A higher than normal energy bill, expensive car repair, an unforeseen home repair, or even a shorted paycheck can leave you scrambling to figure out how you’ll survive financially. When you have superb credit, getting out of a financial jam means nothing more than whipping out their high limit credit card or apply for a personal loan. Yet when you have poor credit, getting out of a financial bind will require looking at alternative sources such as those described below.
- Cash Advance from Employer
There are some employers that will allow you to receive your paycheck a bit earlier or take out a cash advance against your check. This option can often be a quick solution to solve a financial emergency. Be sure that you review the loan policy with your employer and that you can afford the repayment option offered to you. Creating a poor relationship with your employer is the last thing you want to do, so be sure that you can afford this option.
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- Fair/Bad Credit Lines of Credit
There are some companies that offer credit cards or lines of credit to those who have less than perfect credit. At an agreed higher than the normal interest rate, those with fair credit can take out a bad credit loan and repay it in a timely fashion. Payments often will help to improve your credit with time.
- Installment Loans
Installment loans are a great option for those with poor credit who need funds within a few days. You can typically apply for these online through participating lenders such as MaxLend.com. With minimal eligibility requirements, those who are approved can receive funds in a short timeframe and repay the funds in small increments so that they are not financially jammed up with large lump sum payments in a short amount of time.
- Life Insurance or Retirement Accounts
Borrowing against an insurance policy or retirement account is another option for those who do not have the necessary credentials to take out a personal loan. If you have whole life insurance, you can borrow on that policy and use the funds to take care of your financial issues. Those who have a retirement account either a personal one or one through their employer, borrowing is typically a lot easier since it’s your money in the account. You would simply borrow it with an agreement to repay it to prevent being penalized on your taxes.
- Home Equity Loans
Do you own your property outright? If so, you may be able to borrow against the value of your home. You are required to repay the loan over a predetermined amount of time to avoid having your home foreclosed on. It is a great way to get a large lump sum of cash that can be repaid with time. Credit Unions offer more competitive rates and options sometimes.
- Sell Some Things
Another way to secure fast cash when you’re in a bind with poor credit is to earn some more cash. Take a look around your home and see what you can sell to bring some extra cash in. Old appliances and electronic devices, clothing, and even furniture can earn you a decent amount of cash in a short amount of time. Have a yard sale, advertise on Craigslist, or even sell your items on eBay.
Having poor credit really does suck, especially when you need a helping hand. While working on rebuilding your credit and having a financial cushion like an emergency savings account are always the best options for dealing with financial jams, the above-mentioned options are suitable alternatives. Each offers fast turnarounds despite your poor credit history allowing you to take care of the unexpected circumstances life sometimes throws your way.