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What Are Some Small Loans For Poor Credit?
Having bad credit can pose significant challenges when seeking to borrow cash, as traditional banks often hesitate to offer loans, and if they do, the interest rates can be high. However, despite these hurdles, viable options still exist. Exploring small loans tailored for individuals with poor credit can provide a way to financial assistance. Here are five options to consider, including title loans and registration loans, which offer accessible solutions for those with less-than-ideal credit scores.
5 Options For Small Poor Credit Loans
1. Borrowing From Your Friends And Family
If you need to borrow cash to cover an emergency, consider turning to friends and family. They are less likely to be concerned about your credit score. As long as you can prove that you will eventually pay them back, they’ll probably be more than happy to loan you some cash.
When it comes to small loans for poor credit, this is likely the easiest option. Just explain your situation to those close to you. They will either say yes or no. Remember, don't blame them if they say no. They may be dealing with a tricky financial situation themselves!
2. Taking A Pay Advance At Work
Taking a pay advance at work isn't a loan as such. Instead, you are getting paid a little earlier than usual. Many companies, assuming you have been a loyal worker, will be more than happy to give you a small pay advance – if they are able to, of course.
Depending on the size of the company, you will either need to talk to your manager or HR. Since you are only taking cash that you have already worked for, there will be no credit checks or anything to pay back. All you need to remember is that there will be less money coming in with your next paycheck.
3. Using Your Retirement Fund
Again, using your retirement fund is you borrowing cash that you have already 'earned'. This means it is one of those small loans for poor credit that should be accessible. Most retirement funds will allow you to take small sums of cash well before retirement age.
However, bear in mind that there will be small financial penalties for doing this. if you don't pay it back, then you will also have less cash available for retirement. It is not the best way to borrow cash to cover small expenses. However, if you are dealing with an emergency then you may have no other choice.
4. Get Title Loans
Another option is to come to Fast Auto Loans, Inc. for a fast title loan. Title loans allow you to borrow a lump sum of cash against the title of your vehicle. To obtain a title loan, you need to have a lien-free vehicle title, meaning your title is free of any outstanding liens.
The good thing about title loans is that you can still qualify even if you have poor credit. The amount you can borrow is based on the value and condition of your vehicle, which we will inspect to
5. Get A Registration Loan
If you own a vehicle but don't have a lien-free title, then registration loans could be an option. With registration loans, you borrow cash against your vehicle's registration. At Fast Auto Loans, Inc., you could borrow up to $900. Keep in mind that we do check your credit to determine if you qualify for approval.
One of the major benefits of registration loans is the incredibly fast process. The inquiry process can take as little as 30 minutes. If approved, you can have the money as soon as the same day.
Since those looking for small loans for poor credit need to cover emergency expenses, this is ideal. It ensures any expenses can be dealt with sooner rather than later. The best part about registration loans is that you don't need to own your vehicle outright to qualify. As long as you have the following documents, you can inquire about a registration loan with us:
- A valid Arizona driver's license or state-issued photo ID.
- Vehicle registration from Arizona in your name.
- A statement from an active checking account in your name.
- A valid social security number.
Getting started with the inquiry process is easy. Fill out the short form on our website, indicating your interest in a registration loan and providing your contact information. We won't ask for much information from you, and filling out the form carries no obligation. You can withdraw from the inquiry process at any time.
Next, one of our team members from your closest Fast Auto Loans, Inc. location will give you a call. We will explain the registration loan process and answer any questions you may have. We will also set an appointment for you to visit your local Arizona registration loan location to check your documents.
Once we inspect your documents and run your credit, we will let you know whether you have been approved for a registration loan. If approved, you can sign your loan agreement and receive the cash either the same day or the next business day.
Get The Cash That You Need Today
While your options may be a bit more limited than if you had good credit, there are small loans for poor credit available. This may mean talking to your friends and family members, borrowing from your retirement account, or asking for a pay advance at work.
In other cases, a registration loan could be an option for you. If you hold the registration to your vehicle and need access to cash fast, then get in touch with Fast Auto Loans, Inc. today. Fill out the online form on our website and you could have access to cash as soon as today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.