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Bad Credit Emergency Loan

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Getting a loan even though you have bad credit is not as difficult as many people think. There are several options that you can explore in getting a loan, especially in emergencies. Do not let your bad credit be a hindrance to getting financial assistance when you need to get one.

To help you secure quick cash loans; here are some options that you can easily explore, and they will be able to help you when you are in need of getting some financial help;

1. Emergency Loans

An emergency loan is a good option for those with bad debt as it comes cheap and you are not easily exploited with this option. This type of loan includes a payday loan, credit cash advance, or other personal loans. You must understand how these loan types work so that you can get the best out of whichever one you settle for.

· Personal Loans

This is a good option if you need quick or emergency cash as many of the lenders are available and operate online. You can secure the loan the same day if you are approved for the loan. The interest rate ranges from single digits to around 35% or more depending on your creditworthiness.

When going for a personal loan, be sure to compare offers from different lenders so that you can get the most suitable option for your financial situation.

Other forms of emergency loans include credit card cash advances and payday loans.

2. Loans From Family and Friends

This is a wonderful option because you might not need to pay interest on the loan. It becomes sweeter if you have buoyant family and friends who you have built a personal relationship with over time.

It might be hard to approach these individuals at times but it is a cheaper option that will not further worsen your financial situation. All you need to do is to put up a repayment plan that is favorable for both parties and make sure you do not default on the terms.

3. Zero (0) Percent APR Credit Cards

This is a great option for individuals with good credit ratings. With a good credit score, you can easily qualify to get an introductory 0% APR from your lender. You can use the card for your emergency expenses and also get up to 20 months to repay the loan.
It may take up to two weeks before you get your card after you have been approved. However, some lenders offer instant access to your credit card information. Hence, if you are not in a hurry or in an emergency, you can go for this option.
It is good to apply ahead of time for this kind of loan so that you can have enough waiting time to get your credit card.

4. Nonprofit Programs

Nonprofit programs are another option that individuals with bad credit can explore. These nonprofit organizations have programs that can help people in dire need of cash get quick loans regardless of their bad credit. One of such nonprofit organizations is Mission Asset Fund.

The Way it works is that these organizations organize lending circles where each individual involved takes a turn in borrowing money and paying back the loan with a very low-interest rate.

5. Home Equity Line of Credit (HELOC)

This is a revolving line of credit that is provided by the equity you own in your home. If you belong to one, then it is easy to access loans. Loans secured via HELOCs have single-digit interest rates. The disadvantage of this option is that, if you don’t have an equity provider in place, it may take several weeks to secure one.

6. Car Title Loans

Finally, car title loans are a great option for individuals who own a car free and clear to secure quick cash loans regardless of their bad credit. This option is readily available online and you can still drive your car around while you are repaying the loan as long as you don’t default.

Using the equity that you have in your vehicle is a great way for you to get the emergency money that you need.

Title loans can be useful when your credit is poor, or if you just need to get some fast money, as they are able to do same-day funding.

The bottom line is that you should go for the best option that will better your financial situation so that you can easily improve your credit rating in the process of getting emergency loans.

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Toshiko Osaka

Toshiko Osaka