If you need cash quickly and have bad credit there are quite a few loan options out there that can help you out. This post will cover three different types of fast cash loans with bad credit so that you’re able to underestand what is out there and which will help you out the most. None of these loans are cheap, but when you need cash this quickly they may be your best options.
Payday loans are the route that most people will take. When you need just a few hundred bucks to float you until your next payday rolls around they are the way to go. To qualify you need a steady job and a checking account. Some lenders will also ask that you meet their income requirements or get paid through direct deposit, but not all. The loan is then paid back on your next payday.
For more money and flexible loan payments, installment loans are another option. These essentially work like a really big payday loan with much longer loan terms. Loans tend to come from payday lenders as well. The lender will probably check your credit, but the loan will likely be based more on your income than credit score. Terms will range from a 30 to 100 days, but many lenders may require that you make payments to them on your paydays, which can be irritating.
The final option I want to discuss is title loans. Unlike the other two options, these are secured loans that use your paid off car as collateral. Loans are large, generally starting at $1500 and going up from there based on the value of your car. You’ll have anywhere from several months to a couple years to get the loan repaid.
I cannot stress the importance of using these loans responsibly enough. Screwing around and missing a payment will lead to anything from a huge mountain of debt to getting your car repossessed!