Have you recently gone through a divorce? One thing is for certain, it can leave you with a lot of emotional emptiness and financial strain. As if dealing with the loss of a partner isn’t devastating enough, being left with a lot of debt can really impact your credit score. This can make it challenging to get approved for a conventional loan in the public or private markets. Fortunately, there are some alternatives. Here are just a few ways to obtain a loan if you have less-than-perfect credit.
Needing Emergency Cash Right Away
If you’ve found yourself in a position where you need cash right away due to an emergency or unforeseen circumstance, you’ll need to find a quick solution. If your divorce left you with a lot of debt, you know that going to your local bank and asking for a loan is a waste of time. One option is an installment loan with flexible repayment terms. This means qualifying is based on less stringent requirements than other traditional loans. Lenders like the Western Shamrock Corporation offer minimal requirements and look past your rocky credit history. You may qualify based on:
- A solid, reputable monthly income
- A valid checking or savings account
- Your ability to repay the loan in a reasonable manner
- A close look at how you’ve been repaying your past debt
- Your unique financial situation
- Your address and work history
- Other past or current loans that you’ve been paying on
Many alternative lenders don’t look at your credit rating or FICO score. They take a closer look at your current financial stability and how you’ll be able to pay this short-term loan back. If the loan terms are affordable for you and you can commit to paying it back, you’ll likely get approved. Because approval is fast, you can use this money to meet your current financial needs.
Securing Immediate Housing
When faced with a separation or divorce, you may have found yourself suddenly having to leave your existing home. Now may not be the time to go the traditional mortgage route, so you’ll have to rent for a while. In some cases, all of your money and equitable assets are tied up in that property. Unfortunately, with a divorce, you might not be able to get access to your equity or other funds. If those funds are on lockdown, or just not there, you’ll need some quick cash to put down on an apartment or other forms of temporary housing. An unsecured fast cash loan is the way to go. Because you avoid the long wait through a traditional lender, you can get a hold of funds to put down on new housing within 24 hours. By putting a security deposit down on a new place, you are showing good faith financially and may be able to get faster approval through the rental complex application.
Looking for Better Transportation
You’ve finally gotten the worst days behind you and your divorce has been finalized. The problem is your credit has been through the ringer and now you’ve found that your car is completely damaged beyond repair. You have to work and pay your bills as well as your old divorce debt. If you’re maxed out with credit card debt and your vehicle has left you stranded, you need fast cash to either get it fixed or put down on a new vehicle. Without money to make the repairs, you’re losing time and money by missing work and not being able to get to where you need to be. Most car dealerships finance customers with outside banking institutions, which require good to excellent credit. While their credit criteria are strict, they may be able to approve you for an auto loan that has a high interest rate, but payments may be out of your budget range. In order to improve your chances of final approval, always have collateral, including cash when you go in. The bigger your down payment, the less you’ll owe on the loan and the cheaper your monthly obligation will be. Obtaining fast cash from an installment loan company is quick and easy, getting you in the car you need that much faster.
Opening New Utility Accounts
After a breakup, one thing you may be left with is bad credit and old utility bills. If you’re moving to a new place, you’ll need gas and electric. Paying off your old bills and coming up with the money for a deposit is vital before you can move in. Getting a quick installment loan is the best way to get the funds you need fast, so you can get everything in order.
Don’t let bad credit hold you back. Avoid traditional banks and credit unions that have strict credit guidelines. Choose an installment loan company with easy terms and get the cash you need right away.