When you have fallen below the sub-prime category as far as credit scores goes, many people begin to panic. How do you find help when your credit score is so low? There are several ways you can obtain money even as a credit challenged applicant. It will take some time in order for a person to figure out what exactly a safe direct cash advance lender could provide or where to go if more money is needed.
When it comes to fast cash, the direct online cash advance lender is a great way to get a few hundred dollars into the bank within a 24 hour period. Not every money emergency takes a lot to solve while other situations may require a person to obtain a loan for much more. Where else could you go if you need money and have a bad credit history?
Try a Credit Union. Their lending terms and conditions vary from banks’ policies. Talk with a loan manager and find out if your situation would qualify you for a loan. The interest will usually be higher than an average loan, but that is the penalty cross the board for having a low credit score.
Some people like to use their home for a line of equity. It would be a low-interest tax deductible loan, but be careful it is also a secured loan. You will be putting your home at risk if for whatever reason keeps you from paying the loan back according to the contract terms. If you have never been disciplined about money management before, now is a good time to focus on it.
Friends and family are a resource for some folks. Be careful to talk through the loan process with that someone who offers. You may even offer to pay interest or a lending fee for good measure. This loan is secured by a relationship so tread carefully.
Direct cash advance lender companies do not check credit history for approval status.
There are online ‘Peer to Peer’ loans available. Instead of borrowing money from a cash advance lender, you will borrow from a platform of peers online. The interest is lower than typical direct online cash lenders but there will be a credit check. These lenders will not take the same risk as payday loan companies will.
If you are truly not able to obtain a loan on your own, you have the option to ask someone to be a guarantor. The process itself is very easy. The other person’s credit is used to approve the loan and both of your names will be on the contract. If you miss a payment or are late in anyway it will affect their credit as well. The loan could either help rebuild your credit or hurt you both.
Other opportunities can be found with car title loans and pawn shops. Both are secured loans, carry high interest and typically demand full payment within 30 days. Think about the property you will use for collateral and whether or not it is a good idea to use it for a money emergency.