Emergency Cash Loans for Bad Credit
Get Emergency Cash Quickly with 15M Finance
When you need emergency money, every minute counts. 15M Finance offers fast loan options for bad credit borrowers who face unexpected expenses that can’t wait till payday. Our 24/7 application process ensures you can get urgent cash right when you need it. Feel free to apply online and enjoy our instant approval and quick funding. We provide emergency cash loans between $100 and $5,000 to meet both your short-term and long-term needs.
What You Will Get with Emergency Loans from 15M Finance
We value your time and offer smart solutions for a quick fix. Here’s what you can get with us:
Same-day funding
Borrowers approved before 10 am on weekdays can access the money by the end of the day they applied.
Convenient repayment options
Feel free to repay the money in one lump sum in 2 to 4 weeks or make affordable monthly payments within up to 24 months.
Clear conditions
Our predictable loan payments and upfront terms simplify your finances, making it easier to budget.
What Is an Emergency Loan?
An emergency loan is a type of personal loan designed specifically for urgent money needs. Such loans usually come with almost instant deposits, allowing borrowers to access the funds within several hours after closing. The money can be used to cover a wide range of unexpected expenses, such as car repairs, medical assistance, time-sensitive trips, or emergency home improvements.
Types of Emergency Loans
Explore several emergency loan options you can access at 15M Finance.
Payday Loans
Payday loans are small, short-term loan products that provide borrowers with quick cash till paycheck. They allow you to borrow between $100 and $1,000 and need to be repaid in 2 to 4 weeks. Payday loans come with no credit check, offering instant approval and high accessibility for people with bad credit. Just note that their APRs may reach about 400% in some states.
Installment Loans
Emergency installment loans are borrowing options designed for larger money needs. You can borrow between $1,000 and $5,000 and choose a repayment period ranging from 2 to 24 months. This is a perfect fit for big purchases that you can’t cover by your next pay.
Title Loans
Title loans are secured by your vehicle, meaning that the car’s title is used as collateral. The amount you can borrow is determined based on the asset’s price and can be up to 50% of the vehicle’s cost. The repayment needs to be made in up to 30 days. Interest rates vary by state and depend on a borrower’s creditworthiness.
What Do I Need to Get Emergency Cash Immediately?
Emergency cash advance loans typically don’t require extensive paperwork. Here are the basic documents and information you need to prepare to get a loan with us:
Valid ID and SSN Bank account details Proof of income Proof of address Email and cell phone number Employment status and your employer’s contact information
Please note that you need to be of legal age in your state to qualify.
How to Apply for an Emergency Loan Online?
We know that time matters and simplify the entire process so you can request a loan in just 5 minutes. Follow these 4 simple steps to apply for an emergency loan from 15M Finance:
Complete an online form. It’s available on the website 24/7, so you can fill it out at your convenience in just 5 minutes.
Receive approval. Once you submit your form, our smart system will check your application details by performing a soft credit check. Don’t worry, it doesn’t affect your score and takes up to 1 hour to complete. After your data is verified, you will get an approval decision via email.
Read the loan terms. If approved, pay attention to the terms of your loan agreement. Focus on interest rates, the loan payment schedule, extra fees, and other details that can affect the total cost of borrowing and repayment convenience. If everything suits you, e-sign the contract.
Access the funds. The money is usually transferred right away, but the exact disbursement time depends on when you get approved and your bank’s processing speed. Typically, the loan funds are deposited into a borrower’s bank account within 1 business day of approval.
Pros and Cons of Emergency Cash Loans
While emergency loans can be a godsend for unforeseen money troubles, they also come with several pitfalls to consider. Weight them carefully before applying to understand both benefits and potential risks and make an informed decision.
Pros:
Convenience. You can complete the application process online from anywhere in a matter of minutes. Speed. The money can be deposited on the same or the next business day, allowing you to solve your emergencies quickly. Predictability. Fixed interest rates make your loan payments predictable, so you will always know how much money you owe. Lenient requirements. As emergency loans are designed to help people with any credit, they come with more relaxed eligibility criteria and can be obtained with less-than-perfect FICO scores.
Cons:
Potentially high costs. Emergency loan lenders often set high interest rates as they skip hard credit checks to make the process faster. This way, they offset the risks of not getting their money back. Extra fees. Besides an interest rate, loan providers may also charge origination fees, late fees, express fees, and prepayment penalties, making your debt even more expensive. Don’t help build credit. On-time payments on emergency loans are typically not reported to credit bureaus. At the same time, late payments can cause a significant drop in your FICO rating.
Emergency Loan Alternatives
While alternatives to emergency loans are not always available or convenient, they may turn out to be cheaper or help you avoid taking on long-term debt. Consider the following options before making the final decision.
Paycheck Advances
Your employer may offer various financial assistance options to support their workers during tough times. Ask your boss whether you can get a portion of your future paycheck upfront. This is how you can receive the needed amount without being charged extra interest and fees. The sum you borrow will be deducted from your next pay, so it’s important to budget wisely.
Payday Alternative Loans
These loans are offered by not-for-profit credit unions as a reasonable alternative to regular payday loans. Their APRs don’t exceed 28%, and the repayment terms can be extended to 6 or 12 months. To request a PAL, you need to be a member of a credit union that offers such an option. It typically involves living in a particular county or working for a certain company.
Pawn Shop Loans
If you don’t want to undergo credit checks and need cash on hand immediately, consider pawning some of your valuable assets in exchange for a portion of its market price. Pawn shops typically allow you to get up to 25% of the item’s cost and require you to repay the money in 30 to 60 days. Interest is typically charged daily and can reach 200% APR.
Credit Card Cash Advances
Use your credit card to withdraw money directly from your available balance up to a certain limit. This way, you don’t need to provide collateral, fill out an application form, or undergo a hard credit inquiry. Just note that cash advances have no grace period, meaning that interest will accrue immediately. Additionally, cash advance APRs are usually higher than purchase ones.
Family Loans
Borrowing from your family or close friends is a great option if you’re looking for more flexibility than traditional lenders can offer. Such loans often come with no or low interest rates and allow you to get personalized terms tailored to your unique situation. However, you need to clearly outline all the conditions and stick to them to avoid misunderstanding and conflicts.
Cash Advance Apps
Cash advance apps offer a quick way to borrow money against your next paycheck. This option suits officially employed individuals who need a small amount ranging from $50 to $500. Loans offered via apps are often interest-free, but extra fees for same-day deposits or monthly membership might apply. The repayment is made automatically from the linked bank account after you receive your next salary.
401(k) Loans
If you have a retirement savings account, there’s an option to borrow money from your future self with a low APR. More than that, all the interest you pay will be placed in your 401(k) account, increasing your savings. Make sure to read all the terms before borrowing, as there may be tax implications if you don’t repay the funds on time.
Tips for Building an Emergency Fund
Since emergencies are something we can’t prevent, you should prepare for them in advance. Creating an emergency fund is the best way to get through tough times without stress and taking on debt. Here are some tips to help you create a financial safety net:
Set a realistic goal. Decide on how much money you need in total to overcome unexpected money problems. It’s recommended to have 3 to 6 months’ worth of living in savings to protect yourself from unpredictable financial crises. Do the math. Calculate the amount you can comfortably save each month. List your earnings and regular expenses to see how much you have left. Revise your budget. Check where your money is going to see the areas where you can cut. Then, put this extra cash toward your emergency fund. Set aside money from gifts or bonuses. Any windfalls you get, be it tax returns or unexpected lottery wins, can boost your savings without any impact on your budget. Decide where to keep your savings. You’d better keep your emergency funds separate from the money for spending so as not to dip into it. Open a high-yield savings account and set up automatic payments to make the process self-operating.
How to Choose the Right Emergency Loan?
Although emergency loans are always time-sensitive, you should choose them wisely to minimize associated risks. Pay attention to the following factors to boost your borrowing experience:
Cost of borrowing. The loan cost consists of the interest rate and extra fees a lender may apply. These parameters form the annual percentage rate (APR) that shows the real price you pay for borrowing money over a year. The lower the APR, the less you will overpay over the loan life. Therefore, choose lenders with the lowest possible APRs. Repayment period. Lenders offering multiple repayment options provide more flexibility, allowing you to adjust your monthly payment amount to your budget. Still, you need to choose an optimal repayment period to avoid significant overpayment. While a longer loan period comes with a lower monthly payment, it also involves a higher total loan cost. Funding times. Once you need the funds for an emergency, make sure the lender can meet your deadlines. While some loan providers transfer the funds on the same or next day, others may need up to 3 business days to make a direct deposit. Eligibility criteria. Check whether you can meet the lender’s requirements before applying to save your time. Pay attention to the minimum credit score the loan provider accepts and ensure your income is high enough. Lender’s reputation. Predatory lenders often try to take advantage of people who are in a vulnerable position. Therefore, you need to ensure the loan provider you’re going to deal with is legit and trustworthy. Read the reviews from other borrowers and make sure the lender has a license to operate in your state.
Why Should I Choose 15M Finance for Emergency Loans?
15M Finance is your reliable ally that has been providing quick financial assistance across the US since 2020. We value your time and simplify the entire process to make it fast, straightforward, and simple. Our loans come with no hard credit checks, making them available for people with any credit. No matter your loan purpose, we’re here to provide you with the needed amount in no time. Enjoy our upfront terms with no hidden fees, and get your emergency funds today!
FAQ
How much can I borrow with an emergency funds loan?
Depending on your current need, you can get payday loans between $100 and $1,000, installment loans from $1,000 to $5,000. However, the exact sum is subject to approval and will be determined based on your income and creditworthiness.
What can I use an emergency loan for?
Emergency loans are typically used to cover various urgent expenses, such as medical bills, car or home repairs, funeral costs, monthly bills, and others. We set no restrictions on the way you can spend the money.
When will I need to repay my loan?
Your repayment schedule depends on the loan type. While payday loans need to be repaid in full within 2 to 4 weeks, installment and personal loans allow you to make affordable monthly or bi-weekly payments over a couple of months or years. You can typically tie your due date to your payday to make handling a loan easier.
How fast will I get my emergency loan funds?
Loans from 15M Finance are usually transferred within a few minutes of signing the loan agreement. However, it may take your bank some time to process the transaction. In most cases, the funds will be in your bank account within 1 business day. Borrowers approved before 10 am on a working day are likely to get the funds by the end of the same day.
Do I need good credit to get a loan for an emergency?
We don’t set minimum credit score requirements, so you don’t need good credit to qualify for a loan with us. Still, your credit score may affect the loan terms, including the interest rate you will get.
Can I get an emergency loan with no job?
Unemployed individuals can also qualify for an emergency loan as long as they have an alternative source of verifiable income, such as self-employment.
How to increase my chances of getting a loan with bad credit?
You can boost your approval chances by adding a cosigner or providing a collateral. You should also demonstrate a steady income as it may convince lenders you can repay the loan on time.
