3 Ways To Get Emergency Money With Bad Credit
When an emergency occurs and you need some quick cash, you might find it difficult getting a personal loan if you have bad credit. However, this doesn't mean you can't get the money you need. The following tips will help you get emergency cash regardless of your credit score.
Payday and Title Loans
These types of loans don't check your credit score and typically have less income requirements than what a typical personal loan would require. A payday loan is one where you provide the business with your recent paystubs and checking account information. As long as you are in good standing with your bank and get a paycheck regularly, which needs to be verified, you will likely be approved for the loan. You will need to pay for the loan with your next paycheck. The main downside is that there is a high interest rate and you get a smaller amount of cash.
Similar to a payday loan is a title loan. Instead of requiring just a paystub, you are putting up your vehicle as collateral. You leave your car's title with the company, who returns it when you go back to pay your loan off. This often provides you a higher amount of money and more time to pay it off, though it also has a high interest rate.
Advance From Your Credit Card
If you have an unsecured credit card, you can use that to access the cash you need. This is going to have the same interest rate as other transactions made with the credit card. Many credit cards provide a cash advance option at ATMs, but might also provide the opportunity of getting a higher cash advance if you have a local bank branch connected to the bank the credit card uses. For example, if you got your credit card from Wells Fargo where you do your banking, they might allow you to get a larger advance from the credit card. This advance is paid back in the same way as if you had a regular purchase on the card.
Withdrawal From Retirement Account
This option should be considered your last resort, since you are taking from a retirement account and paying penalties. However, many 401k and IRA accounts give you the option of withdrawing early from the account so you can have emergency cash when you need it. Keep in mind there will be penalties for withdrawing early, and if you lose your job soon, you won't be able to put the money back in. You can also do this as a loan from the retirement account, which you pay back just like any other loan.
For fast cash loans, contact a business such as EZ Check Advance.