The Fastest Emergency Loans for Bad Credit
Written by: Rachael P.
Published on:
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.
This may not always be viable if you need emergency money immediately.
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 are very strict about credit scores, others specialize in providing loans for people with lower scores or who have not established much credit history.
Simple Fast Loans is a specialized lender. So, while credit history is looked at, the company is more flexible about requirements. Even people with bad credit can apply for emergency loans.
Furthermore, no collateral is required.
Benefits of Working with Simple Fast Loans
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.
Personal Loans
Simple Fast Loans offers online personal loans that allow you to borrow a fixed amount of money. However, you will pay this amount over several months. This is a good option if you are on a tight budget.
Apply at Simple Fast Loans Today!
- Go to the home page and click the Apply Now button to start your application for a personal loan.
- 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. It is only used to process your application.
- Simple Fast Loans has instant loan decisions, so you will find out if the application has been approved on the same day.
- You will receive a loan package stating the loan amount and payment terms. Then, if you are OK with the terms, you will sign the documents via e-signature.
- Once these final loan documents have been verified, you will receive the money the same day or the next business day.
