Some lenders give you the possibility to apply for a loan even if you have a bad credit score or do not have a credit history. This is often your best option if you need money for an emergency and cannot borrow money from a bank due to your bad credit score.
Loans for people with bad credit are very easy to apply for since there is no need to go through a credit check. Most lenders are able to give you an answer the same day but they will usually ask you to prove that you are employed. You might have to show them how much you earn so that they can make sure you will be able to make the loan payments.
Some loans for people with bad credit require you to use an asset as a collateral. This is an easy option since there is no need to prove that you are employed. You can for instance use your vehicle to borrow a sum of money that corresponds to the value of the vehicle. This means you would lose your vehicle if you couldn’t pay the loan back on time.
You need to be absolutely sure that you will be able to pay the loan back on time if you decide to use a collateral. This is also true if a lender approves your application after seeing a proof that you are gainfully employed. These loans tend to have higher fees and late fees can add up quickly.
You should look for a lender who does not require you to go through a credit check if you do not have a good credit score. Find out more about the requirements they want you to meet and make sure they have a good reputation before filling out an application to get a loan.