The average home in the United States has less than $9,000 saved in an account for emergencies. Savings accounts often don’t have enough to cover emergency medical bills, car accidents, and other disasters. If you are in a position and need money, but don’t have a good credit score, there are a few other options to consider. Continue reading to discover how you can get an emergency loan with bad credit!
- Upstart
If you are searching for an emergency loan that won’t dig you deeper into debt, Upstart is an excellent choice.
Depending on your credit score, you may have to pay an interest rate of up to 35%, however, some can be as low at 6%! By going online and signing up with the company, you can view the loan amount you qualify for and all of the payback details.
Many people that have worked with this lending company have had good reviews and were able to get access to money quickly.
- Rocket Loans
Another lending company that you should check out is Rocket Loans.
Rocket Loans can help anyone with a credit score above 580. Much like Upstart, depending on your credit score, you may have to pay a higher interest rate, however, it shouldn’t go above 29% with this company.
When compared to other lending places, Rocket Loans has lower interest rates and easier pay schedules for their customers.
- Ask Your Employer
Depending on the relationship you have with your employer, you may be able to ask them for a loan or pay advance.
Small businesses typically have more flexibility with paying in advance. Large corporations often don’t offer this option. By explaining your financial situation to your employer, they may be willing to offer assistance.
Try to let your employer know in advance as much as possible, so that they can gather their funds.
- Get Help From Family and Friends
Another way that you can get an emergency loan with bad credit is by asking your friends and family.
You can ask your friends in your circle or family for money, just ensure that it is someone that you trust. Although you may be close to these people, you should also write up a payback timeline or contract to avoid future problems and confusion.
Sometimes searching for quick loans America bad credit loans near me can be as simple as going to your friend’s house!
You Can Get an Emergency Loan with Bad Credit
Getting a loan with a credit score over 700 can be rather easy.
Finding an emergency loan with bad credit, however, is another story. Without a good credit score, you may get denied by large loans because the companies are concerned that you won’t be able to pay them back. If you DO get these loans with bad credit, they often have a higher interest rate.
By utilizing the options above, you can quickly get access to money and work through the emergency at hand.
Be sure to check out our blog for more articles about getting control of your finances and planning out your future!