You don’t have any control over when an emergency situation may arise. If you did, they wouldn’t call it an emergency. However, if you are faced with a major repair bill, unexpected tax assessment or need to make payroll by tomorrow, where can you turn? Working capital loans and emergency cash loans of up to $10,000 may be available to help you pay your bills no matter how soon they may be due.
Emergency Loans Are Available Despite Your Credit Past
No matter how bad your credit is, you can apply for a loan and have the money in your bank account the next day. The best part is that you may not even need to secure the loan with collateral. This is ideal for those who don’t want to risk losing their transportation to work or their family home in exchange for borrowing the money that they need. Getting an emergency loan also means that you don’t have to apply for a bank loan and wait hours or day with no guarantee that you can get the money that you need.
Are There Any Criteria For Getting a Loan?
While getting emergency funding is relatively easy, there are a few conditions that need to be met. First, you must be 18 or older to submit a loan application for approval. Second, you may need to show proof of employment or proof of income. This ensures that the borrower can repay the loan in a timely manner. Finally, it may be necessary to validate the checking account where the money will be deposited.
Loan Terms Are Flexible to Meet Your Needs
It isn’t uncommon for borrowers to worry about how they are going to repay the loan. Late payments could result in fees or other penalties while missed payments could result in a lower credit score or even bankruptcy. The good news is that loan repayment terms are available that fit almost every budget. In fact, it may be possible to repay the loan in several installments instead of one lump sum payment 15 or 30 days after you receive the loan.
Can Emergency Loans Help to Rebuild My Credit?
The answer to that question depends on whether or not account information is reported to credit agencies. If they are, it is possible that making your payments on time will lead to an improved credit score. However, since there is typically no credit check prior to getting the loan, payments are generally not reported. It is important to note that there are still consequences for not making payments. A lender could still take you to court or move to seize assets in an effort to recover the money. In extreme cases, wages could be garnished to pay off a loan balance.
Are There Upfront Fees or Other Costs Associated With Such a Loan?
A lender may charge documentation or other fees for a bad credit emergency loan. However, it may be possible to have those fees waived or reduced by asking the lender to do so. You should also be aware that interest rates for emergency loans are generally higher than other personal or unsecured loans.
If you are looking for quick cash, get in touch with Certified Business Loans today. We can work with companies of all sizes and credit ratings to get them the money needed to pay employees, pay vendors or to put working capital in the bank.