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The Fastest Emergency Loans for Bad Credit

Personal loans can be used to pay for unexpected expenses such as medical bills or home repairs and to consolidate debt. However, lenders will often do a credit check before approving a loan. So, what can you do or where can you go if you need better credit?

Lending options for people with bad credit

Generally, banks require a credit score between 610 and 640 before granting a loan. However, there are other ways that you can get a loan. Here are some of your options and the pros and cons of each. 

Ask someone to co-sign the loan

A person who co-signs the loan essentially vouches for you and promises to take over the loan if you default. Of course, they must have a good credit score and present the necessary financial documents.

While you can enjoy the benefits of that person's good credit standing, including lower interest rates or payment terms, finding someone willing to do this for you may take some time. As a result, the approval process is much longer.

If you need emergency money now, this may not always be a viable option.

Get a secured loan

A secured loan requires that you give collateral as security for the loan. This can be a car, house, boat, or anything of value. The collateral must be registered under your name, fully owned, and not currently used as collateral for another loan.

With secured loans, you may be able to borrow higher amounts of money based on the property's value. However, these loans should not be taken lightly—if you miss a payment, the property can be seized.

Specialized lenders

While some lenders will be very strict about credit scores, others will specialize in providing loans for people with lower scores or who have not established a long credit history.

SimpleFastLoans is a specialized lender. Understanding that people may have financial problems, especially during the recent pandemic and the inflation crisis that followed. So, while credit history is looked at, SimpleFastLoans are more flexible about the requirements. Even people with bad credit can apply for emergency loans.

Furthermore, SimpleFastLoans does not require you to have collateral. 

Benefits of working with SimpleFastLoans

Simple Fast Loans provides one of the easiest and fastest emergency loans for people with bad credit.

  • Convenient. You don't have to wade in traffic or wait in line. Your entire application is done online, from the first inquiry to e-signing the final documents. Even payments are done online through electronic funds transfers, and you can easily monitor your account balance through your profile.  
  • Simple. The online verification is straightforward to follow, even for people who have never taken out a loan before or are not tech-savvy. The entire process will only take a few minutes and does not require a lot of documents or other requirements.
  • Fast response. Once you complete the online form, the loan representatives will review your information and tell you if you qualify. So you're not left in limbo wondering if you can get the loan, which often happens if you apply for traditional bank loans.
  • Fast payouts. You receive the loan the same day or the next business day when the loan is approved. This is significantly faster than other lenders, who may take days or weeks to release payment. You also have the option to get the funds instantly transferred to any Visa or MasterCard debit card.
  • Transparent. You can check your customer profile at any time to review your payment history.

What SimpleFastLoans Offers

You can choose from three types of loans: personal, installment, and lines of credit.

Personal and installment loans allow you to borrow a fixed amount of money. However, you will pay this amount for installment loans over several months. This is a good option if you are on a tight budget.

In lines of credit, you are given a credit limit. You can borrow any amount at any time if you stay within that limit. You are charged interest only on the money you borrow.

Taking a loan can pull up your credit score

Your credit score shows how you have handled loans in the past. Let's look at how a credit score is calculated. Factors include:

  • Payment history (35%). This shows whether you pay on time, how frequently you miss payments, and how many delinquent accounts you have. Only payments that are over 30 days late are reported to credit bureaus.

person working in a notebook

  • Amount owed (30%). This is the total amount of debt compared to the total amount of available credit. A maxed-out credit card will lower your score, and having small balances (or paying it off entirely on the due date) will increase it. 
  • Length of credit history (10%). The older your account is, the higher the score. That's why having no credit card or loan can work against you. If you have a "thin credit file" or no trackable record of paying off loans or bills, then lenders have no idea whether you can be trusted with a loan.
  • Credit mix (10%). This shows if you have taken out different kinds of credit, like installment loans, credit cards, secured loans, etc. It's important because it proves your ability to handle different loan terms and amounts.
  • Recent activity (10%). Lenders view sudden bursts in borrowing money as a red flag because it means you are having financial problems.

As you can see, your score's two most important components are your payment history and the amount owed. So, by taking out a personal loan and then paying it off on time, you can prove that you are a responsible borrower.

If you have only used credit cards in the past, taking out a personal loan, installment loan, or line of credit can improve your credit mix.

SimpleFastLoans can even help you increase your length of credit history. If you can make several payments on time, you become eligible for an increase in your loan amount or your maximum credit limit.

Apply at SimpleFastLoans Today!

  1. Go to the home page and click the Apply Now button to start your application for an emergency loan.
  2. Answer the questionnaire to help verify your credit history and the loan amount you qualify for. All this information will be confidential and not given to third-party sites. We only use it to process your application.
  3.  SimpleFastLoans has instant loan decisions, so you will find out if the application has been approved on the same day.
  4. You will receive a loan package stating the loan amount and payment terms. Then, if you are amenable, you just have to sign the documents via e-signature.
  5. Once these final loan documents have been verified, you will receive the money the same day or the next business day.

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