There Are Ways to Get Much Needed Funds Even with Bad Credit

There is nothing more disheartening than seeing the balance in your bank account and knowing you simply can't pay all your bills this month. If your credit isn't high enough to receive a traditional bank loan, you might feel stuck and very alone. However, there are ways to get much-needed funds even with bad credit. 

Personal Installment Loan

A personal installment loan is an unsecured loan from a lender such as a credit union, financial institution, or a bank that you make payments in installments on. You usually won't have to put up your car title or house as collateral on the loan. There is a limit in how many times you can renew the loan so you can't keep up the cycle of getting new loans to pay off the old ones, and that limit is based on your ability to repay the loan. You will have a longer period of time to pay back the loan than some businesses give you before being charged interest.

Pay Advance

If you have a good relationship with your boss or company and have been there for some time, you just might be able to get a pay advance. It may be possible to get an advance from a small business too. This should only be used in cases of emergency and, because you are just getting a paycheck you will earn in the near future, there is no interest to pay back.

Emergency Funds

If you are in dire need for money to pay bills or unexpected financial issues, then you might be able to get funds from a local church or community organization. There are many non-profit organizations and churches that offer emergency assistance for paying utility bills, buying groceries, and helping to make car or mortgage payments. If you are in danger of losing heat or cooling in the winter or summer months, then the Low Income Home Energy Assistance Program might be able to help.

Retirement Funds

It might be possible for you to make a partial withdraw of funds from your 401K or other retirement funds you have. It is possible to borrow from your IRA once a year without penalty if you are able to repay this loan within a month.

Payday Loan

While you aren't able to get a payday loan in every state, it might be a fast way to get your debt or bills paid quickly. If you only borrow what you need and pay the loan back on the agreed upon date, you won't incur late fees or interest. It is possible to work out a payment plan as well so you aren't using your whole pay check to pay back your loan. For more information, talk to a lender like Payday Express.