Emergencies happen, and if you have been late on payments in the past, bad credit loans may be your only option. When your credit score dips below 600, it becomes more and more difficult to get the money you need something goes wrong.
You can consider these options to obtain bad credit loans fast, including:
Borrow from Friends or Family
Ask your friends and family if you can borrow from them. Sign a “promise to pay” note if you want to prove that you’re sincere about paying them back.
Online payday loans are a quick and easy option. They may cost a little more than a conventional loan, but they also ask fewer questions and are more likely to loan you the money even if you have a low credit score.
Related Article: Installment Loans for Bad Credit: Their Features and Benefits
If you have a checking or savings account a credit union, ask to fill out an application. Most credit unions will consider your application if you are already a member.
Peer-to-Peer loans may also be an option if you know of someone who can assist you and is willing to work with you on the terms.
Home Equity Loans
The equity you have built up in your home may be able to help you if you are current on your mortgage payments. Talk to your bank or mortgage lender and find out if they can help you.
Related Article: Bad Credit Loans: An Easy Source of Emergency Funds
When a conventional loan is out of the question, you still have options. Bad credit loans may be a little more expensive, but it’s still a way to get the money you need in a timely fashion.