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Get Access To Quick Cash Despite Your Poor Credit History

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Having bad credit is bad news. Your financial history is utilized by companies across the country to discern whether you’re worthy of doing business with. Someone with bad credit may find it difficult to qualify for loans, obtain a mortgage, buy a car, or even get a decent paying job. Though the obvious solution to this problem is to repair your credit and rebuild trustworthiness over time, the unexpected can happen at any time.

Should you have to deal with an emergency that requires more money than you presently have on hand, you need avenues for obtaining a large sum of cash despite your credit rating. Though traditional means of borrowing may be out of the question due to your financial history, there are other resources you could tap into to get your hands on some quick cash.

Short-Term Installment Loans

Get Access To Quick Cash Despite Your Poor Credit History

While most lenders require you to have impeccable credit, a high-paying job, or collateral, there are some that will waive these requirements. There are loans that cater closely to those with bad credit. These short-term installment loans are quick to apply for and are alternative payday loans for bad credit. Applicants who qualify need to be at least 18 years of age have verifiable income that meets minimum requirements and has a valid checking or savings account for deposit. If you meet these requirements, you can be approved for as much as $1250 and receive the funds as soon as the next business day.

Retirement Accounts

If you need a larger amount of money and cannot get approved through traditional means, you may be able to tap into your retirement account. Whether you have a personal account or one through your employer, you can apply to borrow on the balance. If approved, you can borrow a percentage of your balance to use for your financial emergency. Since the funds stored in the account are yours and you have steady employment, the eligibility requirements aren’t as steep. Keep in mind, however, should you get fired from your job for any reason before the loan is repaid, you’ll be required to pay it back in full to avoid state and federal tax penalties.

Make Quick Cash

Another option for getting your hands on cash when your credit is bad would be to find ways to make quick cash. There are a lot of avenues you can try both on and offline to generate cash the same day. Tap into your talents here. If you work as an accountant, do some consulting on the side. If you’re great with pets, walk dogs for a few weeks. If you don’t mind running errands, help out seniors in your neighborhood who aren’t as mobile. You might also try ridesharing where you use your car as a taxi in exchange for the fare.

Use Collateral

If you find that getting your hands on cash with your bad credit isn’t easy, you can try and improve your chances of getting approved for a loan. Consider using your car or home as collateral. This lowers the risks involved for the lender and can sometimes sway them to approve the application. Keep in mind, if you apply for a loan that requires collateral then default on the loan, they are within their rights to collect what is owed by confiscating your assets. You’ll want to make sure that you are diligent in repaying the loan in full to prevent this from happening.

Wait and Seek Help

As stated before, when you have poor credit, your options for borrowing are very slim. If you cannot get approved through the methods discussed above, the only other option would be to wait it out and get help with your financial emergency. There are plenty of programs that offer financial assistance with everything from food and groceries to utilities and housing that you can take advantage of. In the meantime, start rebuilding your credit and working with a financial expert on cleaning up your past.

Having bad credit leaves you with very few options to get financial help when an emergency arises. If you’ve been unsuccessful in getting approved for a loan through traditional means, it may be necessary to consider the options mentioned above. Each of them should be reviewed carefully to discern which avenue is best suited for you. Should you find that none of these routes work for you, it may be necessary to allow time to pass as you work on improving your credit.