Emergency Loans for Bad Credit

Need to pay bills for a medical emergency, mortgage, car repairs, or a vacation? Even with bad credit, you can get an emergency loan of up to $5000 within a day from leading online lenders in the US. Apply now within minutes!

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Sherine ChebetFinancial Writer

Jul 27.2022. Filed under: Loans for Bad Credit Hub

Where to Get Emergency Cash Immediately?

You could need fast cash any day in case an unexpected emergency hits. But your first question would be, "Where to get it?” There are numerous options for immediate emergency cash that you can apply for to get out of a financial setback temporarily.

Credit Card

If you own a credit card already, one option is to get a cash advance from the credit card company. With a credit card, you can pay for expenses through your card and repay the amount according to your billing cycle. However, credit card issuers also allow cash advances if your request is approved.

Pawn Shops

Pawn shops are a traditional, old-school method of borrowing money without letting the debt appear on your credit history. However, the downside is that you have to turn in a valuable asset in return for the borrowed amount. Inability to repay the pawn shop on time results in losing your asset permanently.

Online Lenders

One of the easiest and hassle-free methods of borrowing fast cash nowadays is to get a loan from an online lender. The entire process is online, from application to repayment. Plus, the interest rates are usually lower than traditional options like banks and credit card companies.

Types of Emergency Loans

When you’ve come to the conclusion that a loan may be the ideal way to resolve your financial problems, you’ll need to decide the type. To decide which one you think is best for your circumstances, you need to differentiate between them first.

Payday Loans

If you need cash that you know you can repay with your next salary, a payday loan is what you’re looking for. Payday loans, as the name suggests, are short-term loans that you can get and repay by or on your next payday, usually within four weeks.

The duration of getting the loan after application approval is usually between 2-5 business days. While it depends on the online lender, you can apply for an amount up to $5000.

Same Day Loans

When the emergency is so urgent that you need money the same day, apply for a same-day loan. Same-day loans allow you to get the deposit in your account instantly, or, in other words, within a day of getting approved for the loan.

Small Personal Loans

With personal loans, you can repay the amount over several months or years, depending on the mutual consensus between you and the lender. The repayment is done through monthly installments instead of a one-time lump sum.

Title Loans

This loan type is specifically for those who have no or poor credit history. Instead of taking a risk with unsecured pawn shops, you can opt for a title loan. You will need to temporarily hand over your car's title to the lender as collateral until you repay the full amount.

Can I Get Emergency Loans with Bad Credit?

Most traditional lenders will decline your loan request immediately upon examining your poor credit score and history. That’s not the case with online lenders, though.

You can get a loan with bad credit through an online lender, as long as you fulfill the basic criteria, including legal age, US citizenship, a checking account, and most importantly, a stable income.

An online lender, too, will always perform a soft credit check, but mainly to get an overview of your financial spending. Repayment criteria, i.e., the ability to repay the loan on time, is a more important factor for online lenders and can be judged through your monthly income and debt-to-income ratio.

What Can Emergency Cash Be Used for?

You can use emergency cash for any trouble that causes a need for financial assistance quickly. While you shouldn’t get into the habit of borrowing loans for the sake of your financial security, there are a few situations where getting one can be helpful.

  • Medical Emergencies: Health is a person’s top priority. Get a loan if you need immediate medical attention or pay hospital or pharmaceutical expenses.
  • Utility Bills: If you’ve run out of cash at the end of the month with pending utility bills, an emergency loan can temporarily get you out of it.
  • Home Repairs and Renovation: Whether you have a mold problem, a broken HVAC, or any similar home repairs that need attention, get in touch with an online lender. You can use the loan to renovate your home as well.
  • Automobile Repairs: Automobiles can break down, or you can get into an accident at any time. With an emergency loan, your automobile doesn’t have to stand in your garage for months.
  • Mortgage or Rent: Mortgage or rent payments are a month-to-month struggle. You can pay these expenses using an emergency loan and not get kicked out of the property.
  • Vacation Expenses: Before you’re about to get burnt out from workload, an emergency loan can help with a vacation escape.

Am I Eligible to Apply for an Emergency Loan?

Eligibility criteria vary across states and lenders. Some states may not even allow emergency loans. After you’ve double-checked loan eligibility according to state regulations, the following basic criteria are required by every lender.

    1. You must be 18 years old or above.
    2. You must be a permanent resident in the US and show proof of it through documents like property ownership or utility bills.
    3. You must have an active bank account for the loan deposit and repayments.
    4. You must provide accurate contact information for the lender to reach you.
    5. You must have a stable monthly income and show proof through payslips or bank statements.

Keep in mind that these are the minimum eligibility requirements needed. Lenders may have additional requirements to grant a loan, such as employment for at least the previous 6 months or good credit ratings.

How to Get Emergency Cash with WeLoans?

To get emergency cash through WeLoans, follow this simple 4-step process:

Submit an Application

Fill in details in our responsive application form, including personal and banking information, accurately.

Compare Offers

We forward your application to our trusted lenders immediately. You’ll receive offers from multiple lenders once they’ve reviewed your application. Compare the offers and select the lender that meets your requirements.

Sign the Agreement

If additional information is needed at this point, the lender will ask you for it. Go through the terms and conditions and sign the documents to make them official.

Receive the Cash

Your selected lender will deposit the amount directly into the bank account linked with your application form as immediately as they can. Emergency loans normally arrive within 24 hours.

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Frequently Asked Questions

How much can I borrow with emergency loans?

An online lender's maximum amount can vary according to their terms and conditions. Apply through an online broker, like WeLoans, for any amount up to $5000, and a lender with that range for an emergency loan can send you an offer.

Can I get urgent loans with no credit checks?

There is no such thing as a no credit check loan. Every lender operating under state regulations must conduct a credit check. However, online lenders only perform soft credit checks that don’t leave a mark on your credit history.

When do I need to repay the loan?

The lender fixes the duration for loan repayment, but you can state the time you need before signing the agreement. Also, the loan type you apply for decides the repayment period. Emergency loan repayment is typically from 4 weeks up to several months.

How quickly can I get an emergency loan?

You can expect an emergency loan to be deposited in your account after the completion of the process within a day. Some lenders hand over the money within several hours or even minutes! In any case, an online lender will deposit the emergency loan amount as soon as possible.

Can I get cash the same day?

That’s not the case with every loan type, but you can borrow cash immediately with emergency loans. Most online lenders are even faster and can send the deposit within minutes of the loan request being approved.

Say Goodbye to Unexpected Financial Distress with an Emergency Loan!

Tired of waiting for days on end when you need a loan as quickly as possible? Through WeLoans, you can find trusted lenders across the US and get the loan within a day of approval.

Apply now