Bad Credit Emergency Loans at Nation21
Emergency situations strike all the time unpredictably. And, like a bolt of lightning, they remind you that you are not only unprepared but that your financial history is ridden with late and missed credit card payments, which cumulatively have earned you a place in the bad credit hall of fame. At this point, you are wondering,” how can I get an emergency loan bad credit?” Worry no more because here at Nation 21; we are an online matching company that will pair you with a lender who is not overly concerned with your past financial mistakes.
What is bad credit?
The national wide credit score is currently between 350 and 800 according to Fair Isaac Corporation (FICO). If your credit score is anything below 650 you do not qualify for an unsecured loan with any of the traditional lenders such as the banks. And if they take a risk on you, you end up with an eye-popping interest rate making the whole venture too expensive.
On the other hand, when you have good credit you will walk away with a handshake and a low-cost emergency loan. On the whole, it is very important to work on your credit score. With that being said, here is what is available for you even with bad credit.
About Emergency Bad Credit Payday Loans
A payday loan is an unsecured, short term loan which is payable within two weeks to a month or the next payday whichever is applicable. The laws governing payday loans differ from state to state, but generally, these loans are of small dollar amounts not exceeding $1000 at any one time. APR charged on these types of loans is between 100%- 300%.
You can access the advanced cash through your checking account, or your lender can also opt to load your debit card if you hold one. You can also get a check or cash over the counter; these loans are structured around easy application, approval and quick funding.
How to qualify
- Be 18 years old or above.
- Be a U.S citizen or a permanent resident
- Have a verifiable income
- Have a valid id and a social security tax id
- You must not be listed in the army, the navy or air force
Type of Emergency Bad Credit Personal Loans
Personal loans are in two parts, unsecured and secured.
When a lender is considering you for an unsecured bad credit personal loan, he looks at your income against your current obligations gauging your ability to repay the loan. This is hard money financing or 2nd chance borrowing so, it is wise to use the money for the emergency at hand and not just for luxuries that can wait. However, the lender does not dictate how to spend the loan. Funds are made available within 24 hours into your checking account. Additionally, when your credit score is below 650, lenders offer loans between $500 -$5,000.
Secured personal loans
Secured personal loans are better when you have bad credit. You can use stocks, insurance that is in your name, a car or even a boat as collateral against a secured loan. The main difference between a secured and the unsecured personal loan is that you get a lower interest rate when the loan is secured; you also borrow up to $10,000.
Moreover, you get to use the money for the specific purpose you borrowed. Repayments are usually staggered up to 36 months and the overall APR is lower compared to its unsecured counterpart.
- An employment certificate
- U.S citizenship and proof of residence
- Proof of age 18 years or above
- Income of more than $1,000 after Tax
- A Valid bank account
- A Verifiable email address and telephone number
It is recommended that you consolidate all your debts whenever you are planning to take a personal loan. This way, you will be servicing one major loan as compared to having several lenders on your back. Borrow within your limit and spread the installments over many months thereby making the repayments on time without overburdening yourself.
In conclusion, emergency loans bad credit, always attract high-interest rate which is really a trade-off for the hassle-free financing, and no questions asked. When repayments are made on time, the credit bureau is notified so that you can qualify for a better, cheaper personal loan the next time.