Finding out that you need cash now is never a good thing…especially when you have bad credit. However, when a financial emergency or surprise expenses rear their heads, that one thought might truly fit the situation. For this reason, emergency funds are good to have, but for those who don’t have savings to fall back on, people telling them that they should be saving money isn’t going to even begin to help the current situation.
Here are a few ways that might give you the keys to getting the funds you need when you need them.
Find the Right Loan for Bad Credit
When you have bad credit, getting a loan can be harder than pulling teeth from a walrus. You’ll more than likely be locked out from things like traditional lenders and loans. As soon as they see your credit score, they’ll get the idea that you won’t pay back the loan. This means that you might need to get one of the loans out there for people with bad credit, and there are quite a few options. Most of them require you to have a valid social security number, a verifiable place of employment, and a bank account. This can be your ticket out of whatever crisis you happen to be in. Just make sure you find one that will suit your needs and you have the ability to repay.
Have Credit Cards? Use Them
Even if you have bad credit, you can still have credit cards. Some credit cards allow you to take out cash advances. If you know that your credit is bad, you might not be able to get a credit card of this nature. However, by knowing what you should know about credit, and a bit of hard work, you can get one eventually. That won’t help you now though.
If you do have an
unsecured credit card that allows cash advances, this might be your best
option. That said, it doesn’t mean that it won’t be risky for your financial
health. Just remember that the money you get advanced will be added to your
outstanding balance and will need to be repaid with interest.
Borrow from Family or Friends
Nobody ever likes having to do this. Even if the one you ask will be more than happy to loan you what you need, it’s still rather embarrassing. If they won’t loan you the money, that can feel even worse. The thing about borrowing from people you know is that they more than likely won’t charge you interest. They can also be more understanding than a financial institution when your schedule for repayment gets a bit erratic.
That said, it can also
put a strain on your relationship with whoever you borrow the money from.
Screwing up your own credit is one thing but messing up your personal
relationships is a totally different animal. For this reason, it’s always best
if the terms are laid out and are crystal clear in advance. It might also help
to put it in writing.
Remember that if you need cash quickly, there are always options. You just need to find the right one for you.