At some point in life, a person may find themselves in need of some quick cash. There are a variety of reasons why you might need money fast:
- An unexpected medical expense.
- Behind on the rent.
- Paying back a loan from a friend or family member.
- Paying a lawyer or court fees.
- Paying for holiday gifts.
Whatever reason you may have for needing quick cash, when you have bad credit it can feel nearly impossible to get money in a timely manner.
Having bad credit, even if the score is not necessarily dependent on responsible spending habits, can often make people feel like they are doomed when they need money fast.
How to Get Quick Cash With Bad Credit
Despite what most people think, individuals with bad credit who need money may still have many quick cash options available to them.
Check out some of these useful tips:
Title Loans
Title loans are a great option for individuals with bad credit who are facing a situation that requires quick cash.
Title loans are based off the value of an individual’s car. A car is a valuable asset, so lenders are happy to lend potentially large amounts of money to those with bad credit.
Depending on the car’s make, model, mileage, and condition, and what state the title loan office is based in, it is possible to receive a considerable amount of money even with bad credit.
For example, someone looking for title loans in Bakersfield, California would be able to take out a loan that could be worth anywhere from $2,600 to $25,000!
Meanwhile, someone looking for a title loan in Illinois would only be eligible to receive a maximum of $4,000. A title loan is also a great option for those who need money quickly.
As long as the potential borrower has the proper documents, many title loan lenders could provide funding in as little as 30 minutes. When it comes to quick cash for those with bad credit, a title loan is hard to beat.
Also Read: How to survive and get out of debts in 7 easy steps
Credit Cards
It is a common misconception that people with bad credit can’t qualify for credit cards.
While someone with bad credit might have trouble qualifying for a credit card with the best terms, there are still plenty of cards available for those who need money quickly.
For individuals in need of quick cash, a credit card can fit the bill. In fact, a credit card can not only provide relief for those with bad credit who need money quickly, it can help someone raise their credit score if they’re diligent with repayment.
As long as the card’s minimum balance is paid off on time each month, the more someone spends with their credit card, the more their credit score will improve over time.
Someone with bad credit who needs to get money fast can enjoy borrowing funds while simultaneously improving their credit score.
There are also rewards associated with credit cards that can turn your quick cash into something greater further down the road:
- Cash Back Rewards: This type of reward will give customers back a certain percentage of the money they spend within a given time frame. Essentially, this makes it possible to get money for free.
- Travel Rewards: This reward turns a percentage of the total amount spent into points that can be redeemed for discounted flights and hotels. For those who spend enough, it is even possible to get free flights and free hotel stays!
Personal Loans
Personal loans are a way to get money without having to put up any collateral. Unlike a title loan that requires handing over the title to a car in exchange for funding, personal loans are essentially backed by a promise to repay whatever amount is accrued through interest.
Personal loans tend to offer less money than title loans. With no collateral, lenders are understandably hesitant to offer a larger amount of money that might not get paid back.
For individuals that need quick cash, a personal loan is a good choice. There are additional benefits for those who choose to get money with a personal loan, such as:
- A fixed interest rate allows borrowers to budget in advance for how much they will have to pay each month. The rates will never go up, so borrowers know exactly how much to pay each month.
- Personal loans, unlike credit cards, are known as installment loans. Credit cards are known as revolving loans that affect credit differently. So, for someone who already pays off a credit card bill monthly, paying off a personal loan can further boost one’s credit.
Also Read: How to access soft loans with no collateral
Need Money? Shop Around!
In order to get money with bad credit, it is important to keep your options open and to do as much research as possible.
Title loans, credit cards, and personal loans are all good options for those who need money fast.
However, these types of loans all have different benefits and drawbacks depending on the specific borrower’s financial situation.
So, while you might need to get money urgently, make sure to take a beat and do your homework. If you don’t, you might miss out on the best deals.