Bad Credit Emergency Personal Loan Plan – 3 Steps

Bad Credit Emergency Personal Loan Plan – 3 Steps

What is a cash emergency? Well, the definition is different for everybody, as everyone’s situation is unique. However, the following situations would definitely qualify as a cash emergency in most people’s book:

you have an unexpected medical bill that must be paid – but you do not have the funds to pay it

unpaid utility and other recurring bills are piling up and you are trying to dig yourself out from underneath them

your car’s transmission suddenly blows out and you need to get it fixed so that you can get to and from work

Surely, you can probably think of 10 more commonly-experienced cash emergencies. And, it is possible that you are going through one right now. What is the best thing to do?

Of course, if you can get an interest-free loan from family or friends, that would be ideal. But, family and friends sometimes do not have the money to lend. Or, you may be hesitant to borrow from them since doing so could hurt your relationship if you become unable to repay them later.

One option for these situations that people sometimes turn to is to take out an emergency personal loan. But, you may be concerned that your application could get rejected due to having a bad credit score.

When you are facing a cash emergency, consider creating a bad credit emergency personal loan plan. Here is how to do so in 3 steps:

1. Decide how much you really need to borrow:

Start by having a good sense of just how much money you should borrow. For example, you may be tempted to borrow more than you need: after all, who couldn’t use a little extra cash, right? But, doing so will increase your interest burden down the road, which gets expensive. On the other hand, don’t borrow too little or you won’t be solving your cash flow problem in the first place.

2. Consider all of your personal loan options, including secured and unsecured loans:

You may be able to qualify for a lower interest rate if you apply for a secured loan, whereby you put up something of value as collateral. Or, maybe you would prefer an unsecured loan where no collateral is needed.

3. Submit online applications to 3-5 of bad credit personal lenders:

Next, submit an online application to at least 3-5 bad credit personal lenders. Online lenders are a good choice because you can get quick loan decisions and quick funding when you apply online: no need to wait for something to arrive in the mail! Be sure to have your bank account number ready so that they can wire you the funds.

Take these 3 steps as you find bad credit emergency personal loans to fix your cash emergency.