Are you one of the millions of people going through life with a bad credit score? If so, you probably live in fear of running out of money. That’s because, unlike those with good credit, your financial options are severely limited.
While getting a personal loan from a bank or an increase from a credit card company might be difficult, if not impossible, that doesn’t mean you’re out of luck when money’s tight. The following are five fast cash options available to those with bad credit:
While traditional banks and credit unions will be hesitant to lend you money if your credit score is too low, they aren’t the only lending institutions available to consumers. Several financial services offer emergency loans for bad credit online. These lenders make it possible to have cash in your checking account as fast as the next business day. With that said, borrowers must repay the loan as soon as possible to minimize the amount of interest they’re getting charged. If you’re unsure if you can make the payments on time, it’s best to consider other ways to get cash fast.
Pawn shop loans
The basic concept of pawn shops has remained the same for centuries; a prospective borrower uses valuable personal property as collateral for a loan. Their property is placed in the lender’s custody, known as a pawnbroker until the loan is repaid. If the loan is not repaid in the agreed-upon timeframe, the pawnbroker takes possession of the property and makes it available for purchase. It’s one of the best ways for individuals with access to valuable items to acquire fast cash, but not everyone is in a position to hand over their most valued possessions.
Gig economy opportunities
Do you own a car? If so, consider becoming a rideshare driver, grocery delivery driver, or one of the other gig economy opportunities available to those with a reliable mode of transportation. Sign-up is usually a breeze, with background checks and other parts of the process wrapping up within hours. Meanwhile, making money is a simple matter of signing in and accepting assignments as they come in. Most services let workers deposit their earnings instantly, meaning you could have the cash you need in as little as a few hours.
Another way to turn valuables into cash is to part with them entirely. The best way to do so – in terms of profit potential – is to sell your items on auction sites like eBay. While the most successful online auctions tend to stretch for a week or longer, payment goes through within hours of the auction’s end.
Are you expecting a juicy tax refund this year but haven’t filed yet? Many tax prep services offer a refund advance to those who qualify. You agree to get the bulk of your refund today in exchange for giving a little bit to the tax prep service.
So you’re short on money. It happens to everyone. And your credit is bad. If so, you’re not alone. The good news is there are several options for getting cash fast, even when you have less than perfect credit.