3 Poor-Credit Loans to Help Pay the Bills

iQuanti: If you have poor credit but need funds to pay your bills, you may be wondering what your loan options are. Luckily, there are many poor-credit loans available for borrowers with poor or fair credit. Even though lenders may look at your credit score to determine your loan eligibility, many of them will consider other factors when deciding whether to approve you. Here are three poor-credit loans that can give you a financial cushion when you need helping paying the bills.
How Do Poor-Credit Loans Work?
Poor-credit loans are loans that have lenient credit score requirements, so borrowers with poor or fair credit may get approved. Lenders that offer these loans will consider factors in addition to your credit score when deciding whether to approve you, like your income, employment history, and current debts.
Types of Poor-Credit Loans
Here are three types of poor-credit loans that you can use to pay the bills:
1. Cash Advances
Cash advances are short-term loans that you can pay back when you receive your next paycheck, usually in two to four weeks. These loans often come with easy applications and quick approvals, so you may be able to receive the funds the same day you apply or within 24 hours.
Many cash advance lenders have lenient credit score requirements, so you may not need to worry about needing good credit. Just remember that interest rates on cash advances can be high, so make sure you can pay back this loan before applying.
2. Title Loans
If you own a car, you can use the vehicle title as collateral to get a title loan. After you fill out an application, the title lender will appraise your vehicle and offer you a loan amount worth 25% to 50% of the car’s value. If approved, the lender will hold onto your car title and you can keep driving your car as you repay the loan.
Depending on how much your car is worth, this type of loan could go a long way toward solving your short-term cash problems. But the lender can repossess your car if you don’t repay the title loan, so make sure you can pay it back before applying.
3. Installment Loans
Installment loans are short-term loans that can give you a lump sum of money. You’ll then pay this loan back in fixed monthly installments over a few months or years, depending on the loan terms. Installment loans can be a good option if you need a larger sum of money to cover expenses. Many installment lenders will approve borrowers with poor credit.
The Bottom Line
Cash advances, installment loans, and title loans are a few options that can get you money fast to pay the bills when you’re in a pinch. They don’t require a good credit score for approval, so you can be eligible even if you have poor or fair credit. Compare lenders and poor-credit loan options to choose the right loan for your budget and needs.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.
Source: iQuanti, Inc.