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What To Do When You Need an Emergency Cash Lifeline and Your Credit Score is Low
Running into the sudden need for an emergency cash lifeline when you have horrible credit can be a horrifying and stressful experience. It can be easy to feel like nobody will be willing to help you out of the rut you’re in simply because you don’t have a perfect financial past. Indeed, a low credit score can absolutely cripple any chance you may have of getting the funding you desperately need in many situations, especially if you’re not diligent about searching for an alternative means of borrowing the money.
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Giving up prematurely has never helped anyone and, even when you think you have exhausted your last option, there are probably still at least a few things you can try to get back on your feet. Thinking of your own cash lifeline seems like it should be simple, right? I mean, if you can’t think of the one person or group of people who might be able to help you in a true time of need, who else will help you in a situation like that? Luckily, you’re probably overlooking or discarding the few remaining options you have left. To make sure that’s not the case, have a quick look at this list of the best ways to find emergency cash quick:
1. Apply for a Payday Loan
The idea of applying for a loan when you have bad credit can seem counter-intuitive because you might be concerned about more hard inquiries going on your credit report. Luckily, payday lenders usually only run soft inquiries and they don’t report to the major credit reporting bureaus, so this is one kind of lending that you may want to look into.
Payday lenders don’t need to base their decisions on your credit because they look at your proof income and payment history to determine whether you’re likely to be paid again in the near future. These short-term no credit check loans
are typically linked directly to your checking account, so you would agree to let the lender debit your repayment amount automatically from your account – similar to an automated billing arrangement. In exchange for that convenience, payday lenders offer the highest rate of approval for borrowers with low credit.
Furthermore, many payday lenders will give you the emergency cash on the same day you apply, even if you choose to use an online lender. This is possible because they can do a direct deposit to your bank account. While the exact amount of time it will take for the funds to hit your account can range from a few minutes to a few days, depending on your bank, it’s often possible for the funds to be loaded before the end of the same business day. One could argue that payday loans carry high interest rates, but ultimately, they remain the best low-credit option for emergency funding due to the following reasons:
- you don’t have to ask anyone for help or share your financial crisis because your loan application is confidential
- you don’t have to worry about hard inquiries showing up on your credit report
- you can be approved in minutes for loan amounts as much as $5,000, depending on how much you make at your job
Those reasons alone should be enough to convince anyone who has a job that they might need to consider this option during times of emergency financial need.
2. Reach Out to Family and Friends
Reaching out to family and friends to explain your situation can be an intimidating process, but it is definitely the second easiest method on this list when it comes to covering emergency expenses quickly. If you don’t want to ask them for money outright, you could see if one of them will serve as a co-applicant for you.
Having a co-signer will increase your odds of being approved for any kind of financing. However, it is often difficult to find anyone – even close family members – who are willing to put their credit on the line for a friend or relative. Thus, getting someone to help you shoulder that burden might be a long shot. In fact, most people would be more open to letting you borrow a small amount before they would be okay with you possibly damaging their credit score.
Plus, it’s not realistic to expect someone to trust you with repayments when you already have poor personal credit. Still, a simple request for a payday loan for students
can’t hurt if you’re really in need of emergency cash fast.
3. Start a Personal Crowdfunding Page
If you don’t have sufficient proof of income to gain approval for a payday loan and you’ve reached the end of your rope in the family & friends department, you might still have luck seeking charity outside of your immediate circle.
Crowdfunding has helped many people gain quick access to emergency cash and pay for all sorts of expenses such as medical expenses, business startup costs, and even just typically monthly bills. Be prepared to do a fair amount of social networking and marketing to your crowdfunding page to draw attention and hopefully attract a good amount of donations.
Many people make the mistake of signing up for a crowdfunding site, starting a page, and then leaving it for no one to see. If you’re going to take this route, be ready to do some aggressive promotion for your crowdfunding campaign if you want the donations to start pouring in quickly. One great aspect of crowdfunding sites for emergency cash funding is that they let you set a time limit and designated goal, so people can see the urgency of your financial need on your listing profile.
4. Apply for a P2P Loan
Peer to peer(P2P) lending networks have become increasingly popular in recent years because they provide a possible alternative to people with not-so-great credit. While you probably won’t have much luck if your credit score is in the 400s, some people have been able to obtain quick P2P loans with scores as low as the mid-500s. This is because the lenders on P2P networks aren’t banks or financial institutions – they’re ordinary people who are looking for good ways to invest their money with other real people.
If you’ve got a great business idea and your credit hasn’t completely gone down the drain but it’s still not good enough for conventional funding, singing up for a P2P lending network could be the answer you’ve been looking for. Of course, payday loans will usually provide faster funding and higher chances of approval, but P2P loans and cash loans without a credit check
are worth trying if you’re open to pursuing multiple options simultaneously. However, it’s important to confirm with any prospective P2P lenders whether they’ll be doing a hard inquiry on your credit before approval; try to avoid those that do.
5. Offer an Online or Offline Service
Finally, if all else fails and you really need some emergency cash, outside of panhandling the only remaining option may be for you to look for some odd jobs in your community or start an online service. Trading time and effort for money is the only sure-fire last resort option for anyone who needs emergency cash quickly. Plus, people tend to respond better to individuals who are asking for money when there is also an offer for some work to be done.
You may notice this in larger cities when some of the people who are panhandling are also offering to wash cars or do other odd jobs. While you would never want it to come to that, you could take a page out of their book temporarily if you’re really in need of emergency cash and you’ve tried everything else.
Put the word out that you can offer a helping hand and you might just find a few quick jobs through social media or a classified site before the end of the day. Who knows, it might even become another source of supplemental income in the long-term and could wind up paying some of your smaller bills on a monthly basis.
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Liquidate Some of Your Assets or Use Them as Collateral
If you’ve reached the end of the line and you don’t have enough proof of income to secure a payday loan, any friends and family members willing to bail you out, and your crowdfunding and loan application efforts have failed just the same as your newly founded service, you may have no choice but to start selling or pawning some of your personal property.
This is never an outcome that anyone aims for, but it is a method that has to be mentioned when the goal is finding quick emergency cash. Most title pawn places or pawnshops will give you cash in hand immediately, as will any buyers who are coming to purchase your items. Thus, in terms of speed of funding, downsizing to get that extra money you need is actually a noteworthy closing consideration, especially if you’re facing a true emergency.
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