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How to Handle Emergency Expenses the Stress-Free Way
Encountering any kind of emergency expense can be a frightening and nerve-racking experience, especially if you already have bad credit and don’t believe you can be approved for any kind of funding. In a situation like that, stress can immediately take over and cause panic to set in, at which point you won’t be thinking as clearly and you may make some rash decisions that result in foolish mistakes, such as vacating your home, selling or pawning your belongings, or even filing for bankruptcy.
There’s no need to feel as though as it’s the end of your financial world just because a relatively large expense is staring you in the face out of nowhere. There are a number of ways to find the money you need to cover emergency expenses, and many of them won’t require you to have good credit. In fact, people with no credit or horrible credit have been able to borrow their way out of some pretty bad predicaments, and there are even ways to raise the money without having to pay it back.
How much would you like to borrow?
In this guide, we’ll provide a curated list of options you can resort to when you need to cover emergency expenses fast. We’ll also talk about ways to reduce the stressfulness of the situation and speed up the funding process to alleviate the stress of financial uncertainty faster.
Payday Loans
If you have a job or you’re receiving any kind of assistance, inheritance payment, settlements, or another form of ongoing income, you should be able to find fast funding through a no credit check payday loan.
Many online payday lenders will let you chat with a representative during the application process, so it’s just like applying for a loan in-person, except without the stressful experience of going into a physical lending office and waiting in line.
Adding social anxiety to the mix when you’re already a nervous wreck due to your financial situation can make for a much more unpleasant experience than if you were to simply submit an application online from the comfort of your own home.
Here’s what you’ll need to be in order to be approved for a payday loan:
- Proof of Income – Forget about your credit report or score because that won’t matter to a payday lender. One look at their name should tell you that all they’re really concerned about is how much you’ll be getting paid on your next payday. Universally accepted forms of proof of income include: paycheck stubs from your employer, bank statements, official government documents, and tax returns.
- Form of Identification – You’ll also need to bring or upload a picture of your ID card or driver’s license. This is done to confirm your age, full legal name, date of birth, and ID/DL number, and to confirm that you are in fact that account holder of the checking account that will be covering the monthly repayment obligations.
- Meet Minimum Age and Income Requirements – You must be at least 18 years old to apply for a payday loan. You should also have an income of at least $500 per month in order to be approved for the lowest possible loan amount. For larger loan amounts, you’ll need to earn more. Loans over $5,000 would generally not be classified as payday loans online and would instead be referred to as installment loans, which we’ll explain in the next section.
- Have an Active Checking Account That’s in Good Standing – Most payday lenders will want the account and routing numbers for the checking account that you use to get paid from your employer. This is to ensure that they’ll be able to deduct your repayment from your account the same way you would pay your cell phone bill through an auto-pay agreement. This makes it easier for you to meet your end of the bargain because the payment happens automatically – all you have to do is make sure there are sufficient funds in the account to cover your monthly payment on the scheduled repayment date.
Other forms of proof may be accepted, so speak with your lender about that to see if your documentation is eligible. Generally, most lenders will want to see at least 2-3 months of consecutive and stable income being deposited into your checking account. Also, they’d prefer to see the original documents instead of copies. Be aware that if you’re self-employed you may need to show 1 to 2 years’ worth of proof of income.
If you can meet the four prerequisites above, you should be able to gain approval for a payday loan regardless of your credit score or history.
Installment Loans
If you want to borrow a larger amount or you want your repayment period to last longer so that the monthly payments will be lower, an installment loan may be the answer. Installment loans typically carry fixed interest rates, which means you’ll have the comfort of knowing exactly how much you’ll owe every month.
The approval process for a large installment loan may be a bit more stringent than a payday loan but you should still be able to get by with bad or no credit as long as you’re earning enough verifiable income. Simply put, you may need to have more solid proof of income and a better job to gain approval for an installment loan.
Fortunately, many of the same lenders who offer payday loans also offer installment loans and will offer you one if you’re eligible. An installment loan is an ideal option if you need fast funding and can show that you earn enough to justify approval.
If you don’t make a lot of money at your job or you’re only trying to cover a smaller expense in the range of $100 to $1,000, applying for a payday loan would probably be a better starting point for someone with poor credit.
Poor Credit Personal Loans
Poor credit personal loans can seem like a misnomer once you find out that you will actually need to meet minimum credit score requirements in most cases. The reason why this kind of personal loan carries this name is that you can be approved with a score in the mid-500s if you have good proof of income and you don’t have too many severe items on your credit report.
If you’re in the 400 club, applying for a personal loan of any kind will probably be a waste of time. Furthermore, many cash advance lenders will make a hard inquiry on your credit to facilitate approval. Thus, this borrowing option was listed third because it will only be useful to individuals with poor-but-not-horrible credit.
The upside of going down this route is that many of the banks and lenders who offer poor credit personal loans will also provide fast funding and will report to the credit bureaus, which helps you rebuild your credit faster.
Start a Crowdfunding Campaign
If you’ve exhausted all of your borrowing options or you know that you won’t be approved because you don’t have acceptable proof of income, you could try resorting to a crowdfunding campaign. Seeking charity obviously isn’t the ideal course of action but it could actually wind up being the most stress-relieving route because you won’t be obligated to repay the donations you receive.
Crowdfunding sites make it easier to start and market your online fundraising campaign. As you drive more traffic to your crowdfunding page, more donations will come in. In this regard, crowdfunding might not be the best option if you need extremely fast funding. With payday loans and installment loans providing same-day deposits in a matter of hours, the alternative of waiting days or weeks to meet your designated funding goal on a crowdfunding site can seem slow in comparison.
Nonetheless, crowdfunding should still be recommended to anyone who has a significant emergency funding need and no other way to find relief.
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Join a Peer-to-Peer Lending Network
If you’re part of the crowd who has decent credit, you’re probably not as stressed out when you run into emergency expenses because you know you can probably be approved for a loan. If you’re on the edge about that and feel like you might have good enough credit but you’re not quite sure, applying for a personal loan on a peer to peer (P2P) lending network might be the answer you’ve been looking for.
Some P2P lenders will even approve applicants with scores in the lower 500s if you have a good reason for asking for the loan. The good part is that you don’t necessarily need a business idea or some amazing cause in order to be approved. Simply explaining your emergency funding need in the loan application can sometimes be enough to sway a lender in your favor.
P2P lenders are not banks or financial institutions – they’re just ordinary people and investors who want to help others while also earning interest. From that perspective, there’s always the long shot that you’ll find a merciful P2P lender to help you out, even if your credit isn’t good at all.
