Three Ways You Can Get Funds with Poor Credit

Whenever your credit score is on the low side, it can be hard to have all of the money that you need for both daily and unexpected expenses. With that in mind, there are ways that you can get cash fast or pay off your daily debts without lowering your credit score any more than it has already been lowered. Here are three ways that you can start earning some extra cash, or using the cash that you already have better, today:

Take Out a Loan for Poor Creditcash

There are multiple lenders out there who understand your situation exactly and specialize in working with people that have extremely low credit scores. There are even some lenders that will work with scores that are lower than 550. You simply have to do your research and find the one that fits your needs the most.

If you find yourself in a position where you are unable to take on the loan on your own, then many lenders provide you an opportunity to have a cosigner for your loan. Some lenders do require that both parties have a credit score that meets their standards, so check that before you sign off on the loan, and if you don’t qualify, then find a lender who is more willing to work with your needs. With that said, it is also good advice to not agree to any loan that sounds too good to be true; you should talk to a financial advisor before you agree to take out a loan from just any lender.

It is also good to consider what type of loan to take out. There are multiple options, but some are better for this short-term situation than others. For instance, a secured loan may be a good option because the lender may still accept you because of the presence of collateral.

An unsecured personal loan is also a valid option if you want to prove to the credit bureaus that you can work with varying types of trade lines.

Payday loans and title loans are not valid options. These are loans that charge absurd fees and APR’s that do not make economic sense, and trap people in an endless cycle of extensions, fees, and interest rates that are through the roof. Keep the type of loan that you have in mind when finding the right loan for your current financial needs.

Use Your Credit Cards Wisely

One way that you can use your existing credit cards is to pay off your credit card debts in full at the end of the payment cycle so that you can free up income to pay for other expenses. Although this is not necessarily an addition of funds, this allows your existing funds to be utilized in more efficient ways than that allowed by your current financial situation. Paying off your credit card balance in full at the end of each cycle is also a way to improve your credit score, thus increasing your future financial opportunities, and eventually giving you access to more money.

A problem that you may have with your credit card is that it simply may not be the right card for your needs. For instance, if your job involves a lot of driving around, then a credit card that offers you the most cash back for gas purchases would probably be the best credit card for you. Look at various credit cards to see if they offer any kind of cash back or rewards programs. These programs will often allow you to save or even make extra money using your card, but be way, as they usually have very strict terms of use, and carry higher interest rates.

You should check the available credit cards offered by your credit card company, but also don’t be afraid to shop around and see if there are any other, better credit cards that will also benefit you in your financial situation.

Take On a Side Job

This is one of the best pieces of advice on the list, not because it will get you cash the fastest, but because of the potential benefits that side jobs bring with them. First, though, it is worth mentioning that not every side job has to be career building. If you are truly short on cash and need it fast, taking a part-time position as a convenience store worker, babysitting, or ride-sharing with Lyft or Über are all completely valid options that can help you pay a debt much faster.. A lot of those side jobs also have benefits such as setting your own hours and working in environments that you are already comfortable in, like your car or your neighborhood.

There are, however, some career possibilities that come with having a side job. A lot of new businesses are online now, and so require coders or content creators. If you have any experience or skill in this growing field, then you have nearly guaranteed employment for all the new online retailers that are popping up. This sort of freelance work can be the start of a career that you never would have otherwise known about or gotten into, and you can network and create a freelance platform all on your own with the help of social media and freelance-specific resources.

While these three tips won’t completely pull your credit score up to perfection, they will help you meet your financial obligations until you can raise your score. Whether you put this money towards groceries or towards a rainy day fund, you can use these techniques to help you line your pockets with a few extra dollars, and that can really make a difference when you have a low credit score.

Some of these pieces of advice are even good to help you raise your credit score, such as utilizing your credit cards to the fullest extent and taking out a personal loan. No matter what you choose to do to help get some extra cash during this difficult time, trust that you will be on your way to a better, brighter financial future soon.