...this is exactly the situation emergency financing for bad credit was created for.
Regardless of what caused you to have a bad rating, your score prevents you from having easy access to borrow money when you need it most.
An emergency loan provides you a way of getting hassle free cash fast...
A bad rating restricts your access to money. In a time of emergency this can be catastrophic. Bankruptcy, late payments, and high balances can literally shut the door to help for you when you need it most.
Traditional inancial doors can be closed if, in the past, you failed to fulfill your obligations to repay borrowing arrangements.
Any number of situations could have prevented your ontime payments, most commonly occurring are job loss or illness.
Many lenders will be skeptical of lending money to you in fear that you will not be able to fulfill the obligations of the emergency loan you are trying to qualify for. In the cases you are lucky enough to get approved for a loan, you will be asked to pay eye popping interest rates and jaw dropping financing costs while the people with a good credit history walk in and out smiling smugly getting money with a quick handshake and low borrowing costs.
When urgent help with money is needed, situations where financial assistance is needed instantly, which happen to people regardless of their credit history, a lucky few know how to find emergency lenders offering loans for fast money.
You may need to pay your utility bills to prevent the power being turned off on you and and your children, perhaps your car sputtered its last and needs repairing fast to avoid getting fired from your job.
You might be pulling your hair out because your brother has been arrested again and turned to you to get bailed out so as not to spend the night in jail, or god forbid, you find yourself facing emergency medical bills for the health of you or a loved one.
During these emergency situations, waiting for help is not an option.
Immediate Loans for Emergencies
To meet this need and provide help to people with a not so perfect credit score lenders created flexible financing for emergencies, also known as hard money financing or second chance borrowing opportunities. Emergency lenders allow people to get near instant loan money when they need them regardless of their bad credit record, looking to qualification standards besides your credit report, most commonly your income.
Emergency money loans are short term loans that can be accessed immediately funding directly to your bank account within an hour, the same day, or 24 hours depending on the lender. Your average emergency money lender will not ask for a credit report from you the borrower unless you feel it is good enough to help you qualify for better interest rates and repayment terms.
Emergency loan offers are structured to focus on easy approval and application requirements and quick funding. To qualify for emergency lending you must be employed in a job for at least half a year and must be 18 years old. If you are unemployed but can document a steady income you can qualify for money as well. The primary requirement to get approved for emergency lending money would showing a record of monthly earnings, no less than a thousand dollars, to show a means of being able to repay what you borrow.
For funding of your loan you will be required to have a valid and an active bank account for the past three to six months which will be used to wire the money you borrow direct. The above qualification requirement is actually a double-edged sword for the borrower, as there are two reasons as to why lenders ask for banking information from the borrower. First for funding of the money you borrow, and secondly as a source of for repayment in following with your agreed upon emergency loan terms.
If the you become delinquent your payment of the emergency loan bills as stated in your contract, the lender can deduct what is owed from this bank account.
If you meet the qualification standards outlined above, the lenders will fund your money direct into your bank account. You can borrow a range of money from $100-$10,000 depending on the lender you are working with. The repayment periods for these loans also varies, from two weeks to many months, just be sure to give yourself enough time to easily repay your emergency loan amount without overburdening yourself.
If you could benefit from a longer repayment period, check out our recommended debt consolidation loan offer allowing for extended debt restructuring and repayment extension options...