How to Get Quick Cash Loans Even Without a Good Credit Score in 2020

bad credit

We all are living in an uncertain world where money is considered as a fuel of life. Anyone can have an emergency fund requirement anytime anywhere. But, what if you have a bad credit history or score that prevents you from getting a loan from any financial institution. If you belong to such a category, we have some good news for you. You can get a cash loan even with a bad credit score. Here’s how:

What is a Bad Credit Score?

Bad credit score or credit history is the result of poor management of your loan payables. This happens due to any of the below-mentioned reasons:

  • You have missed your recurring payments on your credit cards and other unsecured loans
  • You make late payments on your credit cards and loans
  • Foreclosure
  • Too many hard enquiries
  • Settled account or written-off loans

Here are some tips that will help you to improve your credit score:

credit score

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Bad credit puts you in the creditors’ bad book and any future application of loan is turned down. Here, we will explain some methods or procedures that will help you get a cash loan promptly with a poor credit history. So, let’s begin:

  • Get an advance salary from your employer

There are firms and institutions across the world that offer half of your monthly salary in advance so as to meet your needs of short-term cash. All these companies and institutions do not consider credit scores as the criteria for providing advance salary. The best thing is that the entire process is quick and the loans are disbursed directly to your bank account after approval and that’s too without any interest charges.

  • You can get peer-to-peer loans

This is considered as one of the fastest ways to get cash instantly to cater to your needs. There are many peer-to-peer lending platforms that can collect personal information from the borrowers and process the application in minimum time. 

This type of loan is faster and you can also get the cash immediately after initial approval. The rules of getting the loan are more flexible. Furthermore, the possibilities of accessing credit are greater. In addition, interest rates of this type of loan tend to be a little more than the banking loans due to their convenience, bad credit score approval, and ease of application.

  • Get secured credit cards of your banking partner

You can also avail of the facility of secured credit cards which allows you to access quick loans even when you have bad credit history or score. If you have a fixed deposit account, you can get a secured credit card from your banking partner. The credit limit of your credit card is assigned from 70 to 80% of the monetary value of the fixed deposit.

Although you can easily get a secured credit card in order to manage your finances, this does not enhance your credit score until you have settled your previous installments or your negative account which causes your bad credit score. This type of credit card can easily give you access to emergency funds, but this type of loan will stay with you for the long term period.

  • Get a loan against your assets

You can also get a quick loan which is approved instantly by compromising your assets even if you are having a bad credit score. When you mortgage your property or any asset, the lenders can be flexible in terms of the eligibility criteria of taking the loan and they can sanction the loan you need. In this type of loan, interest rates of the loan may be slightly higher as you have a bad credit score. Although, this is one of the easiest and fastest ways through which you can easily get funds for your immediate requirements.

  • You can loan with a co-applicant

In case you have a low credit score or history, you can take the help of a co-applicant so as to obtain a loan. The co-applicant could be your relative or friend. In addition, the co-applicant may be the primary applicant as having credit history and income will be considered for the loan. Also, in case of a mortgage loan, the rules of availing the loan may vary for a co-applicant since banks establish certain conditions.

  • You can communicate with your current lender

If all the above-mentioned ideas fail, you can lastly go directly and speak to your current lender with whom you have held your account. In this case, you can negotiate with your lender in order to get a better price and get a better deal. Also, this could reduce your search and processing time greatly. In this way, you can get a quick loan even if you have a bad credit history or score.

Let’s Wrap Up

You should always keep in mind to maintain a good credit score by making timely payment of your dues. Also, credit card payment should not be missed as it badly affects your credit score than any other type of loan. If you have any other idea of getting an instant loan even with a bad credit score, feel free to share in the comment box. 

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