According to some research, 6 in 10 Americans don’t have enough savings if they need some emergency cash.
If you have good credit, it’s easy to get instant cash, but what happens if you have bad or low credit? Thankfully, you can still get some cash quickly.
Keep reading to discover some of the easiest ways to get a quick loan, even with no credit history.
Before looking at different options and applying to different lenders, you should check your credit score. You can request your credit report once every year from these three places:
Look over your credit report to see if there are any errors that you can clear up. This can help you improve your score almost instantly. However, if there aren’t any errors, you may want to take some time to try and improve your score.
It could take some time, but it depends on how low your credit score is and what’s hurting it. When you check your FICO score, they should give you personalized recommendations on how you can fix it.
If you don’t have any credit history, you can establish it by using a credit card, taking out a loan, or renting an apartment. Even getting a job could help you start building credit.
However, for that to work, you need to make sure that you manage all your accounts, pay your debt out on time, don’t take out too much in debt, and manage your income to debt ratio.
A secured credit card can be a great way to start building your credit and get a line of money that you can use. These are great for people with no credit history because these cards are backed by physical assets rather than money.
You will offer a deposit as a security, so they will take that deposit if you don’t pay back your money. The credit limit is usually a high percentage of whatever your fixed deposit is, so this can be a great way to get quick cash.
However, keep in mind that using this card won’t improve your credit score until you have cleared out all of your payments or a negative account.
The money will continue to earn interest when you get the card to use it in emergencies. However, make sure that you pay off any outstanding debt, or you could risk losing your fixed deposit.
A no-credit-check loan is when a lender won’t review your credit history or score when determining whether or not they should give you a loan.
However, this can make it risky for a lender to give you a loan. They could charge a high annual percentage rate to make up for that risk.
These loans usually are no more than a few thousand dollars, and they have a short repayment term that could be as little as weeks.
This makes it difficult to pay them back on time, and it could start you in a cycle of debt. However, if you know that you can manage that, this could be a good option.
If your credit score is on the cusp of being decent, you can try and prequalify with some good lenders. They’ll ask for basic information about you and the loan you’re trying to take out.
They’ll confirm if you’re eligible and give you a list of rates and terms without ever doing a hard credit check, which could hurt your score.
When you prequalify, you’ll be able to get a detailed plan of how much money you’ll get and how much interest you’ll have to pay.
With a credit union, they could offer you a small personal loan of around $500. However, they may look at other information besides your credit score to qualify.
This is why it’s essential to be a longstanding member and have a good relationship. Plus, the interest rate they can charge is capped at 18%, so you’ll be able to gauge how much your interest could be.
If you need money now, but your paycheck isn’t coming in for another week, you can use a paycheck advance app. they will let you borrow money from your paycheck that’s coming up, and they don’t charge you any fees or interest.
You’ll have to connect your app to your bank, where your paychecks will be deposited. Then, you’ll have to verify how many hours you worked and what the payment schedule is.
Then, this app will let you borrow a small amount of money from the next paycheck, and they’ll take the actual cash from your paycheck when it arrives.
This is a better alternative than getting a payday loan with high interest. These apps typically have no fees and don’t require a credit check. Just ensure that you’re using a reputable company.
Some companies will let you buy something now and pay it later to split a large purchase into something smaller.
These companies typically don’t make a hard credit inquiry, so it shouldn’t affect your credit. That also means that it’s much easier to get approved than to get a standard loan.
This can be a good option for people who need to buy a large purchase but don’t have the funds.
These are only a few ways to get instant cash with bad credit, but you could also receive instant cash by applying for one of our loans.
At FastLoanDirect, you can apply for a loan online, and if you’re approved, receive cash through direct deposit the next day.
If that sounds like a good idea to you, make sure that you check out our website today so that you can get cash tomorrow!