To borrow money immediately, the most popular options are personal loans, cash advances online, payday loans, pawn shop loans, and banks or credit unions. Avoid quick loans with no credit checks, as some lenders target borrowers with bad credit to exploit their need.
Any time you’re in a situation where you need money immediately, it’s usually pretty stressful. And while there are plenty of options for getting the loan funding that you need, it’s wise to do plenty of research beforehand. The most affordable and favorable loans are typically reserved for borrowers with excellent credit. But don’t fret, having a low credit score and an empty bank account doesn’t mean there aren’t still online lenders that can help you.
Below are some of the best options for getting the money you need, even with a low credit score.
What is a Quick Loan?
Quick cash loans are loans that prioritize fast approval and funding, with borrowers usually being able to apply, get approved, and receive funding all on the same day. Borrowers can access these types of loans through a direct lender, bank, or credit union. Quick loans are often used during financial emergencies when people need money right away and don’t have time for lengthy applications and waiting for approval.
Possible Uses for a Quick Loan
Everyone runs into money problems from time to time. Some common reasons people may need to access extra cash with a quick loan are to pay for:
- Rent
- Utilities or other bills
- Debt
- Weekly groceries or other living expenses
- Vehicle maintenance or car repairs
- Medical expenses
- Unexpected financial emergencies
Fast Cash Options
A Personal Installment Loan
This is an unsecured installment loan, that offers borrowers with poor credit larger amounts of money and longer repayment periods than payday lenders. They also tend to carry lower rates as well. If you need cash for unexpected expenses, consolidating other loan payments, or paying bills, a personal installment loan is usually a safer option than a payday loan.
Credit Card Cash Advances
This is an option for any borrowers who already have a credit card. It is essentially a way of using your credit card to withdraw cash or transfer cash into your checking account. You won’t need an online lender or a good credit score to use this option. You simply need a credit card. But be careful, as there’s no grace period for this option which means that interest accrues immediately. And the interest rate for this option may be higher than normal credit card purchases.
A Credit Union Loan
These are like banks, except they tend to have lower fees and interest rates. That’s because they are non-profit organizations that are more focused on providing good products and rates for their customers. That being said, you might still need a decent credit history to be approved for a loan.
These are some of the best options for getting quick cash loans online when you need them. Opt for financial protection and choose a safer and more affordable personal loan.
How to Get a Quick Emergency Loan
The exact process for getting a quick emergency loan can vary depending on the lender and loan type. However, there are general steps everyone can take to make sure they find the best loan that fits their needs.
- Gather your basic information – Most lenders are going to need a government-issued photo ID and bank account numbers along with basic info like your name and address. Get your documents together before you apply to make the approval process go even faster.
- Research lenders and loan types – Check out a few lenders online and see what kind of products they offer. You may also want to look at some customer reviews to see what kind of experience other people had with various lenders.
- Submit an application – Once you find a lender that’s a good fit, fill out an application. Once approved, review your rates and terms and ask your lender to clarify anything that doesn’t make sense.
- Sign your contract and get paid – After carefully reading over your contract, sign it and receive your money! Most lenders allow borrowers to opt for direct deposit, which allows lenders to transfer funds quicker so borrowers receive their cash as soon as possible.
Quick Loans for Bad Credit
If you’re working with a less-than-perfect credit score, you may be worried about getting approved for a loan. While some lenders have strict minimum credit score requirements, there are also lenders who specialize in loans for people who have poor/fair credit. While these bad credit loans may come with lower loan amounts and higher interest rates, borrowers who successfully repay their loans on time may see their overall credit score improve, qualifying them for a better loan in the future.
Before making a decision and submitting an application, borrowers should research lenders and compare products to choose the best quick cash loan.
How to Choose the Best Quick Loans
Consider the following factors when choosing a quick loan to make sure you find one that’s affordable and works with your existing budget.
- Costs and fees – Most loans come with extra costs like origination fees, but you can avoid other types of fees like early payment penalties by going with the right lender.
- Rates – Interest rates are significant when it comes to the total cost of a loan. Try to find the most competitive rates available.
- Repayment terms – Find terms that allow you to repay your balance in a reasonable amount of time with affordable monthly payments.
Predatory Quick Loans to Avoid
Some types of quick loans prey on consumers with poor credit. These predatory loans are often disguised as convenient fast cash options but come with hidden fees or other obstacles that can make the borrower’s financial situation even worse.
Some types of predatory quick cash loans to avoid include:
- Payday loans – Payday loans offer fast funding but come with high interest rates and extremely short repayment terms. These high rates and short terms make payday loans notoriously difficult to repay, often leaving borrowers in a cycle of debt.
- Pawnshop loans – Pawn loans require borrowers to physically leave their collateral with the pawnshop owner until their loan is repaid. That means leaving your car, jewelry, or other valuable items at a pawn shop and possibly losing them forever if you don’t repay the loan.
- Car title loans – A title loan is a secured loan that uses the borrower’s car as collateral. Similar to payday loans, title loans can also come with high rates and short terms. These loans also put the security of the borrower’s car at risk.
Alternatives to Quick Emergency Loans
Some alternatives to quick cash loans include:
- Credit card cash advance – If you have a credit card account, you can take out cash against your credit limit at a bank or ATM. Keep in mind that interest rates are usually higher on credit card cash advances when compared to standard credit card purchases.
- Paycheck advance apps – Paycheck advance apps allow consumers to access part or all of their paycheck early and repay the balance once they get paid. Be careful using these cash advance apps, however, as they often come with fees.
- Buy now, pay later apps – Many stores offer buy now, pay later programs, allowing consumers to pay off major purchases over time.
- Hardship programs – Local and federal government programs exist to help individuals and families in need with housing assistance and other living expenses.
- Borrow from friends or family – Asking a close friend or family member for a small loan can help you save money on interest rate charges and another hard credit inquiry against your credit score.
- Payment plans with creditors – Stores, creditors, and businesses may offer plans where consumers can break up a single purchase into two or more payments.
- Side jobs or gig work – Finding a temporary part-time gig in addition to your full-time job can be a great way to earn extra cash without having to take out a loan. Just make sure to prioritize your mental health and not take on more work than you can handle.
The Bottom Line on Fast Cash Borrowing
If you need to borrow money, there are several options available online and in person. But having a decent credit score definitely makes it easier to get approved and get good interest rates. If your score is a little low, work on creating better financial habits to improve it. It may take some time to start to see your score rise, but it’s worth it in the long run.
The most important thing to remember when shopping for any loan or financial product is to do plenty of thorough research. Call lenders and ask questions, read plenty of reviews from past customers, and read all of the terms and conditions thoroughly. If you do your homework, you’re sure to find the loan and lender that’s right for you.
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