5 Ways Poor-Credit Borrowers Can Get Cash Now

Some financial obligations just can’t wait until tomorrow. Perhaps your rent is due, or maybe you just need extra cash for groceries. These are a few examples of where individuals might need quick cash. Financial tools like online loans are one of the best ways to acquire funds, even if you have poor credit. They come in several varieties, so you’ll want to shop around a bit before choosing one of these loans. And if you prefer to get a loan in person, you have several options as well. Here are five ways you can get cash now with poor credit: 

1. Online installment loans

An installment loan is a loan for a specific amount of money that is paid back in equal monthly installment payments. These loans are available online and at traditional banks and credit unions. The approval requirements and terms vary by lender. Interest rates are typically fixed. 

There are several lenders who specialize in poor-credit installment loans. They offer less strict requirements and will consider additional factors like your income and current debts when deciding whether to approve you. 

2. Online payday loans

Payday loans are short-term online loans that need to be paid back when the borrower receives their next paycheck. These are good options for people with lower credit scores because many payday lenders have more lenient approval standards. Keep in mind that you may need to prove employment and have a bank account that funds can be deposited into and withdrawn on the repayment date. 

3. Title loans

A title loan typically is a short-term, secured loan. You’re required to post your vehicle title as collateral for the loan. After the lender appraises your car, they’ll offer you a loan amount worth a percentage of its value. Then, you can keep driving your car as you repay the funds. Some title lenders will also allow you to extend your loan longer in exchange for an extra interest payment. 

Since title loans are secured, you’ll risk losing your car if you don’t repay the loan. This can make title loans riskier than installment or payday loans, but they are easy to get approved for, and many title lenders can provide same-day funding. 

4. Pawn shop loans

A pawn shop loan works like a title loan because the borrower needs to provide an asset as security. The difference is that a pawn shop requires a physical asset, not the title of an asset. That could be a piece of jewelry, precious artwork, electronics, or other valuable belongings. Pawn shops will lend a portion of the asset’s value and charge interest and fees. Then, the borrower can pay back what they owe and receive their item back.

5. Credit card cash advances

Getting a new credit card with poor credit might be challenging, but taking out a cash advance with an existing credit card is a simple way to cover immediate cash needs. This can be expensive because credit card companies charge fees and interest for cash advances, but it will help you cover expenses when you need cash right away. 

The bottom line

If you need cash now and have poor credit, not to worry. Five easy ways to get same-day funds, even with a low credit score, are installment loans, payday loans, title loans, pawn shop loans, and credit card cash advances. Each of these loans comes with different features and benefits, so it’s important to do your research and compare options. 

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