Emergency Loans for Bad Credit
Bad things happen to everyone. Home appliances quit working. Cars break down. Sometimes, you need a little extra cash so you can get by until your next paycheck. Personal Money Network has a network of lenders working with us that may be able to help borrowers in these situations and more! Let us answer some of your questions and assist you in requesting a short-term loan today!
How do I get emergency loans for bad credit?
The process for requesting emergency loans for bad credit is easy with Personal Money Network’s innovative online form. Simply complete the form. Be sure to fill in all of the boxes and that the information you provide is accurate. Once that’s finished wait to receive your decision. While you are waiting, Personal Money Network forwards your request to a network of direct lenders working with us. These lenders will review your application and determine whether you qualify for your requested loan amount. Often this process requires no hard credit check through a credit reporting agency, so borrowers with bad credit may still qualify. When you receive an approval, you will be sent to a new page where you can look over your contract. Once you have read your contract completely, including the fine print, simply sign and send back to your lender.
What IS an emergency loan?
Emergency loans for bad credit are loans that you get when you are in a financial emergency. For example, maybe your car broke down and you need to pay for a repair in order to be able to get to work. Or maybe your refrigerator stopped working or your dishwasher flooded the floor. These are some common reasons borrowers seek out emergency loans through the direct lenders working with Personal Money Network. These lenders offer different types of loans, including payday loans which are short term loans that the borrower repays on or before their next paycheck. Payday loans are typically for smaller dollar amounts of less than $1,000. They may also offer installment loans which sometimes offer a greater loan amount, or longer repayment terms over multiple payments. To see what lending options are available to you, please contact your lender for more information.
Do I need collateral for an emergency loan?
Collateral is a piece of property that you own that is used to secure a loan. Secured loans reduce the risk for lenders because the lender can claim the property should the borrower fail to repay their loan amount at the end of the term. Unsecured loans are riskier for lenders. No collateral is required and typically unsecured loans are only offered to borrowers with credit in good standing. However, the lenders working with Personal Money Network may offer unsecured loans because they work in smaller dollar amounts so there could be less risk involved for the lender. This increases your chances of receiving an approval if you have bad credit. Your lender will have complete details on the types of loans you qualify for upon receiving an approval. Be sure to ask about this before signing your contract so that you are able to get the loan product that is the best fit for your situation.
What if I need the money fast?
Personal Money Network understands that borrowers seeking emergency loans are seeking quick cash. As a result, we have developed a process that takes place entirely online. Because this process takes place entirely online, it’s much faster than working with a traditional bank. There is no need to wait for a letter to arrive in the mail. You don’t have to go to a storefront and wait in line only to watch your application get shoved into a drawer in a filing cabinet. With our process, you can feel confident that your request is secure because we use industry standard best practices for internet security. It’s also convenient because you don’t have to leave the comfort of your own home or interrupt your busy life in order to request a loan. You can do it from any smart phone, computer or tablet. That means you don’t have to worry about getting to a location on time or getting there before the store closes. You can request a loan right now, so there is no need look for your keys or even find your shoes.
Be a responsible borrower to help heal your bad credit.
If you have bad credit, it’s important to borrow money responsibly. This means that you should carefully evaluate your reasons for considering requesting bad credit loans. While many of the lenders working with Personal Money Network will not ask you what you need your loan for, it is important that you choose to request this loan for the right reasons. If you are considering this loan so that you can pay some bills and avoid painful late fees because your finances got a little off track, that’s one common reasons that borrowers seek to request loans through the lenders working with Personal Money Network. There are other reasons too. Be sure that you are doing this for a good reason. Once you have received an approval, be sure that you understand the terms of your contract and contact your lender directly if you have any questions about your repayment terms and pay back the loan, in full and on time. This may help you avoid getting another dark mark on your credit score, which is something bad credit borrowers should take seriously.
What about guaranteed approval or no credit check?
Some companies try to lure borrowers into purchasing loans through them by making promises that are dishonest. No lender will offer a “guaranteed approval.” Every loan request has to go through a review process prior to being approved. It’s disingenuous to make the claim that guaranteed approval is something that can be offered to consumers. This is also true of the phrase “no credit check.” Every lender does at least some type of credit verification process. Even if all they do is verify that you are employed or have another source of income and compare that to your current monthly expenses, this is also a credit check. Credit checks do not only refer to hard credit checks through the major credit reporting bureaus Experian, TransUnion or Equifax. The definition of a credit check is broad enough that any kind of check at all is considered a credit check, so don’t be lured into a false sense of security regarding these so called “no credit check loans.” It’s still possible to qualify for loans from the lenders working with Personal Money Network, even if you have bad credit and go through a soft credit check process with one of the lenders working with us.