Can I Get an Emergency Loan With Bad Credit?

By March 31, 2020 May 14th, 2020 Pawn Loan

An emergency is not a situation you expect or can even really plan for. Something unexpected can happen to anyone at any time. More often than not, you’ll need money to cope with and navigate the emergency. If you don’t have the money on hand you’ll very likely need an Emergency Loan from some source.

If you are employed and have a good credit history, getting finance probably won’t present a problem, but what if you have a bad credit rating? You’ll be asking yourself, ‘Can I get an Emergency Loan with bad credit?’

The good news is, you can!

A Pawn Loan is an Answer

If you’re not entirely sure what a Pawn Loan is, don’t worry. Instead of having to satisfy the endless criteria the banks require when you apply for finance, other lenders that specialise in fast loans and Pawn Loans have criteria that are different from traditional lenders.

To obtain a Pawn Loan, you simply put up an item of value as collateral. You borrow money against this item, pay the loan back with interest, then have your item returned to you in its original condition. It’s one of the quickest and best Emergency Cash Loans Australia has to offer.

Items of value include vehicles, valuables such as jewellery and designer watches, even business vehicles can be used. Pawn Loans can range from the low thousands into the hundreds of thousands of dollars. It depends on how much money you require and the value of the item you put up for collateral.

A Poor Credit History is Not an Issue

As you are putting up an item of value as security against the money you borrow, credit checks are not necessary. It doesn’t play a part in a Pawn Loan if your credit history is less than exemplary.

When you need Emergency Cash Loans with no credit checks, Australia has several financiers who specialise in Pawn Loans where your credit history is not considered.

If you were to go into a bank to apply for a loan when you have a bad credit score, there’s a good chance your application for finance will be declined, even for a secured Personal Loan. You don’t encounter that problem when applying for a Pawn Loan and that’s the real advantage of this type of loan.

Some people won’t even contemplate trying to get a loan when they know their credit score isn’t good, even in an emergency. That’s why you need to be aware that, no matter what your circumstances, there are options available to you to find the money you need to help you out.

How Easy is it to Apply for a Pawn Loan?

It’s very easy. As we’ve already established, you don’t need to worry about your credit history. You don’t even need proof of employment to apply for a Pawn Loan. You’re putting up something of value to act as security and a promise to repay the loan, so your credit and employment history is nowhere near as critical as it is with unsecured loans from a bank.

You will need to be able to prove your identity, which usually requires two or more government-issued documents that total at least 100 points. This is standard for any form of finance.

If you’re using your car as collateral, most lenders will expect it to be less than 10 years old and be under 150,000km. You cannot have finance still owing on the vehicle and vehicle registration papers must be presented. The car will be left in the hands of the lender until you pay off your loan in full.

The procedure will vary a little depending on what it is you’re using to secure your Pawn Loan.

The Takeaway

Having bad credit doesn’t mean you can’t get your hands on an Emergency Cash Loan. If you need cash for an emergency immediately, Australia has lenders ready and willing to offer you the money you need today, in the form of a Pawn Loan. All you need is something of value to offset the loan and you’ll have the money in your account either the same day or the very next day.

A Pawn Loan is a very handy finance option to have at your disposal. Visit Cashify today to find out more about Pawn Loans.