Vicki Carlson Having access to credit is important for situations where you have unexpected expenses. If you don’t have a savings or emergency fund, trying to come up with the money you need can be tough.
There are many options for getting quick cash loans, but if you have bad credit, then it greatly reduces your opportunities. Luckily, there are a couple of things you can try that will usually work no matter what shape your credit is in.
Considerations When Getting a Cash Loan
Before you secure a cash loan, you need to do your research. Just because you have bad credit, it doesn’t mean you should take any loan that comes your way.
NerdWallet explains that you can expect to pay a bit more for the credit since you are a higher risk to the lender. However, you should be careful about excessive fees and other costs. Make sure that the loan is affordable and will not lead to additional financial struggles for you when you go to pay it back.
Depending on your situation, you may also want to check how long the process will take from the application to the time you get the money. If you have a pressing situation, then you will need the process to be short. On the other hand, if you have some time to get the money, you can consider options that may take slightly longer.
Lastly, you should look at the features. Some lenders will offer customizable due dates for your payments. You may also have late fee forgiveness or an option to skip a payment. You should also consider customer service and if the company offers financial education. Look for features that benefit you and will offer you the best experience.
Types of Loans
You will have limits on which lenders will extend you credit without requiring a good credit record. Despite the limits, there are two options that seem to stand out above the rest.
The first is a cash advance loan. These are typically short-term loans. They are for small amounts, such as $500, but some companies may offer higher limits, especially if you are a repeat customer. You usually will repay them in a lump sum instead of making payments over time.
Cash advance loans also usually have fees applied to them. You may also have to repay directly from your checking account. It all depends on the cash advance lender Mississippi that you use.
The other option is a credit card specifically for people with credit issues. These come with a low credit line. They usually carry higher interest than usual and may have fees. Some also require that you have a credit card. They can be quite affordable if you pay off the balance every month.
Bottom Line
If your credit is not that great, it doesn’t mean you have to forego trying to find assistance when you need fast cash. You can always look into options made specifically for people like you, such as cash advance loans and credit cards for bad credit.
