When you need money immediately, getting a personal loan from the bank is not always an option. If your credit score is below a certain threshold, it may hold you back from getting loan approval or obtaining a line of credit. In this situation, an emergency secured bad credit personal loan can help you with bills and other expenses.

Emergency Loans for Bad Credit

No Credit Check
With very few exceptions, this type of loan does not require a credit check, which means the odds of being approved are high. This is helpful if you have a minimal credit history or none at all. The only requirement is proof that you are working or that you have the financial means to repay the loan.

Get Your Money Quickly
In most cases, you will be approved in minutes, and the money will be in your bank account within a few hours, even if the business day has ended. An exception to this is if you apply on a major holiday or during the weekend. You would then receive your funds on the next business day.

Pay for Anything
You are not required to explain why you need the money, which means you can use it any way you want. You can pay for business costs or cover personal expenses. You can also use the funds to make vehicle lease payments or to cover the loan on a car. Other options include buying clothes, paying the rent or getting groceries. The choice is yours to make.

Short Repayment Plan
When you take out an emergency loan, you will have two weeks to one month to pay it back. This will reduce your stress level because you will not have to be making payments over a long period of time. There may be some circumstances where you will need more time for repayment, and this can easily be arranged.

Small Loan Amount
Emergency bad credit loans are typically $1,000 to $1,500. This will help you to avoid borrowing more money than you are able to repay. If you have the means, you may be able to borrow a higher amount. The laws of your state regarding loans will determine how much you can borrow and how much you can take out at any point in time.

No Collateral Required
One of the biggest benefits of emergency loans for bad credit is there is no collateral required for you to get the cash you need. You won’t need to put your vehicle or your home at risk in order to get needed funds. In addition, if you are borrowing money for business expenses, you can rest assured that you and your family will not face homelessness or other hardships related to that business failing.

When you need money for personal expenses or just some financial flexibility, DR Credit is always available to help with loan products for any situation.