Tips for Getting a Loan Quickly or with Bad Credit

Bad credit can make it difficult to get a loan when you need it.

Tight timelines can be a challenge when it comes to finding funds.

Being denied a loan can be discouraging.

There are ways to get around the problem.

But not everyone is familiar with them.

I've learned there are multiple untapped options out there.

Here are my top 24 tips for getting a loan if you're short on time or have a bad credit score.

If You Have Bad Credit Options

1. Debt consolidation personal loans let you pay off multiple sources of debt.

   You get one loan with one monthly payment and a better interest rate.

2. Secured personal loans are available if you have collateral like a car.

3. Federal student loans do not require a credit check.

   I would not have been able to finish college without this option, and I attribute my Federal student loans with changing the course of my future.

   

4. Home equity loans are easier to get approved for than traditional loans (if you own a home).

5. Find a co-signer to secure a student loan or personal loan debt.

6. Credit unions offer small personal loans (e.g., $2,500) for bad-credit customers.

7. Peer-to-peer loans are often available to people with lower credit scores because the funds come from people rather than banks.

8. Try a local community bank rather than a big bank for an unsecured personal loan, especially if there's already an existing relationship.

9. Family member loans might be an option.

   Offer to make the loan legal and official through a promissory note from Rocket Lawyer or LegalZoom.

10. Crowdfunding for inspiring causes via a site like GoFundMe.com or IndieGoGo.com and raise funds through your community.

11. Some secured credit cards give you a credit line that's more than the amount of your security deposit.

12. Get someone to vouch for you.

    A personal credit reference isn't a co-signer but it can help your chances of approval.

13. Car loans for people with bad credit can be obtained as "auto financing" directly from the dealership.

14. Avant is an online loan company known for lending to people with low credit scores.

15. Unsecured credit cards for people with poor credit scores or previous bankruptcy are available, like for example, the Indigo Platinum Mastercard.

16. Payday loans are short-term, high-interest loans with high fees and dangerous interest rates.

    Sure, you'll get money right away, but if you can't pay it back before the due date, you could pay 400% in interest!

In a Hurry Options

1. Online lenders like SoFi take less time to approve since everything is done electronically.

   You can usually get funds within a few days.

2. I've built CreditLoan to help borrowers find the best loan for their personal needs as fast as possible.

   With one quick look, you'll be able to compare multiple rates and setup a loan in as little as one day.

3. Call your bank and request an account overdraft increase.

4. Some credit cards give you your credit card number immediately upon approval.

   You don't have to wait for the card in the mail to shop online.

5. Instant-approval credit cards can take minutes to provide a conditional approval.

   You'll still have to wait 5-7 days to receive and use the card.

6. Retail store credit cards are usually activated on-the-spot to use in-store.

   

7. Pawn and consignment shops provide same-day loans secured by collateral such as jewelry or electronics.

8. A home equity line of credit (HELOC) is secured by your home, and therefore it's easy to get quick approval.

A loan is closer than you think

After you've looked at all these options identify the ones that work best for you.

Then, go ahead and…

• Choose between the different kinds of loans available despite having bad credit.
• Get funds either on the same-day or within 24 hours if you're tight on time.
• Finance whatever you needed the funds for and make a plan to pay it back.

If you know of any sources we've missed, let everyone know in the comments below!