Credit lines in the last few years have dried up because of the recession, and everyone is finding it harder to get a loan. Individuals with poor credit are having a particularly difficult time getting money, especially from banks and credit unions. For those with credit problems, however, there are other alternatives for getting emergency cash. Many people with bad credit have found ways around the big financial institutions, and you may be able to get a loan up to $5,000.
Relatives and Friends
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The first place to go when faced with a financial emergency is to the people who love and trust you. With family and friends, you can count on a hand being extended to help you out in a time of need, as well as understanding repayment terms and low or no interest rates. In the event of medical emergencies, auto troubles, and any other unexpected bills, those close to you are the ones who, unlike banks and credit card companies, will understand without question.
Talk With Your Employer
Even though your friends and family love you, sometimes they just aren't able to help, or you may feel some embarrassment about asking them for assistance. Instead, you can think about taking a loan from your company. As part of their motivational incentives, many companies offer to lend money to long-term employees, and in many instances a portion of your paycheck is used as the monthly payment on the loan. This course of action is definitely one to consider, as many employers provide excellent terms and low or no interest rates.
Loans for People with Bad Credit
Bad credit borrowers are also able to approach some financial institutions not associated with banks. Cash advances or payday loans are given to many people, often without a credit check. The loans amounts are for up to $2,500 - or sometimes even more. The terms of the loans are often very short, and the interest rates can be very high, but for someone in a dire situation, they may be the only option available. These loans can also be found from those same institutions on their websites, which means that you don't even have to leave the house to get them.
Loans with Collateral
Valuable physical items are always a huge assistance in obtaining quick funding. In the case of a home or an automobile, if you have some equity and no liens, you may be able to get a secured loan from a variety of lenders. These include banks, pawnshops and even online lenders. If there is collateral, there is the possibility of a loan. In many instances you will receive a positive reply to your request for a loan in the same day, and with terms that are reasonable. If you do not have a home or auto, or just don't want to put them up for collateral, then you can make use of the services of a local pawnshop. There is no credit check involved, and the process of obtaining a loan is quick and easy, usually taking a matter of minutes.
Options are still available to you, even if you have bad credit. There are many resources for providing you with quick cash when you need it. All it takes is a little bit of looking around.
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