Emergency Loans for Bad Credit

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Have you ever found yourself desperate for some cash in a hurry... and unable to get it? Many people find themselves in a scenario like this at some point or another. It's fine if you have savings, or maybe credit cards, but if not, or if you can't find enough credit to solve your problem, where else can you turn?

Emergency loans could be a possibility, especially if you've got a decent credit score and you could get approval reasonably quickly.

But what if you have bad credit?

If that sounds familiar, you may already know that finding an emergency loan with bad credit can be tough to do. Tough, perhaps... but not necessarily impossible. If you fear your bad credit record could let you down, read on for the best advice on this loan options topic.

To that end, we've put together a guide to emergency loans for bad credit right here. So, if you want to know more, and to see whether you could receive a credit advance like this in your situation, keep reading.

We hope our guide could help you work out where you stand and what your best cash advance options could be.

What is an emergency loan?

This isn't really a type of loan. It's more a description of a loan you may get in a hurry if you needed it and you met the requirements. Let's consider two examples here, so you can see what we mean. You'll see that timing makes the difference in these two scenarios.

Example one: You want to upgrade your car

Your current car works fine but you're keen to upgrade to a newer or different model. You've got two options here - you can either save up to change it or look at getting a personal loan.

There is no rush though - the car still runs and you can take your time considering your options for saving or personal loans.

Example two: You want to replace your worn-out old car

Yep, your car has broken down for the final time. It's too expensive to repair, but you need one to get to and from work each day. You don't have the cash available to buy one and you don't want to use a credit card (maybe you don't even have any credit cards you could use). So... in this case, you would look at the best emergency loans you could find, maybe something you could get in one business day or the next business day if it's a Friday, for example.

So, you can see that emergency loans could be secured, unsecured, from a credit union, or other lenders. The difference comes in how quickly you ideally need to get your hands on an emergency fund to help you resolve whatever financial emergency you're facing.

No matter how well prepared you are, you may occasionally have issues like this. And if you've struggled with your credit history in the past, it could potentially make it more challenging to find the finance you need when it is most important.

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Timing is vital with an emergency loan

People tend to look for an emergency loan when they find themselves faced with unexpected expenses. It is easy to suggest we all start putting away some cash each payday to help reduce the risk of needing an emergency loan, of course.

However, you never know when a financial emergency could crop up. Your car could break down, as we've already seen. Your refrigerator could stop working. Your washing machine could pack up, your furnace could give up, leaving you with no heating or hot water until it is repaired. Things can go wrong very quickly. (Ever noticed how these things seem to break at the worst possible time...?)

If you don't have the cash to deal with whatever has happened or gone wrong, you may need to borrow some. Even if you've begun to save some money, you won't have enough to meet the bill in time. You're going to want fast funding in all these scenarios. Personal loans could be worth thinking about in such cases.

Speed is important

When you begin looking around for the best emergency loans you can find, it's a sensible idea to look for those that could reach your bank account in one business day or on the next business day. You could then withdraw the money from your bank account if you need to, or transfer it to whoever you are buying the emergency goods or services from.

If you look online for quotes, you can save time you'd otherwise spend going from one physical lender to another, asking about loans and quotes. You might be surprised at how convenient it can be to compare various loans online, something that we could never have done before the days of the internet. Thankfully today we have this tool to put to good use.

We hope you are feeling more reassured about the idea of finding loans even if you don't have a perfect credit history behind you. There is still plenty you should think about before looking for an emergency loan from many lenders, though.

We're going to cover some of those pointers for you here. Make sure you read them, no matter whether you're looking to borrow over 60 months or less (or longer, for that matter).

Can anyone get an emergency loan with bad credit?

Emergency loans for bad credit do exist. However, you may find famous lenders have stricter conditions you must meet to get an emergency loan amount under these circumstances.

If you explore the possibilities on your own, it is human nature to only try the lenders you are familiar with and that you have heard of. However, there could well be many more out there operating under different names and brands.

Making sure you look at various resources as part of your research is helpful. However, if you're short on time, instead of doing the digging yourself, it can be easier to use a loan connection service you can trust. Loanza is here for you if you want to take advantage of our experience in this field.

Hard credit checks

If you're looking for an emergency loan for bad credit scores, it's worth remembering a few pointers before you make a formal loan request. You may have fewer loan options than someone whose credit score is excellent.

So, it is important to make sure you don't formally request a loan until you've done some homework. If you formally request a loan, the lender you approach is going to make a hard credit check with the credit bureaus - and this goes on your credit record, knocking a few points off your credit score as it does so.

Soft credit checks

You can probably guess that if you formally approached several lenders, your credit score is going to take a hit - and an unnecessary one at that. Make sure you don't cause yourself any major credit issues like this. Instead of doing this, you can enquire about emergency loans for bad credit to see what the odds are of being able to get an emergency loan from one or more lenders.

This doesn't affect your credit score, so you can find out what you need to know without risking pushing your credit score even lower than it already is.

Lots of people aren't aware there is any difference... or that the two types of checks even exist. This method works for personal loans, credit card inquiries, and other loans from lenders too. Lenders stick to a soft check with the credit bureaus, and this doesn't go on your record.

You can see that a little knowledge can go a long way when you need an emergency loan. Even though you're after some quick answers to your queries, following a few simple steps as we've laid out here can save you from making a few crucial errors.

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So, which lenders do offer emergency loans for bad credit?

Some people find specialist lenders may be better when looking for a personal loan under these circumstances. If your credit record is bad, you may find better odds of getting a loan from a specialist lender who focuses on those with poor credit. You'll still go through a proper credit check if you formally request a loan, but they know you're not going to have good credit to start with.

Think of lenders as having their own personal templates - a set of criteria they would like everyone to meet if they're going to give them a loan. One might have a far more relaxed set of criteria than another. So, spotting what you think could be the best fit is a great idea for loans over 60 months or less.

In many ways, comparing loans, looking at repayment terms, and comparing interest rates is even more vital if you don't have good credit. Even though some credit unions, banks, and lenders may not consider those with poor credit scores, there are still some who focus on this area of the market.

Should you consider payday loans?

No doubt you've heard of a payday loan. This is a specific short term loan type that is based around your regular payday. The idea is that you could receive credit in advance of your next payday. So, let's say you're due to receive $2,500 on your next payday.

In the meantime, you're faced with an unexpected bill for $800. You don't have savings to cover the expense and you can't wait until you get paid to sort out the bill. You don't have a credit card you can use either.

So... what do you do? Well, you could consider a payday loan. In this case, if you got one, you'd need to repay the loan when you next get paid. The terms and conditions of such a loan are based on a short period of no more than a few weeks.

Owing to the short term nature of the loan, they tend to incur higher interest rates. So, if you think about this one, be sure you fully understand the terms and whether you could realistically pay back the amount in that time.

Payday loans are typically for smaller amounts, repayable over the short period until your next payday. As such, depending on the amount you earn and the loan amount you'd like to request, payday loans may not be the best option to consider. If not, don't worry - there are alternatives to payday loans you could request from other lenders such as credit unions and banks.

As you can see though, the best route to finding a loan based on your credit record and information is to know the market. And that's something Loanza could help you with.

What about a payday alternative?

Some borrowers with bad credit want to know more about payday alternative loans. They may need to borrow more than they could get with a payday loan, for example. They may need to make a monthly payment over several months rather than just the one.

An unsecured personal loan may be worth thinking about, and many lenders offer these. Unsecured merely means that you have no collateral to show the lender to back up the loan if you fail to meet the monthly payments.

You may still be wondering about making a request for and using a credit card with a poor credit score. Some people like to have a credit card handy, but it could be that you don't want to carry any credit cards with you once you've repaid your loan. In that case, there are other loans you could think about that are offered by various lenders.

Let's look at some aspects you'll need to consider before requesting small emergency loans for bad credit of any size.

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Always check the repayment terms

All loans have repayment terms, and you should read through and understand them before going through with a specific loan request. Don't assume all lenders use the same terms as that's not the case.

Consider different loan amounts before making your request

How much could you borrow? The best emergency loans should cover the amount you need and hopefully offer competitive interest rates. You should be sure the loan amount is going to cover your emergency needs without giving you too much to repay.

Is there a loan origination fee involved?

Origination fees are typically charged upfront whenever loan offers are accepted. Think of it as the cost of setting up a loan. You should know what the origination fee will be before choosing any specific loan amounts from any lenders. There may be quite a difference from one lender to another.

One element to be aware of is that origination fees could be higher when attached to loans with lower interest rates. The more appealing rates may have higher fees involved, so best make sure you look at the loan terms. They should clearly state the costs involved for that loan amount, whether for emergency loans or any other personal loans.

How soon could you receive your cash advance?

We've covered this already, but keep in mind that you should balance the need to do your research into these loans with the need to get an unsecured personal loan or similar source of credit as quickly as you can. Don't jump at the first thing you see.

That could be a bad decision as you may pay back more than you need to. Of course, the best emergency loans won't keep you waiting either. Just don't be tempted to put in that formal request before completing your homework.

Does one lender have higher interest than another?

Comparing loans is a smart move, no matter whether you want to borrow credit over 12 months, 60 months, or anything else. It's best to keep in mind the interest rate could vary significantly from one deal to another.

The best personal loan on the market could well have the lowest rate, but it's best to explore any fees associated with an offer as well. If you need to pay a fee, that could alter the interest rate you pay. It never hurts to crunch some numbers so you can compare several personal loans.

High interest rates would result in a higher monthly payment too - giving you a tougher monthly budget to manage. You can see that the interest rate is important to know in advance when looking for credit.

How long could your loan term last?

The faster you can repay your loan, the less interest you are going to pay. However, you do need to look at the best scenario for your situation. How much could you afford to repay each month for your source of credit?

The best option should fit with your budget and still leave you with some funds available each month in case of any issues. This holds true no matter whether you find loans via a credit union, bank, or other lender. Don't leave yourself in a bad situation financially.

Could Loanza help you find credit?

Knowing what to do for the best can be difficult. If you've never looked around for a source of credit before, you may feel overwhelmed. However, with Loanza on your side, you could soon find a competitive quote for a bad credit loan. Even with a bad credit score, we could help you find an affordable loan when you use our free service.

Choose the amount of credit you need and use our free online service today. We could introduce you to a lender who is experienced in assisting those with bad credit. Find out where you stand and you could have an answer faster than you think.

Searching for emergency loans for bad credit?

We could connect you to a trusted lender in minutes.

Get Started Now