Are you dealing with an unexpected job loss, medical emergency or any other form of financial emergency? When you find yourself in such a situation, it may seem like there is nowhere to turn for an emergency loan. Things might even be worse when your credit score isn’t that good to help you apply for a traditional bank loan.
Sometimes, it is people who need credit the most that have the hardest time getting it. Do not lose hope and think that it’s impossible to get an emergency loan when your credit score is damaged. There is always help available when you have bad credit and need an emergency credit. In fact, there are lots of options available to you if you need an emergency loan.
Bad Credit Loans
This should be your first option since you have a low credit score. In fact, getting a bad credit loan may be your only option if your credit score is profoundly damaged. Qualifying for these loans is quite easy since the application process is simple and straightforward. A bad credit loan lender isn’t interested in your past financial life but your ability to repay the loan offered. As long as you provide all the necessary information, you can be sure that you will get the money you need to deal with your emergency. Loan approval is also quick, and you can access the funds on the same day or the following business day.
Credit Card Cash Advance
Your credit card can also help you when you are faced with a financial emergency since most of the cards offer cash advances through the ATM, checks, or bank withdrawal. However, the interest rate charged on your cash advance may be slightly higher than the rate charged on the other options. Just like a bad credit loan, a credit card advance can be a quick and simple way of obtaining an emergency loan. The smaller limit on your credit card is always the cash advance limit.
Although your credit score may be poor, you can still obtain a cosigned loan if a family member or a friend with a good credit rating is willing to sign the loan on your behalf. The most significant challenge with a cosigned loan is getting a cosigner when you have a poor credit score. You need to convince someone beyond any reasonable doubt that you are trustworthy despite your low credit score. Keep in mind that if you fail to pay the loan, then the cosigner will be responsible for the debt.
Request for a Loan from a Friend or Family Member
This is probably the most difficult loan to request for. Although borrowing money from your friend or family member doesn’t depend on your credit score, it will put your relationship with that person at risk. Borrowing money from someone that is so close to you should be your last resort, and you should only do it if you are 100 percent sure that you will pay the debt within the agreed timeline.