Collectively, Americans have a record $14 trillion in debt. While the majority of this debt is in mortgages, many people also have credit cards, automotive loans, and student loans.
For many Americans, emergency situations are also a cause of debt. A medical emergency can come with a six-figure bill. If your car breaks down, you may be faced with a repair bill or need to buy a new car.
Sometimes, you just can’t make ends meet because of a surprise bill. In these cases, an emergency cash advance may be what you need.
What about an emergency cash advance bad credit situation? You still have options, even if you have bad credit.
Emergency Cash Advance Bad Credit Solutions
If you need emergency cash, bad credit can be concerning. Will you be able to get the cash you need to pay those bills? Will you be able to get a loan to help you get a new car so you don’t lose your job?
The good news is that you can still get emergency loans for bad credit. In fact, you may even have a few choices when it comes to what type of loan you get.
You may be able to qualify for:
- A cash advance from a credit card
- A personal loan
- A payday loan
What’s the difference between a payday loan and a personal loan? Payday loans are typically for smaller amounts, but they can be applied for online or in person. They’re usually issued faster as well.
Some lenders also don’t perform a hard credit check, which may increase your chances of receiving a loan. If you’re looking for emergency cash loans for bad credit, you may want to seek out lenders who don’t perform credit checks.
Some lenders will assess creditworthiness in different ways. While some use credit scores, others will look at your bank account or other information.
Choosing a Loan and a Lender
Even if you have bad credit, you still have plenty of options. Some loans may be a better choice, while some lenders may be a better fit for you.
If you have a particularly messy credit history, then going with a lender who doesn’t conduct credit checks might be the right answer.
If you need help paying bills right now, you might want to consider a payday loan or a credit card cash advance. Both of these options typically clear quickly, which means you get the cash sooner.
If you can wait for a few days or you need a larger amount, then you might want to consider a personal loan. While your options may be limited, you may be able to get a better interest rate for a personal loan.
How to Get an Emergency Loan with Bad Credit
Once you’ve researched some options for emergency loans, you can start applying to them. If you need cash quickly, then you may want to find an online lender who can issue cash in short order. Some online options can even get you cash on the same day you apply.
Credit cards and personal loans may take longer to clear.
Do be aware that applying for multiple loans at once can make your credit score dip further. To keep this from happening, choose your lender wisely and apply to just one or two loans you’re likely to get.
You may also want to consider some other alternatives. If you’re struggling with a medical bill or student debt, there may be specialized options for you.
You might also ask family and friends if they could spare you a personal loan. They may be able to give you the money faster than a personal loan or another option.
If you own a home, you may also have some home equity you could use to help you negotiate the emergency situation.
Check Your Credit Score
Before you apply for bad credit emergency loans, take a look at your credit score. You may have more options than you think.
In fact, your credit score may have improved from the last time you checked it. If you’ve been making bill payments on time or reduced your debt, then you may be able to qualify for better interest rates. You may even have other loan options.
You can often check your credit score with one of the credit bureaus. Make sure you know the definition of “bad” and “poor” credit, as well as what counts as “good” credit.
Also, ask your lender how they define bad credit. Some lenders use more expansive criteria. Even if the credit bureau says your credit is bad, the lender may disagree.
If your credit truly is bad, then you may want to look at a cash advance from a credit card. There’s no additional credit check for a cash advance. This may not be an option if your credit card is already at the limit.
Be Prepared for Emergencies
If you’re not in an emergency situation yet, but worry that you might be, you can think about getting pre-approval for a loan.
In an emergency situation, you need to think on your feet. Having a pre-approval for a loan in your back pocket could help you get a better deal on your loan. You may qualify for more money or a better interest rate.
No one thinks they’ll end up in an emergency, which is why so few people take this step. Having a pre-approval for a loan can help you if and when you do need help paying the bills. You’ll already have done the research and found a good option that suits your needs.
Get the Cash You Need Now
When it comes to getting an emergency cash advance, bad credit doesn’t have to slow you down. You can still find options to help you weather the storm.
Looking for other options to get cash quickly and get out of a pinch? Check out more of our informative guides. Discover all the money-making opportunities at your fingertips, and you’ll never find yourself short on change again.