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Key takeaways
- Borrowers with bad credit can find it difficult to get a loan but not impossible. Plenty of lenders consider applicants with lower scores.
- Online lending marketplaces are a good place to start for bad credit loans. Borrowers can also opt for 401(k) loans, secured loans, or co-signed loans.
- Cash advance apps are easy to qualify for and let consumers borrow against their next paycheck. Most apps come with no interest, few fees, and no credit check.
If you have bad credit – anything below 580 – or no credit at all it can be tough to get a loan. Banks will turn you down or charge unaffordable rates and offer inflexible terms. But don’t lose hope just yet. There are lenders out there who consider applicants with poor credit histories and make it easy to get approved.
The easiest loans to get are the ones with simple online applications, fast funding, and minimal borrowing requirements. Most easy-to-get small personal loans are designed for borrowers who don’t qualify for personal loans elsewhere. Be it due to poor credit, bankruptcy, or limited income.
If you’re looking for quick and easy loans to cover you when money is tight, here are some of the best options to look into.
1. Personal Loans
Personal loans are a versatile option for borrowers with poor credit. You can find plenty of options on online lender marketplaces.
These loans are typically unsecured, meaning you don’t need collateral to qualify. They also tend to be more flexible in approving individuals with low incomes and poor credit scores. However, they often come with higher interest rates.
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2. Cash Advances
Cash advances are small short-term loans that are tied to your pay schedule. You simply repay them in a single lump sum the following payday.
You can find lenders that will issue a cash advance or payday loan with no credit check, making them easy to obtain, even with poor credit. Keep in mind that the interest rates can be exorbitant, so they should be used sparingly and only for emergencies.
3. Cash Advance Apps
Cash advance apps are an inexpensive alternative to payday cash advances. They too allow you to access your earned wages before your payday. Cash advance apps typically come with no charge interest, no fees, and no credit checks. Some have optional tipping.
The catch is the amount you can advance is generally low, only $250-$750. But you’ll get your money fast. These apps can come in handy if you need a quick cash infusion.
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4. Secured Loans
Secured loans are backed by collateral – your house, vehicle, or other valuable asset. This makes them easier to obtain with better terms but you may lose the collateral if you default on the loan.
Yes, they are easier and faster than unsecured loans but more risky. Only take a secured loan if you are confident that you can pay.
5. Credit Card Cash Advances
If you have a credit card, you can tap into your credit line for fast cash. All you need to do is head to the ATM or bank and use your PIN. It’s quick and convenient, but there’s a catch.
Credit card cash advances come with fees and very high-interest rates. So use them sparingly. If you continuously find yourself short on cash, consider cash advance apps or a personal loan instead.
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6. 401(k) Loans
If you have a 401(k) retirement account you may be able to borrow against it. This is not true with IRAs. You can borrow up to $50,000 or half the balance, whichever is less. You must repay the loan with interest within five years.
The good news is the interest goes into your retirement account. 401(k) loans are typically easier to get because you’re borrowing from your own savings, but be cautious, as defaulting on these loans can have tax implications.
7. Co-signer Loans
If you have a trusted friend or family member with good credit, you can consider co-signer loans. Having a co-signer can significantly improve your chances of approval and may result in better loan terms. Just be aware that your co-signer is taking on the responsibility of repaying the loan if you cannot.
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Final Thoughts
While having poor credit and a low income can present challenges when seeking loans, there are options available to help you navigate difficult financial situations. Remember to assess your financial needs carefully and only borrow what you can realistically repay to avoid falling into a cycle of debt.
Additionally, work on improving your credit over time to access better loan terms in the future. Financial stability is possible, even in challenging circumstances.
