Unfortunately, situations may arise when you don’t have savings available to respond to unexpected expenses. If traditional avenues like credit cards, bank loans or assistance from family and friends aren’t available, you may start scouring the internet for a short-term loan from an alternative lender.
When you’re in need of emergency funding, you might not have the time or the credit score needed to qualify for traditional financing. Banks can take far too long to respond to financial emergencies and may not be willing to work with consumers with lower credit scores. Alternative financial products, like payday loans and short-term installment loans, tend to be more nimble and more open to consumers with less-than-perfect credit.
If your credit score has taken a hit, you already know how much it can impact your finances. It can make it more difficult to find an apartment or secure a mortgage. It can make purchasing a car more expensive and even require you to pay extra security deposits for your utilities. Improving your score will be worth your time and effort, but it’s going to take plenty of both to move your number in the right direction.