of the best emergency loans for bad credit.
Credit Union Personal Loans
If you have poor credit and are being turned away by banks and other financial institutions, then you should first consider credit union personal loans. Credit unions are not-for-profit organizations for people who live, work, or study in a specific area. They offer both secured and unsecured personal loans depending on your financial history and credit score.
Installment loans are loans that have a fixed payback schedule, with the borrower knowing in advance how much they will end up paying back each month. One thing to remember is that installment loan lenders will have a look at your credit history, although bad credit is accepted.
The loan tenor can be anywhere between 3 months to 3 years. Getting an installment loan can also help you to build your credit score.
In a similar vein, if you have a really poor (or none) credit history, then you can opt for a payday loan. Payday loans are unsecured, as they do not require any collateral. All you need, is to be employed with an active bank account. You’ll have to provide proof of your latest salary stub along with a blank, postdated check to get a payday loan.
In comparison to other options, payday loans have a much shorter maturity of 2 or 4 weeks depending on when you get your next paycheck. You can receive a maximum of $1,000 from a payday loan. Payday loans do not usually help build your credit history.
If you need urgent cash and have a valuable item lying around the house, then you can use that item to receive a pawn shop loan. The idea behind pawnshop loans is simple; you take a valuable or semi-valuable item to the pawnshop. They will put a monetary value on the item and that will be the loan amount you are eligible for.
Simply put, you’ll get a loan with your item held as collateral. An advantage of pawnshop loans is that there is no application process or credit checks at all. You do not need a bank account or a job to get a pawnshop loan, unlike payday loans. Naturally, if you fail to make your payment, the pawnbroker will sell your item.
Get a Title Loan
If you have a car, you have another fast cash loan option you can consider with a title loan. Title loans can be used for emergencies such as sudden hospital bills, car or home repairs, or unexpected travel or any other emergency you are facing.
Benefits of Title Loans Online
Fast and Convenient
The main advantage of title loans is that they are easy to acquire and ensure fast payment. With Idaho Title Loans, the whole process is hassle-free and takes just 30 minutes. All you have to do is to fill out an online application to get started. Once your loan has been approved, the cash will be transferred to your account on the same or next day.
At Idaho Title Loans you can get a maximum of $15,000!
Bad Credit Accepted
Another advantage of title loans is that you do not require a strong credit history. No credit history at all is accepted as well.
Keep Driving Your Car
If you get a title loan, you will be free to use your car as long as you keep on making the payments. To qualify, you will have to ensure that the car is in your name and lien-free, meaning there is no outstanding claim against it.
Easy Payback System
Paying back your title is easy and can be done online. Generally, you will have to pay it back in 1 or 2 months.
How to Acquire a Title Loan Near Me
In order to acquire a title loan, you can either visit a title loan store or you can go online. This is the step-by-step process for acquiring car title loans:
- If you live in Idaho, go to IdahoTitleLoansInc.com
- On the website you can fill out the online form to get started right away
- Once you are finished, you will get a call from a representative who will ask you to visit a location near you
- You will need to provide the car’s title and your driver’s license or state issued ID when arrive
- The representative will inspect your car and let you know the loan amount you are eligible for
- Once all is done, the amount you are approved to receive will be deposited in your account the same or next day
Still think getting the emergency money you need is not possible without a good credit history? As you can see, there are fast cash options available to you even in the worst of situations. By using Idaho title loans online, you have the opportunity to access the money you need now.