What Can You Do When You Need Money Fast & Credit Is Bad?


Fast cash for a car repair or other unexpected emergency can come from numerous sources. Some people take money from personal savings to meet these expenses. But if you don't have the cash available, and you don't qualify for a traditional bank loan due to credit issues, there are ways to acquire quick cash.

Title Loans

  • Owning a vehicle outright can help put emergency cash in your pocket. Title loan companies provide a quick, no-credit-check loan in exchange for the title to your car. This method can provide a fast solution to money problems, but before giving a title company the title to your car, consider the risks. Title companies retain the title until you pay back the loan. And if you default, they can lawfully repossess your vehicle to recoup their loss.

Cash Advance or Payday Loan

  • Like title loan companies, cash advance or payday loan companies also issue loans without credit checks, which makes it easier to acquire funds with a poor credit history. The only difference is that instead of securing the loan with a car title, cash advance or payday loan companies request bank account information. They deposit funds into your bank account, and then withdraw funds within two weeks or on your next payday. In essence, your bank account or paycheck functions as collateral.

Qualifying for Quick Money Loans

  • Although title loan and cash advance companies require a vehicle title or bank account, qualifying for either option requires a steady source of income that allows you to pay back the money within a specified time frame. You don't need good credit or a credit history, but you do need employment. Loan requirements vary by company. But on average, you need to earn at least $1,000 a month to qualify, be at least 18 years old and a U.S. citizen with an active bank account.

Dangers or Warnings

  • Again, quick-money loans are convenient and useful during emergencies, but title and cash-advance loans can be risky. These short-term loans have a repayment period of only 14 to 30 days. And during these 30 days, you can expect to pay interest rates of around 25 percent. The inability to pay back a loan within the 30-day period results in additional fees and interest charges.


  • Photo Credit money money money image by Arman Zhenikeyev from Fotolia.com
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