When you need money fast and have bad credit, there aren’t a lot of places for you to turn. Fortunately, the few options that are available are extremely reliable, and will get you cash fast. The most common type of bad credit fast cash loan is they payday loan, which have been getting people cash without a credit check for hundreds of years. There are a couple of other loans that we’ll briefly touch on, but they aren’t as common and more difficult to get approved for.
Payday Loans Are No Credit Check Loans
If your credit score is preventing you from getting cash, it’s important to know which lenders won’t even look at your credit score. Payday loans are exactly this, they use your income as a measuring stick for how much money you can borrow, not your credit rating.
These loans are very short term. You will probably repay it 14 days from the day you’re approved, and with a high interest rate. When getting a loan with bad credit you have to expect to pay a lot for them, it helps the lender keep lending money by being able to cover all of the people that don’t anything back. On average, you can expect to pay around $25 for each $1000 that you borrow. That’s an extreme amount when calculated into an APR, but you can get cash in a matter of hours this way.
Online loans for bad credit will usually deposit and withdraw the money directly to and from your checking account. You don’t have to do anything but have enough to cover their withdrawal. Loans from a local store will usually come in the form of a check, and if you need cash they will usually cash your check right there for you.
While there isn’t a credit check involved with this loan, they do check a bit into your financial history. Most lenders, particularly the online ones, will use a company called Teletrack to check and see if you have any unpaid payday loans, the number of bankruptcies you’ve had, and how frequently your checking account is overdrafted. If you don’t have any of this, you have zero to worry about!
Getting a fast loan with bad credit isn’t just limited to payday loans. Title loans are also available in many states. These require that you have a car that is paid off, and you trade its title for a loan. Repay the loan and you keep the title, fail to pay it back and they sell your car. Title loans are generally for a lot of money. The amount you can borrow depends on what your car is worth. Like payday loans, these ones have no credit check involved.
Some banks will offer a service that is similar to a payday loan. These are still very rare, but are becoming more popular. They do run your credit, but will lend even if your score is terrible. The best part about paying this type of loan back is that it bumps your credit score up. Call around to the banks and credit unions in your area to see what is available.
Getting a loan with bad credit fast isn’t tough to do, and is much easier than getting a traditional style loan. Be sure that you don’t abuse how easy this style of loan is. It’s easy to do, and you will end up relying on them, putting yourself in a much worse situation that you started in!
