Due to the Coronavirus wreaking havoc worldwide, most countries are now in lockdowns with strict laws. It’s sad to say that a lot of people are infected with the virus. The healthcare system is swamped, people are staying indoors more often, and the economy is having a hard time. Speaking of being indoors, quarantine details often encourage people to stay home because of the virus. Staying home prevents the spread of the virus.
Because of those quarantine rules, a lot of typical aspects of our daily lives are changing. For one, small businesses are closing, and a lot of people are losing jobs. It’s safe to assume that many of us are barely getting by with the problems we’re facing today.
Understandably, we need to make every bit of what we have count. However, what do you do when sources of sustenance begin to dwindle? A good thing to do would be to opt for a loan. However, what if you have a bad credit history? What if you have trouble borrowing? Here are some options you can consider:
If you’re one of the few lucky people who still have a job during the pandemic, you’re in luck. Even with the circumstances against you, you can opt online payday loans for bad credit.
Payday loans don’t require credit checks, making it ideal for people who have a bad credit history.
These types of loans are unsecured, which means that you don’t need collateral to get approved. You can learn on online payday loans for bad credit by visiting reliable sources online.
Although payday loans are unsecured loans, you still need to pay it back. Payday loans are named payday loans because once your next paycheck arrives, you’ll be able to pay back the loan. If you need quick cash, then you can opt for payday loans as the next best option.
Unsecured Personal Loans
Another unsecured loan you can opt for is a personal loan. Just like small-figure loans, personal loans don’t need collateral to get approved. Since it’s unsecured and easy to get, personal loans are often capped at small amounts, sometimes up to $300.
Getting a personal loan is quite easy. You just need to find a legit lender to process your request. After finding a lender, prepare your identification such as government IDs, proof of employment, contact number, current working and living address, email, etc. Once you get approved, you’ll get a copy of a contract.
Review that contract for any details and always ask before signing it. After reviewing every aspect and signing the contract, your lender will then process the transfer. It usually takes 1-2 business days for the money to get transferred to your account.
Believe it or not, PayPal has a lending program if you’re a small business owner. PayPal’s working capital loans can help provide assistance to you when you want to start or improve your business. Just like personal loans, PayPal doesn’t require a hard or soft credit check on your credit history.
All you need to have is a working, active PayPal account that’s at least three months old. You also have to go through the usual registration process. Once you get approved, the funds will get transferred to your PayPal account.
BlueVine’s Invoice Factoring
If you’re working with a group or part of a group that owns a business, then you can go for BlueVine’s Invoice Factoring. Invoice factoring is a loan type that helps fill the gap of your cash flow specifically for your business. Be warned though, although BlueVine doesn’t perform a hard credit check, they may require a soft check on your history.
Don’t worry, though. Soft credit checks don’t have a significant impact on your credit rating than a hard credit inquiry. Once you and your group get approved, you’ll have additional funds that you can allocate elsewhere. These funds can be used for other equipment, payroll, or even expansion fees needed by your business.
Ask Assistance From a Family or Friends
If all else fails, then you can always rely on your friends and family for help. The good thing about borrowing from a family member is the flexibility. For example, if you’re short a few hundred dollars, then you can politely ask for an extension from paying back your relative. Friends and family that have the finances will help you in times of need.
The only thing at stake here is your relationship. Most of the time, there have been people who abuse the “closeness” fostered between relationships. Some of them borrow more without repaying. This behavior often results in strained relations. Some have even filed complaints on relatives that don’t pay debt.
Financially speaking, everyone has a hard time because of the pandemic. Businesses have closed down, and a lot of people are losing their jobs. It’s not difficult to understand that people need money. The options above are perfect for those who want to borrow without having to undergo credit checks.