Cash Crisis Help - for ALL credit scores

When it comes to financial emergencies, experts suggest having at least three months salary saved in the bank and $200 cash available in your home. But let’s face it… most of us aren’t that prepared and getting caught up in a cash crisis can be a stressful time for anyone who doesn’t have a plan in place. Fortunately, there are some easily accessible funding options that can help people get out of debt and get back on track toward financial freedom…even with bad credit.

Traditional bank loans are the most popular choice for those needing to borrow funds, but applying for one can sometimes be a hassle with time wasted on tons of paper work. Bank lending also typically involves larger amounts of money loaned for longer periods of time. Paying off the loan over a longer period means varying interest rates.

Obtaining a credit card can sometimes seem like the easiest option. But beware… every time you apply for a credit card, your credit history is checked and your credit score takes a downturn! The more credit cards you have - the lower your credit rating.

Car title lenders offer a way to borrow cash against the equity in your vehicle. One of the many downsides to this type of lending is that it requires a vehicle that is less than 10 years old, as well as several other items to get started with the loan process. These items include the car title (free of all liens), drivers license, social security card, registration, proof of auto insurance, recent paycheck stub, current utility bills, four references and a spare set of car keys!

Payday loan lending is another option and it is, in my opinion, the least intrusive. It’s perfect for people with bad credit who need cash quick - less than 24 hours in most cases. Payday loan lending consists of small, short term loans and unlike bank loans, payday loans are unsecured, meaning that no collateral is required. A payday loan is typically much faster than a traditional loan, because of the absence of paperwork. With online payday loans, the customer fills out the application online and submits it for approval. Online payday loans offer even more benefits like convenience, privacy and quicker loan decision processing time.

The typical payday loan amount is $100 to $500 (although some lenders do offer loans up to $1500) and it is taken out for a two week period. The usual payday loan fee is $15 per $100. A few payday loan companies offer low introductory rates of around $9 to $10 per $100 borrowed by new customers. Many online payday loan companies do not conduct a detailed credit check, which provides another option for consumers with less than perfect credit. The only paperwork required for most payday loan lenders includes two recent pay stubs for proof of employment and a recent bank statement.

ALWAYS search around for the best rates before applying for any type of loan!