If you encounter an emergency, you will need money as fast as possible. If you have enough savings that can cover an unexpected expense, you do not have to worry about anything. Still, the problem arises when you need an emergency corpus.
Experts recommend that you should have an emergency cushion six-moth worth of essential expenses, but most people need to follow it. They have excuses that they are on low wages and have more important tasks than tracking every penny spent.
Well, you understand the importance of expert advice when your savings fail to back you during an emergency. Since an emergency will not wait for you to have arranged cash, you have only one option - borrowing money. Various lenders are out there that lend money to fund emergency loans, but again many of them approve your application when you have a good credit rating.
A poor credit score reflects your irresponsibility toward financial obligations. If you have a bad credit rating, you will face some complications while getting the loan approved. A lender may charge a higher interest rate for loans for bad credit.
When you have a bad credit rating, the main concern is whether you will be able to get the loan the same day or not. As you need money for an unforeseen expense, you will definitely want it as soon as possible.
Can I get a bad credit loan instantly?
Whether you have a good or bad credit score, you would want a loan instantly, especially if you need it for an emergency. Most lenders try to approve these loans on the same day. You should try to borrow money from a reputed online lender so you get money as fast as possible. Do some breakdowns ahead so you avoid getting ugly surprises down the line. Here is what you must do to acquire these loans approved on the same day.
Fill in the application form
Make sure that the application form is correctly filled out. All particulars, especially those marked with an asterisk, must be fulfilled. Your details should be clear because this will cause unnecessary delay.
Get ready all documents
Once you have filled in the application form, submit it and wait for the reply from a lender. A lender will quickly assess your application and run a soft credit check.
The process takes a few minutes. Based on the financial details submitted by you in the form, if a lender decides on lending money, you will be asked to submit the income documents and bank statement. If you already have a scanned copy of all documents, you will be able to speed up the process.
The sooner you act, the sooner the loan will get approved. Note that you must deliver a bank statement of at least three months. However, some lenders may ask for a statement of six months. Therefore, to be safer, you should get the statement of six months ready.
When you submit the documents, a lender will run a hard credit check and carefully analyse if your budget has scope for paying off the debt without compromising essential expenses. If everything goes fine, you will get your money within 10 minutes.
Bad credit loans have been designed for meeting emergency purposes, so lenders try to approve the application the same day. Most of the time, you get delayed because you need to fill in the application form correctly, and it takes too much time to submit the documents.
If you put in the application late evening, usually after 5 pm, you will get the loan the next day. Most of the lenders are off on Sundays. If you put in the application any time on Sunday, you will get a response the next day. If you have come across an emergency and cannot wait for the next day, you should also try to find a lender that works on Sundays.
What are the features of loans for bad credit?
Bad credit loans have been exclusively designed for emergencies. Yet, they may let you borrow a higher amount of money than cash loans and payday loans. In addition, these loans include the following features:
If you borrow a small sum of money, you will be asked to pay off the debt in a lump sum. However, some reputed lenders may allow you to pay that sum in weekly instalments.
If you borrow a large amount of money, it is easy for a lender to spread it across a couple of months. The debt to be paid off in fixed monthly instalments can help improve your credit score provided you settle the dues on time.
Another feature of these loans is that you can get money the same day you put in the application. If you do not make any delays on your part, it will not take more than four to five hours to get money in your bank account. As these loans are highly required in order to meet unexpected expenses, you can get money as soon as possible.
Short repayment terms
Another thing that makes these loans affordable is that you can quickly get rid of debt. These loans do not last more than a month; if you borrow a large sum of money, the repayment length can last up to three months.
To sum up
Yes, you can get a loan today with bad credit if you fill up the application form correctly. Any discrepancy or errors in your information will cause unnecessary delays. Try to prepare all documents so you save time submitting scanned copies of income and bank statements. Try to apply for a loan before 5 pm so that you can get money the same day.