There are different reasons why intending borrowers may want to get a loan. For some, it may be to perform repairs in the home or on a car. While others may be gotten for more urgent needs like medical bills or emergency payments. If you fall into the latter category, you definitely wish to get a loan that offers quick approval and funding.
These types of loans are known as same-day emergency loans. As you can imply from their name, they are better suited to extremely urgent situations and require funding as soon as possible.
However, many bad credit borrowers do not know if they are eligible for this kind of loan. You can click for same-day emergency loans for bad credit here on WeLoans and determine if you qualify. But before that, it would help if you understood what same-day emergency loans are.
Here’s an overview of same-day emergency loans and how you can receive them even if you have a bad credit score.
What Are Same-Day Emergency Loans?
A same-day emergency loan is a credit facility that allows you to draw cash from a lender and receive it on the same day that you apply. With this type of loan, you can get approval within minutes and also have the funds appear in your bank account within 24 hours of request. These loans are swift because of the application process.
Several same-day emergency loans only require a soft credit pull as opposed to hard credit checks. This means that the lender only checks minor details in your credit history before approval, making them a perfect option for bad credit borrowers. Besides, the application procedure, especially at top brokers like WeLoans, is completely online, making it swift.
However, not all same-day emergency loans may appear in your bank instantly or on the same day that you apply. For instance, weekend applications may take the next working day to reflect in your bank account. Also, if the lender sends your cash through a bank transfer, it may take about an additional business day for you to receive it.
Nevertheless, the loans are relatively quick, compared to other lending options or bank loans that may take multiple business days.
What Can You Use Emergency Loans For?
Although the name suggests that the loans are good for emergency situations, they are not the only things that you can spend same-day loans on. There are dozens of activities or bills that you can use emergency same-day loans for and here are some of them.
- Hospital or medical bills, including prescription drug purchases, surgery costs, medical consultancy fees and emergency treatment costs.
- Urgent repairs to a home or vehicle
- Grocery shopping or purchase of basic home items
- Utility bills
- Large purchases of personal items
- Vacation, wedding or funeral expenses
While there is a long list of things you can spend emergency loans on, some lenders may restrict you from using funds on other activities. For instance, you may not be allowed to use same-day emergency funds for down-payments, business investments or college tuition costs.
Can You Apply for Same-Day Emergency Loans With a Bad Credit Score?
Borrowers with a bad credit are not exempted from taking advantage of same-day emergency loans. Many of these loan offers are specially designed for individuals with a poor credit history. However, to cut their losses, lenders may make some of these loans secured, thereby requiring collateral. Others may request proof of income before you can be granted approval.
The best part of these loans is that your credit history will only be subjected to a soft pull, which does not worsen it. By doing this, lenders show that they place more emphasis on your ability to repay through your income source than your previous borrowing history.
Where to Find Same-Day Emergency Loans for Bad Credit Borrowers?
Your chances for loans are generally limited with a bad credit score. Thankfully though, there are certain types of institutions that still provide specially-designed bad credit same-day funding to customers. Below are a few places where David Harris, WeLoans’ financial writer recommends that you can get emergency loans with a bad credit score.
These are direct lending institutions that are regulated and permitted to provide intending borrowers with cash loans. They impose their own APR and terms on the loan. You can reach out directly to these lenders to take out a quick loan and get approval within minutes.
Many times, it is safer to compare many offers from many direct lenders to get the best payment terms and amounts. Brokers are the best places to get offers from multiple lenders and compare them. Companies like WeLoans are some of the most reputed brokers you can find.
Valuable items can also be temporarily exchanged for quick funding at pawnshops. These pawnshops are a type of loan store that offer you a percentage of the item and can repossess your item if you fail to repay.
How to Apply for Bad Credit Emergency Loans at Online Brokers?
You can get emergency loans for bad credit at lenders directly by visiting their website and making a loan request. Simply enter the amount you wish to receive, confirm the terms and get your funds quickly. However, the process is different at some brokers like WeLoans. Here’s how to apply for bad credit emergency loans at online brokers.
- Fill out the online application form with your personal details, the amount you want to borrow, and your bank account number.
- Review the offers from various lenders and choose one that offers favorable terms and conditions.
- Once you have accepted an offer, the funds should be transferred to your bank account as soon as possible, often on the same day.
Finally, while you may be eligible for emergency loans even if you have a bad credit, most lenders may require you to fulfill several other conditions. For instance, you must be above the legal age, provide an active checking bank account and must have valid means of identification. With all of these conditions met, you can apply for loans and get instant approval and funding.