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Kyle Drummond

Kyle is a talented and knowledgeable financial advisor. In just one year, he's ascended from a junior advisor to a middle advisor. He loves to share his knowledge with his customers and readers alike!

Can I Get an Emergency Loan With Bad Credit?

No matter how carefully you plan your spending, unexpected expenses can instantly send you into the red. When this happens, you may feel trapped, but don't lose heart: there are indeed ways to get short-term or payday loans with guaranteed approval - your credit score still plays a role, but doesn't disqualify you from all types of payday loans.

The thing to understand when looking for a loan for bad credit is that some lenders offer guaranteed approval: they don't run a hard credit check, so poor credit isn't an insurmountable problem. The only drawbacks to this are that your loan amount will be limited and you'll have to pay a higher interest rate than if you had a better credit history. In many cases, the cost of borrowing money in this way is still comparable to getting a cash advance on a credit card.

Bad Credit

If you're really in a bind, getting access to money quickly is more important than calculating the interest you'll have to repay (though of course you'll still want to minimize that figure). This generally means looking for payday or personal loans online, where approval is fast and you can compare different options side by side.

Why You Might Need Easy Loans for Bad Credit

Bad-credit loans aren't something you should consider to pay ordinary expenses or purchase luxury items. On the other hand, the fact that approval is quick and guaranteed makes them invaluable in certain situations:

  • You need the money immediately to settle an urgent bill. A full credit check typically takes at least a couple of hours and sometimes as long as several days, but you may be approved for a payday loan within minutes and get the cash the same day. This can, for example, prevent your utilities from being shut off.
  • Bad-credit loans may be your best option when your earning potential will be severely impacted without guaranteed approval. If you need to get your car out of the shop so you can get to work, for instance, a short-term loan can help you out of a tight spot.
  • You need to cover a large expense that you can't put off for very long. If your washing machine has given up the ghost and you can't pay for a new one using your credit card, a payday loan can help to balance this month's budget.
  • You're about to get a new source of income, but this will take a short while to kick in. If you've gotten approval for disability payments but you have to wait for the first check to arrive, your credit score will be low, but a payday loan with guaranteed approval may be able to tide you over.
  • You or something you own has been in an accident and the insurance company is taking their time on approval for your claim. If it's winter and you need to fix the roof, your credit score shouldn't prevent you from doing so.

What Is the Easiest Loan to Get With Bad Credit?

If you're looking for loans on bad credit with guaranteed approval, you'll mainly be interested in two basic types:

  • Payday loans are best when you need to deal with a sudden, unexpected financial emergency. The idea is that you pay them back on your next payday, meaning that you'll be restricted to a loan amount of only a few hundred dollars. Note that these loans aren't available in all states; this is because some people borrow more than they can repay in one pay period and end up spiraling into debt.
  • Personal loans come with higher loan amounts and a lower interest rate. Unlike with a payday loan, you pay the lender back over several months (and doing this faithfully will actually improve your credit score). This type of bad-credit loan can be used for larger expenses, like urgent home repairs or medical bills. These loans can be applied for at credit unions and traditional banks as well as more innovative financial services companies, but fast approval is much more likely if you go with an online lender.

In other words, payday loans have higher interest rates, but since the whole idea behind them is to pay the loan off quickly, they may actually end up costing less than a personal loan you're not allowed to settle quickly.

It's obvious when you think about it: your credit score isn't the only thing that counts when it comes to being approved for payday loans and other forms of credit. If you have a high income and few other loans, for instance, you're more or less guaranteed approval even if you don't have a formal credit score on file.

How Can I Get Approved for a Loan with Low Credit?

Most lenders will, at a minimum, require you to be 18 years or older, a citizen or legal resident of the United States, have a bank account and some form of income - this doesn't have to be from formal employment; Social Security or some similar source will do. Depending on who you deal with, they may also require stuff like a proof of address or verified phone number.

Of course, applying for a loan with a company that does perform a credit check on each customer will give you access to higher loan amounts as well as more generous repayment terms. With bad credit, your options are a little narrower, but there are still plenty of lenders who offer payday loans with guaranteed approval as long as you meet the basic requirements listed above. Many of them look at information other than your credit: if you've been with the same company for over ten years, you're a military veteran or you have poor credit as a result of medical bills, make sure to let them know.

Don't, in other words, let a low credit score get you down: if you need approval for a larger loan amount, you may be able to put some of it on your credit card or look into secured forms of credit like car title loans. With these, approval is almost guaranteed and bad credit doesn't matter all that much.