During the current economic crisis, many Americans are living paycheck to paycheck, barely covering their daily expenses. When faced with an emergency, everything crumbles down and you feel helpless.
The good news is that loans can help you get out of trouble if you need quick money. We’ve compiled a list of the some best companies that offer emergency loans for people with bad credit to help you out.
Spot loans can be offered by banks in the form either of personal or business loans. The loan can be used for any emergency. Before granting these loans, banks may review your credit history. These loans are available to anyone, even those with bad credit. Spot loans are subject to credit history. Rates will drop if you have a good credit record.
Spot loans offer some very unique features
Customers will appreciate the fact that banks can often disburse loans within minutes or less.
Higher Interest Rate
Because they are unsecured loans the interest rate for spot loans is higher than regular loans. In the event of default, banks do not have any collateral. These loans should not be used in extreme situations.
Spot loans are available for a shorter period than regular loans and don’t last longer than five years.
Simple Application Process
Online application for a spot loan is possible with minimal documentation. To apply for a spot loan, you can visit your local branch. After you have submitted your personal information, including your phone number and email ID, the loan amount will be transferred into your bank account.
In most cases, the decision about the amount of the loan is made and the disbursal process are automated. You can obtain the loan fast if you meet the requirements. You can apply for larger loans if you have a higher repayment capacity.
3 loans like Spotloan: Spotloan Loan Alternatives
We are listing the best borrow money apps to get loans such as spot loans.
Best option for borrowers who have poor credit: OppLoans
OppLoans offers loans up to $4,000. OppLoans provides loans up to $4,000
- OppLoans is only available in Alabama, Georgia, and Nevada. There are loans that can be originated in other states and funds that can also be funded.
- The loans are fully amortizing and there are no balloon payments.
- You can pay off your loan without incurring prepayment charges.
- OppLoans reports all credit bureau payments. Your credit score will rise if you pay all your bills on time.
Best for getting funds quickly: CashNetUSA
CashNetUSA is different. A loan approved prior to 1pm Central Time could allow you to receive a direct deposit that same day. You can get emergency cash immediately from CashNetUSA when you are in need.
- The application takes just a few seconds and you’ll receive a quick decision.
- Loan amounts are lower — they cannot exceed $500
- The loan must be paid off by your next paycheck. There are no prepayment penalties if your loan is paid off early.
- CashNetUSA loans might not be available in all states.
Best option for small-to-medium loan amounts: OneMain Financial
OneMain Financial is a different company. OneMain Financial can offer a personal loan as low as $1,500 to bridge the gap between paydays.
- OneMain Financial charges no prepayment fees and has fixed rates.
- Online applications are available.
- OneMain can meet you in person to discuss your loan options.
- If you apply before noon, your funds may be available the next day. The bank may require you to wait before you can access your cash.
- You may be able change your due date at your local branch. For more information, please call, email, or write your branch.
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It is possible to obtain an emergency loan when you find yourself in a difficult situation. Hence, we present a list of the some best online lending platforms that make the application process hassle-free for borrowers. It is possible to access the cash you need with little waiting time even if you have bad credit with one of those companies.