LOS ANGELES â December 29, 2021 â (Newswire.com)
iQuanti: When you find yourself in an unexpected financial situation, whether you’ve lost your job or need to pay a car repair bill, emergency loans can provide you with quick funding. But if you have poor credit, you may be wondering if you can get approved for an emergency loan without a credit check.
It can be difficult to find lenders who offer emergency loans without a credit check. Fortunately, many lenders will consider factors in addition to your credit score when deciding whether to approve you, such as your employment status, income level, and current debts. Here are some emergency loans for borrowers with poor credit:
1. Cash advances
Cash advances are small, short-term loans that can get you cash quickly to cover expenses before your next payday. You will repay this type of loan when you receive your next paycheck, usually in two to four weeks. Many lenders who offer cash advances may have lenient credit score requirements, so you can be approved if you have poor or fair credit.
With cash advances, you may need to prove stable income and provide proof of identity with an ID card or driver’s license. Come prepared with this, a few copies of recent pay stubs, and any other necessary documents and information before applying.
The amount you can receive from a cash advance depends on how much the borrower takes home each pay cycle. These loans have to be repaid within a very short period of time, so the loan amounts are usually only a few hundred dollars. Cash advances are a good option for getting quick cash, but make sure you can repay this loan before applying so you don’t have to pay more in interest rates and fees.
2. Personal lines of credit
A line of credit is a flexible loan that can be obtained from a bank, financial institution or online lender. It’s a good option for emergencies where the amount needed can fluctuate, such as medical bills or home repairs.
Many lenders who will consider factors in addition to your credit score, such as your income and work history, when deciding whether or not to approve you for a line of credit, so low credit borrowers can be approved.
The line of credit application process is simple. You can do this from the comfort of your own home, and if your application is approved, you could receive funds in your account the same day you apply.
3. Securities loans
Title loans are secured loans that allow you to use your car as collateral. To qualify for a title loan, you generally need to own a vehicle outright. After applying for a title loan, the lender will appraise the vehicle and offer you a loan amount ranging from 25-50% of its value.
Since title loans are secured by collateral, it is easier for borrowers with poor or fair credit to be approved. Once you get approved for a title loan, you can continue to drive your car while you pay off the loan and the lender will retain the title. Just keep in mind that the lender may repossess the car if you can’t repay the loan, so make sure you can repay it before you apply.
Pawnbrokers are another secured loan option that allows you to use a valuable item you own as collateral, such as jewelry or artwork. With this type of loan, you can take your item to a pawnbroker, where they will appraise it and offer you a percentage of that appraised value.
Since pawnbrokers are secured by your valuable item, you can get this loan without needing a good credit rating. Remember that interest rates on pawnbrokers can be high, so keep that in mind before taking one out.
The bottom line
Having bad credit shouldn’t stop you from getting an emergency loan when you need it most. Cash advances, personal lines of credit, title loans, and pawn loans are all options when you need cash right away. Do your research and compare lenders to choose the right option for your needs and situation.
Notice: The information provided in this article is provided for guidance only. Consult your financial advisor about your financial situation.
press release department
4 emergency loans for borrowers with poor credit