Money in a hurry has always been a problem if you have bad credit. If a money emergency pops up, how are you supposed to deal with it though. There are some solutions that you can turn to, even with bad credit and Tina is here to show you what they are.
Online Loans Are Fast
If you want an answer in minutes, this is the way to go. Get your problem solved in a hurry with just a few minutes of work on your part. Even with bad credit, you could be staring at a loan offer in a matter of minutes with Tina’s help. I give you access to a large network of online lenders and one of them might love to make you an offer. Let’s find out.
As you will see, when you fill out the short loan quote form, you will enter in some very simple information and then hit submit. Then your form will go to the loan network where a lender will be found that wants to make you an offer. You will be given your offer and can decide whether you want it or not. If you do, great, you can get your money as soon as the next business day. Decline it and that is it, you can just walk away.
Pawn Shops Have Money To Lend
If you just need 100 or 200 dollars, a pawn shop might be just the thing. They give you money with your personal items as the collateral.
Here is how it works. You take an item in to pawn and the pawn shop will give you a percentage of the value of the item in cash. You then have a certain time to pay the loan back with interest and fees. Pay the money back and you get your stuff back. Don’t pay it back and you lose your stuff.
The bad thing about pawn loans is that they are going to be limited in value. You only get a portion off your items money towards the loan so these are best used as low dollar loans. In addition, there will be fees and interest which can get pretty pricey.
The good thing about a pawn loan is that it is fast. You should be able to get your money today if you have a shop that is close.
Earnin Is A Neat Little App
By now, you have probably heard about Earnin but you might not know how it works.
You download the app and then enter in your bank and employment information. The app tracks your location to see when you are at work. This lets the company know that you have made money. You can then borrow money against it.
When you get paid next, you will pay the loan back plus any amount that you want to tip. Tipping is not a requirement but the company says that they may limit your access in the future if you fail to tip.
There are a few problems with Earnin that you should be aware of.
For starters, you are limited to borrowing just 100 dollars in the beginning. You may be able to borrow more at a future date but the company is vague as to how to get your limit raised.
In addition, the default suggested tip represents a huge APR, approaching payday loan levels. Be careful.
Walk Out With Cash Store Money
Cash stores offer instant cash with a catch. They can offer you a fast payday loan if they are available in your state. Currently 12 states have outright bans on payday loans while other states heavily regulate them. These are small dollar loans with the average person borrowing $300.
With a payday loan, you get money and have to pay it back, plus fees, on your next payday. The fees are something like $15 to $20 per 100 dollars borrowed. With a very short loan term, the actual interest rate can be 400 percent, 600 percent or even higher.
Use caution with payday loans and make sure they are your only choice. Even if they are, make good and sure that you can pay the loan back on time. If not, it could spell big problems.
Better Credit = Better Choices
If none of the bad credit loan sources sound appealing, you have one other option. That is to improve your credit.
If you can wait for your loan, it is simple to improve your score with just a few steps.
First, you need to pay your bills on time. On time payments make up 1/3 of your score. If you have late pays on your report, they are making a huge impact on your score. Start paying your bills on time now and before you know it, you will start seeing that score rise.
Second, you need to get your credit card balances paid down. This is almost another 1/3 of your score. You want to try to get them down below 30 percent of the limit and the closer you get to that point. the better your score will be.
Tina’s Last Word
Getting a fast loan with bad credit is not easy but there are almost always options. Just take a minute to make sure that the options that you have do not leave you in a worse position. Never take out a loan with terms that are too hard to swallow or that you might be unable to pay on the due date.