...this is exactly the emergency situation these loan options were 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.
The emergency cash advance funds provide you a way of getting hassle-free cash fast...
A bad financial history restricts your access to loan amounts of any size. In a time of urgent need this can be catastrophic. Bankruptcy, late payments, and high balances can literally shut the door to low interest money when you need it most.
Traditional loan terms and aprs 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 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 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 good credit scores walk in and out smiling smugly getting money with a quick handshake, no collateral, high loan amounts, and loan fees.
When urgent help with expenses is needed, situations where interest rate and loan amount are critically important, emergency lenders offering customers a loan approval are a life saver.
You may need to pay your utility bills, cover emergency expenses, or use the loan proceeds for home repairs. Perhaps your car sputtered its last breath and the vehicle needs repairing fast to avoid getting fired from your job.
Or... 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.
If your credit card is maxed out, don't have an emergency fund, or a personal relationship with your credit union - your choices are limited.
No Credit Check Loans for Emergencies
To meet this need, lenders created flexible financing products for emergencies, also known as hard money financing or second chance borrowing programs. You can use the emergency loans for rent, for bills, bail, whatever you need, no questions asked. Emergency lenders allow people to get near instant loan money when they need it regardless of their debt-to-income ratio, and credit history.
Payday 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 and state. Your average payday lender will not ask applicants for a credit report, unless you feel it is good enough to help you qualify for lower origination fees or a better loan agreement.
These programs focus on easy approval, application requirements, and quick funding. Eligibility requires you to be employed in a job for at least half a year and must be 18 years old. The length of the loan term, cost and availability are contingent on the borrower's profile. You will be asked to document employment with a steady income for an approval decision. The primary requirement to get approved is 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 you will be required to have a valid and active bank account for the past three to six months which will be used to wire the cash 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. First for funding the money you borrow, and secondly as a source for repayment in following with your agreed upon repayment terms.
If you become delinquent in your payment of the repayment as stated in your contract, the lender can deduct what is owed from this bank account.
If you meet the qualification standards outlined in the above process, you can borrow a range of money from $100-$10,000 depending on the lender. The repayment periods for these creditors also vary, from two weeks to many months. Just be sure to review all documents and give yourself enough time to easily repay your payday loan back 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...
Alternative Unsecured Financing Options
Another option to pay off credit cards with availability in more states is to consider an installment loan or a personal loan. The application for these financing types is relatively simple, though a credit check is usually required when appying for loans online for an approval decision. As opposed to payday lenders, these creditors provide longer terms for repayment and can be used as a crisis loan. The funding availability of personal loans within 24 hours from the time of application makes these urgent loans a great option in a pinch.