Everyone needs to borrow money fast at some point, whether it's to pay rent, travel, or pay a sudden medical bill. But if you have poor credit, you may be wondering if you can still get approved for a loan.
Fortunately, people with poor credit scores have plenty of options for getting a loan quickly. There are many lenders out there who have more lenient requirements and will consider factors in addition to your credit score when deciding to approve you. Here are some options for borrowers who want to get a loan with poor credit:
Installment loans
Installment loans give you a lump sum of money that you'll pay back in fixed monthly payments or installments. Many lenders offering these loans have less strict requirements when it comes to your credit score and may just want to see that you have a steady income and employment. Installment loan applications are often quick and easy and may only take you a few minutes to fill out. If approved, you may receive the money in your bank account the same day you apply, within 24 hours, or in a few business days.
Cash advances
Cash advances are small, short-term loans that can range from $100 to $1,000, depending on your state. Many cash advances have terms of two to four weeks. Generally, lenders don't require you to have a good credit score to qualify for this type of loan.
When you get a cash advance, you may write a check to the lender for the loan amount plus interest and fees. Alternatively, some lenders may ask permission to deduct the funds from your bank account electronically. Then you can pay back the lender when the loan expires or let them cash the check or deduct the funds electronically. If you can't pay back the loan balance by the due date, you can roll over the existing loan into a new one and pay additional fees.
Car title loans
If you have a vehicle that you own outright, you can leverage that for a fast loan from a car title lender. Title lenders will give you a loan based on your car's value and generally have more lenient requirements, so you don't need a good credit score to get approved.
Title loans usually have a quick application and decision process, so you can get funds quickly. After you apply for a title loan, lenders will simply examine your car to determine how much it's worth, then offer you a loan that's usually 25 to 50% of its value. You can leave the title lender with your loan on the same day you visit them. And some title lenders operate completely online, meaning you may not have to leave your home to apply.
One benefit of title loans is that you can continue driving your vehicle after you receive your funds. Just be sure you can pay back the loan before applying since the lender can repossess your car if you fail to make loan repayments.
You can get a fast loan without a good credit score
When you need a loan fast, your credit score shouldn't be a barrier. Fortunately, many lenders that provide installment loans, cash advances, and title loans don't require you to have a great credit score and may get the money into your hands the same day you apply.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.
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Original Source: 3 Fast Loans You Can Get Approved for With Poor Credit
