How to Get an Emergency Loan When You Need Cash Immediately
If you are in a bind and you need cash, there are ways to get an emergency loan immediately. You just have to know where or who you should turn to next. Most people have family or friends who can float them some quick money, but some people don’t have that luxury. Or they have exhausted their buddies with needy small cash loans all the time.
Gambling problem, anyone? Just kidding. It’s always good to have a little humor in mind when it comes to money or it’s going to drive you crazy in the end.
Finances Can be Difficult: What Fast Cash Loans Actually Do
Financial technology is sometimes confusing to the general public, especially if you have never experienced a dip in your finances. Don’t panic. That’s the first step. We’re going to show you the routes you can turn to if you find that you’re short on cash assets and need help immediately.
Fast cash loans can pay off rent or late mortgage payments, buy your family food or supplies, and even pay for auto loans and other necessary expenses like utility payments that you might need to pay off right away to retain those services for your family.
When I Desperately Need a Loan, but I Have Bad Credit
Here are 6 key ways to get emergency cash loans fast from the right lenders who won’t take a huge chunk out of your next paycheck. These range from small, fast payday loans to cash loans online and everything in between. After reading this guide you’ll be able to tell which personal loan or installment loan will suit your needs, even if your credit is less than stellar, you don’t have a bank account or you recently lost a job. But don’t worry about the details yet.
Keep in mind you aren’t alone and who actually has a great credit score nowadays? Cash loans with bad credit are all over the place waiting for you to take advantage in your time of need. Let’s look at the 6 best ways to get an emergency loan when you need funds now with short term loans direct lenders who are more than happy to assist you.
Loan Method #1: Resale/Pawnshops
Okay, granted this is the way you want to go if you have jewelry, electronic equipment, tech gear, or even an old stamp collection. This is a good way to just sell off some clutter in your home that you might not need or want anymore. Plus, it’s instant cash or a check on the spot. When you are truly in a bind, this can help you get through a few days until you can get a more significant loan. Or if you are one of those people that need a short term loan with bad credit.
Loan Method #2: Payday Lenders
This kind of loan only works if you have a regular paycheck coming in on a weekly or biweekly basis. There are “cash advance” or payday lenders all over the place in most major cities. All you need to do is Google to find a listing nearest to you. Some of the more popular ones are Speedy Cash, Money Tree, or Fast Loan Advance.
Make sure you bring a few different pay stubs, your picture ID. Some places require that you have a checking account with actual checks and not just a regular debit card. It takes around twenty to thirty minutes to sign up for your first loan because they go through a ton of paper work and make you sign different forms. The second time you go in, it’s much faster.
Loan Method #3: Credit Card Advance
Of course, with this loan method you need to have a credit card with some available credit on it. If you find that you are maxed out it might be a good idea to call your credit card company to ask for an increase. Then you can usually take out a cash advance right at an ATM of a certain amount of money. These specific amount varies per your available credit and how much the credit card company will let you advance.
If you find you need more, it’s always a good idea to call and talk to an actual customer service specialist who might be able to help you out if you are in a serious emergency situation and you have always been in good standing with them payment-wise.
Loan Method #4: Bank Loan
Your regular bank might be able to give you a short term or small cash loans online. This is especially true if you are also in good standing with them. And don’t have a history of racking up overdraft fees. Some of the large chains like Wells Fargo, Bank of America, and Chase have programs in place that will come to your rescue if you need emergency funds. Check with your banker at your local branch to find out how they might help you secure a bank loan.
Loan Method #5: Local Credit Unions
Local credit unions are all about financial wellness, so they might be able to help you out in a pinch. Even if you aren’t a member, it’s worth looking into because they offer a variety of services that might be able to get you through a difficult financial time in your life with a job loss, illness, or family situation.
Loan Method #6: Peer Lending
Peer lending or straight up asking for donations through social media like Facebook, Twitter, or IG might seem a little desperate, but think about it. You have a full list of family and friends on Facebook. They might be more than happy to swing a few bucks your way if you are in dire need.
Facebook even has a program that will populate a page for you to ask for charitable donations from the people on your friend list that you invite. This is an excellent way to help with money for school, medical bills, or even late mortgage payments if you have some generous friends.
What Credit Score Do I Need to Get an Emergency Loan
If you’re looking for a quick cash loans with a credit score of 550, you likely have tried to get a loan in the past and may have been turned town for credit reasons. Unfortunately, you may have considered yourself having bad credit. Some of the alternatives listed above provide financing for scores at 550 and below. It often depends on the lender and their requirements.
A FICO credit score under 580 is poor credit. According to MyFICO.com over 60 percent of consumers with poor credit scores become delinquent on an account. To lenders, that percentage is seen through your credit score and become an indicator of whether you’ll repay your loan.
Most personal lenders won’t even consider an applicant with a credit score under 600. But other types of personal loans or lenders might still be an option, even with a 550 credit score. One options is fill out our short form to find a lender Cash may show up as soon as the next business day.
Emergency Loans for Unemployed
According to Experian, Even if you don’t have a job, you can still get a loan. Lenders will still consider you for a loan when you are unemployed. Being approved will depend on whether you prove that you can make regular payments on time.
These are some of the criteria that a lender will review if you are unemployed and are looking for an Emergency Loan:
If you are unemployed you still need to show a regular income or source of income to make loan payments (see below for a list of alternative income sources that will be considered).
Lenders will want to see how often you have made payments on time in the past and look for any negative items that may show up on your credit report.
Maintaining a good credit score can help you in a situation like this, when you are unemployed, but need a loan to help you out financially.
Overall everyone at one point or another in their life comes into a situation where they are short on cash. The main thing is that there are options for you to look into. Fast cash loans either in person or through online methods are sometimes the only way to go if you need money quickly.
Kelly writes about numerous topics, including beauty, style, finance, real estate, technology, and specialized marketing topics. She writes often for Cashry.com on the subjects related to overall financial well-being. Kelly routinely creates business blogs, website copy, and articles for corporate branding. This is a topic that she excels in due to her experience in business management for a Fortune 500 company.