An Easy Guide on How to Get a Personal Loan with Bad Credit

You may find yourself in an unexpected financial situation where you urgently need money, whether you have to pay a medical bill or cover expenses before your next paycheck.

Luckily, there are many loan options out there that can get you fast funding, and you may not need good credit to get approved.

From title loans to installment loans, here are some options that can get you money instantly when you need funds right away.

Title Loans

Title loans are secured loans that use your car as collateral. To qualify for a title loan, you need to own your car outright or have equity in your vehicle.

You can receive a loan amount worth 25 to 50% of your vehicle’s appraised value. Many title loans come with an easy application and quick decision process, so you could get the funds as soon as the same day you apply. 

Depending on the lender, you may have the option to apply for a title loan online or in-store. After you fill out your application, the lender will conduct an appraisal of your vehicle to figure out how much money you can receive.

If you get approved for a title loan, the lender will hold onto your title and you can keep driving your vehicle as you make loan repayments.

Keep in mind that if you don’t repay a title loan, the lender can repossess your car and sell it to recoup the loss. Make sure you can pay back a title loan before you apply.

Cash Advances

Cash advances are short-term, small dollar loans that give you funds to cover expenses before your next payday. You’ll typically pay these loans back in two to four weeks, depending on when you get your next paycheck. 

Many cash advance lenders operate online, so you may be able to apply and get approved from the comfort of your home. You can fill out an application for a cash advance in minutes and may get approved instantly.

If approved, you may receive the funds in your bank account that same day or within 24 hours.

Read also: How Personal Loans Can Affect Your Credit Score

Installment Loans

Installment loans are short-term, unsecured loans that can give you a lump sum of money you’ll pay back in fixed monthly payments, or installments, for a set period of time.

The loan repayment period can range from a few months to a few years, depending on the lender and loan terms. Many installment loans come with quick application processes, and you may get approved instantly. 

The Bottom Line

The loan options mentioned above are just a few ways you can get money quickly. The right loan for you depends on your financial situation and which option would best meet your needs.

Before applying for a loan, do your research, compare loan terms, and make sure you can pay it back to avoid any issues and extra costs.