When you are strapped for cash, getting money quickly is on the forefront of your mind. However, with a poor credit history, you may find getting a cash loan a little more difficult. Here are five ways you can get a cash loan quickly, even if you have bad credit.
Talk to Friends/Family
When you are in need of money, sometimes the fastest way to get a loan is to talk to your friends and family. It is important that when you borrow money from someone, you have an agreement drawn up for the repayment. However, with your friends and family, the payment plan can be more flexible, and often comes without an interest rate at all. If they are unable to lend you money, ask if they would be willing to cosign a bank loan instead.
Credit Union Loans
Banks are not often willing to work with people who have poor credit, but credit unions will. They are smaller banks that are owned by the members of the bank, so you will have to have an account there to get a loan. In addition to being more forgiving than a bank, their interest rates are lower and they usually are more flexible with a payment plan. You will also have the ability to talk to them about both secured and unsecured loans.
Peer 2 Peer Loans
Peer 2 Peer loans are still a fairly new way to get money and often will take longer than going to a bank directly. When you visit the Peer 2 Peer site, you will create an account and let the company know more about you, including the amount you are seeking. The company will then connect you with loan providers, often ones that you would not have known about otherwise. This is a great way to find different rates and select the loan that works for you. However, you do have to wait for the company to review your information and then find people to connect you to.
Use Equity for a Secured Loan
Sometimes the fastest way to get a loan is to be willing to put something up as collateral. Secured loans are loans that will take your house, car, or some other asset and give it to the bank providing you the money. If you fail to repay, the bank takes the property from you, so it is vital that you stick to the payment plan. This is a way to get a better interest rate and a larger amount of money, because they require minimal risk from the bank.
Finally, if you are looking for a small sum of money, you can consider getting a fast cash loan. A cash advance or a payday loan will often have a very high interest rate, and most require the amount to be paid in full. These loans are often available online to be deposited into your bank account, or you can find stores locally that will give you cash.