Emergency Loans for Bad Credit

Did you know that an emergency loan can help you cover the cost of an unexpected expense? Whether you’re facing a car repair, medical bill, or simply need a little help to pay bills this month, you don’t necessarily need good credit to qualify. 

How do emergency loans for bad credit work? 

Emergency loans for bad credit help borrowers with less-than-perfect credit scores get the funds needed for financial emergencies. They can be great solutions if you don’t have the cash on hand to cover a financial curveball. 

If approved for this type of loan, you’ll receive the money you need quickly so you can take care of your expenses right away. 

What expenses can I use an emergency loan for? 

As the name suggests, an emergency loan is meant to help someone out of an immediate financial jam. What that jam is varies from person to person, which is why emergency loans are versatile and flexible. 

Once the money is in your account, you can use the emergency loan for whatever you need. However, because urgent loans for bad credit can have hefty interest rates and fees, you don’t want to apply for them just to have extra cash on hand. 

Here are some common scenarios that might call for an emergency loan: 

  • Your car breaks down and needs to be repaired. 
  • You need to replace a major appliance, such as a water heater or air conditioner. 
  • You need an emergency medical procedure and need cash for your co-pay. 
  • You’re behind on your rent or utility bills. 
  • You’ve paid all your bills but don’t have any money left for groceries, gas, or other essentials. 
Emergency loans for borrowers with poor credit

Common loan types 

There are a few different types of emergency loans for poor credit, including: 

Payday Loans 

Payday Loans are short-term, small-dollar loans that can help you cover expenses until your next payday. You’ll repay the loan in full, plus any fees and interest, the next time you receive your paycheck. 

With most payday lenders, your eligibility is based on your income and employment history rather than your credit, making Payday Loans accessible to borrowers with bad credit. 

Installment Loans 

Installment Loans allow you to borrow a lump sum of money upfront. You can repay this loan over fixed monthly payments (or installments), and repayment terms can range from a few months to several years. 

Title loans 

Title loans are secured loans that offer fast cash in exchange for your car title. The amount you may borrow will be based on your car’s appraised value. You can continue to drive your vehicle while you pay your loan back. 

Lines of Credit 

A Line of Credit works a lot like a credit card in that you’re approved for a set credit limit. You can then borrow as much or as little money as you’d like up to that limit, which lenders determine based on your credit score and income. 

Best of all, you’ll only pay interest on the amount of money you draw, not on the entire credit line. 

Key benefits 

Applying for a bad credit emergency loan from a direct lender has a number of benefits: 

Easy online application 

At Advance America, we do our best to take the sense of urgency out of applying for an emergency loan. We understand that you need the money as quickly as possible and that applying for a loan can be stressful. 

That’s why we offer an easy online application process for all our emergency loans. You can even apply from the comfort of your home or on the go. 

Instant or quick approval 

Because everything is handled in-house with an online emergency loan from Advance America, the approval process is fast. In most cases, you will receive an approval decision within minutes of submitting your application. 

Same-day funding 

In addition to our near-instant approval process, you can also expect to receive your funds quickly. Depending on the loan type and how early in the day you apply, you may even get your money the same day. 

Our same-day funding is available to borrowers approved before 10:30 AM EST. Otherwise, you will typically receive your funds on the morning of the next business day. 

Good credit not needed 

Best of all, you don’t need an outstanding credit score to apply and get approved for an emergency loan from Advance America. In addition to your credit, we consider other factors like your employment history, current income, and whether you already have a loan with us. As such, you may qualify for an emergency loan even if traditional lenders have turned you down. 

Get your money when you need it most 

Once the money is transferred to your bank account via direct deposit, you can use it for whatever you need. As we said above, emergency loans are typically used for unexpected expenses, so the fact that you can get the money as soon as the same day means you may have instant relief from your financial burden. 

How to get a bad-credit emergency loan 

1. Compare lenders 

If you’re wondering where to get an emergency loan for poor credit, you’ll be pleased to learn that many direct lenders offer them. Just do your research and compare options so you’re choosing a reputable lender

2. Choose the right loan option 

Remember to consider factors related to the loan itself, such as the loan amount, interest rate, repayment terms, and fees. Your lender may offer multiple options, so you’ll need to select the right loan for your unique situation and budget. 

3. Gather necessary 

documents Before you apply for an emergency loan for bad credit, you’ll need to collect some documents for the application. Requirements vary by state and lender, but typically include a government-issued ID and recent pay stubs. 

4. Fill out and submit your application 

Depending on the lender you choose, you may be able to complete your application online from home. Fill it out carefully and check each field for accuracy so your approval decision won’t be delayed. 

5. Receive your funds 

Upon approval, the lender will distribute your funds. Funding methods vary, but many lenders offer direct deposit or cash (for in-store approvals). 

Get an emergency loan from Advance America 

We offer different types of emergency loans to suit a variety of needs. Visit your nearest Advance America to fill out your emergency loan application or apply online now.

About the Author

Jalin Coblentz has contributed to Advance America since 2023. His experiences as a parent, full-time traveler, and skilled tradesman give him fresh insight into every personal finance topic he explores.

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Since 1997, Advance America has helped millions of hardworking people with a variety of financial solutions including Payday Loans, Online Loans, Installment Loans, Title Loans and Personal Lines of Credit.
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