Emergencies are almost indispensable for every person. And many times, when emergency circumstances occur, they may require that you have access to a large amount of funds to settle necessary bills. If you don’t have enough savings or cash at hand, you may have to look towards loans.
Most lenders of regular loans do not offer funds as quickly as you may need them. That’s why it is always advisable to opt for same-day emergency loans. Unlike other lending options, you can get funding for your needs as early as the same day that you apply for the loan.
The best part is that you can still be eligible for same-day emergency funding even with bad credit. You can find same-day emergency loans with WeLoans in three easy steps highlighted in this article. But first, below is a close look at how same-day emergency bad credit loans work.
How Do Same-Day Emergency Bad Credit Loans Work?
Same-day emergency loans are generally different types of loan options that you can receive in your bank account on the same day that you apply for them. Not all lenders may be able to provide access to same-day loans. That’s because some financial institutions, like banks, they take longer to approve your loan request.
For same-day loans to work, lenders must also have a less stringent approval process and follow quicker methods of fund deposit. So, most same-day emergency loans work by lenders offering you small amounts with repayment terms over a short period. Most importantly, this type of loan may be suitable for individuals with bad credit.
Many same-day emergency lenders do not conduct hard credit checks on your loan applications to ensure that the approval process is as swift as possible. In turn, this means that those with bad credit may be eligible as lenders will place more emphasis on the ability to repay than your current credit score.
Who Is Eligible to Receive Same-Day Emergency Loans?
There are several requirements that intending borrowers must fulfill before they can get access to certain types of loans. A same-day emergency loan for bad credit is no exception. David Harris, a financial writer from WeLoans advises that you provide accurate personal and financial information to make sure you are eligible for same day emergency loans.
Below are some of the most important criteria for this type of loan.
- Legal Age: An intending borrower must be aged 18 and above. This requirement is necessary because only people who are above the legal age are permitted to receive loans and enter into financial service contracts.
- US Citizenship: You must be a citizen of the United States or have permanent residence in one of its states.
- Valid ID: Before you can receive funding, you must be able to provide a valid government-issued photo ID. This would be used to validate your age, name and profession.
- Bad Credit: While borrowers with good credit may be eligible for emergency loans, it is best suited to individuals with bad credit scores.
- Active Bank Account: In your loan request, you must supply the lender with an active checking or savings account where your loan amount can be paid to.
- Proof of Stable Income: Since your loan is a bad credit funding, you must prove that you’re able to repay. You can do this by submitting proof of regular income, such as employment documents, social security benefits or alimony.
Examples of Same-Day Emergency Loans for Bad Credit Borrowers
Bad credit same-day emergency loans are quite popular funding options, especially at online lenders or brokers like WeLoans. However, there are no specific loans that go by that name. Instead, you have different types of regular loans, but their terms make them suitable for same-day funding and bad credit borrowers. Here is a short list of some loan examples.
Payday Loans
These loans are instant funding options for a small amount and short-term repayment plan. You’re typically expected to repay this loan with your next paycheck. There is only a soft credit pull condition, and you can receive funding in one business day.
Title Loans
Title loans involve using vehicular property as collateral. You continue to maintain possession of the car, but the title is given to a lender in exchange for a quick, bad credit loan. The lender can repossess the car if you default on the loan.
Home Equity Line of Credit
Borrowers who have equity in their homes may take out a home equity loan. This funding is calculated based on the value of your home and the outstanding mortgage. In essence, your loan is the collateral for a long-term, bad credit loan.
Personal Loans
Arguably one of the most common loan options, a personal loan allows you to borrow for your needs and repay in installments. It is usually unsecured and requires no collateral. You can also get approval and funding as quickly as you apply.
Loan from Family and Friends
If you do not want documentation or high interest rates, you can opt to borrow money from relatives. This loan is risk-free, without any credit checks, and you can get funding almost immediately. However, ensure to pay early to avoid a breakdown of your relationship.
How to Get Emergency Loans Even With Bad Credit?
Same-day emergency loans are available through brokers like WeLoans or reliable direct lenders. With WeLoans, for example, you can get access to the best offers across lenders in your location. Here’s a rundown of the loan application process at brokers.
Submit The Online Application Form
To get started, simply fill out the loan form on the website of WeLoans.
Choose From a Long List of Offers
Based on the details you submit, your loan request will be forwarded to lenders in the broker’s network. After a quick assessment of your information, your loan application will be approved and you’ll get different offers.
Get Quick Funding After Agreement
Check through the offers for favorable options. Select the best from the pack and sign agreements with the lender. You can expect to receive funding as quickly as within the same day.
Final Thoughts
If you’re ever caught up in an emergency situation, same-day emergency loans may be a good option. Even better, if you’re a bad credit borrower, you’ll be eligible to receive a loan. However, be sure to go through the terms and conditions of the loans you apply for. Better still, opt to apply at reputable brokers like WeLoans that will filter and provide you with only the best terms you can get.
