Need Money Now? 8 Quick Money Options for People With Bad Credit

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The number of people using credit cards in the US is astounding. However, while credit cards have incredible benefits, they have ruined the credit scores of many users due to undisciplined spending and money management. So, how will you get quick money with a bad credit reputation?

Wondering how to get emergency money now even with bad credit? Discover eight clever options to get quick money and address your financial needs.


1. Online “Installment” Loans for Emergencies

You may feel doomed after getting a poor credit rating from financial institutions. Lighten up. Many other institutions still appreciate the potential of individuals with bad credit.

How else could you get such a rating if you do not take credit? Various websites and financial institutions will accept your request for emergency loans. They provide a 3-36 months repayment period.

However, since you have a bad credit score, the issuers usually take various steps to mitigate the risk. For example, some will require a deposit before you can access any funds. The other providers will only allow individuals with a regular source of income to get credit.

If you still cannot manage to fulfill some of the requirements of the providers, you still have many other options for quick money. Keep reading.


2. Borrowing from Friends and Family

How many friends do you have? How many relatives do you keep in touch with?

You probably have several friends and relatives with financial stability.


Why don’t you pick up your phone and call them? Ask for some help.

With your family and friends, you can borrow money with bad credit. Tell them your problems and you will get some cash loans to settle your bills and other expenses.


Your family may offer loans without imposing an interest rate on the principal amount. You will have the discretion to provide some interest upon repayment. 

Additionally, they will unlikely pressure you to in case you are unable to repay the money within the agreed time.


Family members or good friends with good credit can co-sign a loan for you. Their good credit will increase your chances of getting a loan.


3. Sell Stuff You Don’t Need to Get Quick Money

The growth of the internet has allowed people to sell their items in the easiest way possible. Sites such as eBay, Facebook, and Craigslist provide platforms where you can post various goods for sale.

Why keep toys you don’t use anymore? Selling some collectibles can help you meet your immediate cash requirements or raise the deposit required to get a loan.

Well, if you do not have any sentimental attachment to the items, take photos and post them on the internet. The number of people that will present their offers will surprise you. Negotiate and sell the goods. Get your money and deal with the emergency.


4. Pawn Shop Loans Are a Good Source of Quick Money

Pawnshops have existed for decades. The earlier generations relied on pawnshops to get quick cash to settle their emergencies. Despite the emergence of credit cards, pawnshops still exist in many towns.

Have you struggled to borrow money with bad credit? You have the option of picking some of your valuable items in the house and taking them to the local pawnshop. The pawnbroker will assess the value of the object and provide a short-term loan.

Ensure to repay the money within the stated time to avoid the accumulation of interest and the loss of your guarantee.


5. Secured Credit Card

Even though most credit cards restrict extending loans to poor credit consumers, some companies have established secured credit cards. Unlike the traditional unsecured credit cards, the issuers require some deposit to mitigate the risks of bad debts.

Note that you need to have some cash to get the credit cards. How bad is your emergency? Can you afford to raise some money to get the secured credit card?

You can use other means to pay the deposit so that you can access a larger loan limit.


6. Title Loans

Title loans can help you to access emergency loans for bad credit.

Companies that offer title loans require a guarantee in the form of an asset. Do you own a house? Do you have a car?

Anything with considerable value will allow you to get some bad credit loans. Title loans may help you to acquire a lot of quick money depending on the value of your asset. For example, if your car costs around $ 10,000, the issuers could extend a loan of up to $8,000.

The more the value of your asset, the more the loan you will get.

Only use title loans for big emergencies as the default of repayment could lead to the loss of your assets.


7. Online “Short-Term” Loans for Emergencies

When you need money with bad credit, you can consider the facilities. Several companies offer instant loans through their websites for a short period – usually one month.

Ensure that you spend the money wisely and arrange to repay the debt before the deadline to avoid any penalties.


8. Online “Credit Card” Loans for Emergencies

The credit industry has evolved to cater to low-income credit consumers. You can deal with your emergencies by registering with such products. However, don’t get too excited.

Your credit rating will likely carry many limitations. Most issuers in the category offer low credit to their customers. The limits offered may not exceed $500.


If you have emergencies that require a lot of money, you may need to look for the other options mentioned above.


One of These Quick Money Options Will Work for You If You Have Bad Credit

The steps mentioned above offer various options for your emergency needs. You may need to access quick money from different providers at once or a single issuer. The choice will depend on your monetary needs. It is best to apply for a money loan with a credible moneylender to help you tide through difficult times.

Remember, if you already have a bad credit rating you should tread carefully. Financial institutions that willingly extend you credit despite your poor score could still blacklist you from the services for poor credit consumption.

Read more on our Frugal Finance blog for financial information for your business or your personal needs.

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