LOS ANGELES, October 29, 2021 (Newswire.com) - iQuanti: Having a poor credit score can make it more difficult for you to get approved for credit cards and loans. Luckily, there are many lenders out there that will approve borrowers with poor credit, and you may be able to get cash the same day you apply or within 24 hours. Here are some poor-credit loans that come with same-day funding:
1. Cash advances
Cash advances are short-term, small-dollar loans that give you funds to cover expenses before your next payday. You'll repay these loans when you get your paycheck, typically in two to four weeks. Cash advances often come with more lenient credit score requirements. Many lenders will consider factors in addition to your credit score when deciding whether to approve you, like your income, employment history, and current debts. The application process is simple, and most cash advance lenders can deposit the funds into your account the same day you apply or within 24 hours.
Cash advances are a convenient option if you need money right away, but make sure you can pay back the loan when you get your next paycheck. Otherwise, you may have to pay more in interest rates and fees.
2. Installment loans
Installment loans are short-term loans that give you a lump sum of money to be paid back in installments over time. These loans come with fixed interest rates, and you can often get a higher sum of money than cash advances offer.
Many installment loans come with an easy application process that you can complete online from the comfort of your home. Some online lenders can approve you for an installment loan and have money in your account within a day. Better yet, you may not need good credit to get approved. Many lenders will consider many factors in addition to credit score and may approve borrowers with poor or fair credit.
3. Personal lines of credit
A line of credit is a flexible loan that lets you withdraw funds as needed up to your set credit limit. Many online lenders offer lines of credit that come with quick application and approval processes, so you may be able to receive the funds the same day you apply or within 24 hours. Once in place, they can be accessed at any time when you need instant funds. This type of loan is a good option if you think you might experience a cash crunch at some point. And many lenders offering lines of credit don't require borrowers to have a great credit score, so you may get approved with poor credit.
The bottom line
If you need cash today, find a lender that offers a cash advance, installment loan, or line of credit with an easy application process and quick funding. A cash advance may be a good option if you need a small amount of cash to cover expenses for a few weeks. You may want to choose an installment loan if you want a lump sum of money all at once. And a line of credit may make sense if you want the option to draw on funds as needed. Compare lenders and consider your financial needs to choose the best loan for your situation.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.
Source: iQuanti, Inc.