Need a Loan Today But Have Bad Credit! Please Help I Need Money Desperately

I Need a Loan Today But Have Bad Credit

I got an interesting email from a 24-year-old woman who needed a loan today but had bad credit...

Reader Question

Recently my vehicle broke down and I need a loan to fix the car. I need a loan today but have bad credit. I don't know what to do.

I checked my Fico Credit Score and my credit was poor. I have already been refused by the bank and I'm not sure what do? So my question is I need a loan today but have bad credit, what are my options? 

I am on a very tight budget so I need a low-interest loan with bad credit, where can I get this? My mom has good credit, is there any way she can help? Please help, I need some quick ideas.

My Response

Hello and thank you for emailing me with your question.

I'm sorry to hear about your vehicle.

If you have a poor credit score you can still take out a personal loan for people with bad credit but it will be expensive.

In this response, I will be giving you 10 ways to borrow money either today or in 24 hours.

To begin with, I will answer some of the questions you have asked and will also offer tips to improve your credit score.

In the long run, I would recommend you improve and repair your credit so you can borrow money for less.

Reader Questions:

Question 1: I Need a loan today but have bad credit, what are my options?

If you need a loan today you could take out a payday loan or an installment loan. These loans are high-interest so it will be expensive. 

I think it would be better to wait 24 hours so you can get a better loan at a lower cost. There are plenty of options for bad credit loans.

Question 2: I Need a low-interest loan with bad credit, where can I get this?

Unfortunately, if you have bad credit you will be charged high-interest. You can overcome this problem by getting a secured loan or having your loan cosigned. 

This two options will reduce your interest rate charged.

Question 3: My mom has good credit, is there any way she can help?

Your mom could cosign your loan which means you will be charged less interest because the risk is reduced. 

If you fail to make your payments your mom will have to step in so be careful and make sure you can afford the loan.

Need a Loan Today But Have Bad Credit Quick Ideas

Here are some quick ideas you wanted. To read more about these bad credit loans for people with bad credit check out the following post for more details on loans for bad credit with direct lenders, loans for bad credit with no guarantor and unsecured loans with bad credit.


Here are the QUICK ideas...


Idea 1: Zero-percent interest direct deposit from a credit card

Idea 2: Zero-percent cash advance from a credit card

Idea 3: Zero-percent credit purchases from a credit card

Idea 4: Installment loans for people with bad credit

Idea 5: Car title loan for people with bad credit

Idea 6: Cosigner loan for people with bad credit

Idea 7: Borrow from friends and family

Idea 8: Restructure your mortgage at a lower rate and borrow more money

Idea 9: Take out a secured loan by using collateral

Idea 10: Pawn valuable that you may have

Credit Repair/ Improvement for People With Bad Credit

You must improve your credit if you want to borrow money for less.

You must also establish an emergency fund so you can avoid borrowing money when you have these emergencies.

Here are 10 tips to repair and improve your credit score. I was able to take my credit score from poor to excellent using these tips.

Tip 1: Create automatic monthly payment to your credit cards so you never miss payment

Tip 2: Make sure all the information on your credit file is accurate and up-to-date

Tip 3: Register one permanent address across all bank accounts and credit cards

Tip 4: Ask all credit card companies to increase your credit limit every 6 months

Tip 5: Pay 10% more than the minimum payment every month

Tip 6: Pay your bill 1 week in advance every month

Tip 7: Never use more than 30% of your credit limit

Tip 8: Make one credit application every 6 months if you have an 80% chance of success

Tip 9: Never apply for credit in joint names and remove all bad financial disassociation

Tip 10: Ask to be put as an additional signatory on a credit card account with someone who has excellent credit

Need a Loan Today But Have Bad Credit

Unfortunately, there are no such things as bad credit loans online with instant decisions where you get the money immediately. You will have to submit an application and wait for it to be approved, it normally takes 24 hours for the money to be in your account.

Also, there if you want to consider bad credit loans with no credit check you will have to go down the cosigner loans and car title loans option.

Unsecured loans with bad credit will have very high-interest which is why it's important to repair and improve your credit with the 10 tips given above, they really do work.

My Recommendation - Better loans Mutual

Given your personal circumstance, I would recommend an installment loan or a cosigner loan.

For the cosigner loan, your mom could be a cosigner, as mentioned earlier make sure you can afford the loan otherwise your mom will have to make your payments.

You can also apply for an installment loan from Better Loans Mutual by clicking the image on the left. This is the only loan broker I recommend because they have a panel of over 100 lenders who are competing to give you the cheapest loan.

You can borrow anything between 500 to 5000 dollars and you can choose how long you need to pay the loan off. It takes 3 minutes to submit the application online and you get a decision in 12 hours and the money in your account in 24 hours. 

To apply you have to be over the age of 18 and in full-time employment for over 6 months earning 1000 dollars per month after taxes. You must be a U.S. Citizen.

You can apply by clicking the image above...