Best Loans To Help You Escape A Sticky Situation

It’s been almost a decade since the great economic crash in America. There was a great period of stagnation seemed to be a good thing for citizens. But now with the economy more or less stabilizing, the cost of living is only going up.

Which is why almost 85.3 million Americans turn to personal loans alone on a yearly basis. Just to keep their heads above water.

The problem is the average credit score in America is roughly 699. That only qualifies as “fair”. Which is one up from “Bad”.

A common solution to digging out of debt is to refinance your home.  But, many people don’t have enough equity or don’t own a home to refinance.  As you can imagine, this can make getting a decent loan with a fair repayment plan rather challenging. Heck, maybe that’s the problem you are facing right now.

The good news is through this article, we will be going through 5 different small loans that you can take out, even with a less-than-appealing credit score. Which can really help that financial stress on your shoulders.

Personal Loans – Your Unsecured Emergency Loan


When you get those nasty unforeseen expenses budgeting everything can become a nightmare. Especially when you urgently need cash on hand. Typically, in emergency situations, payday loans or credit cards are used.

But the interest can be particularly nasty as lenders know you need the cash, and quick.

However, if you can wait for 2-weeks, a personal loan is a far less riskier, and costly way to get a quick injection of cash to help you out of a tight spot.


  • The lower interest rate in comparison to other loans. However, not the lowest interest due to zero collateral.
  • No collateral on your loan. Meaning nothing can be taken away if the loan is not paid.
  • There are non-bank options. From market lenders to credit bureaus, there are alternatives.
  • Loans have a fairly quick turnaround time for approval. Anywhere up to 2-weeks.


  • A somewhat decent credit score is needed.
  • You need to watch out for potential extras and fees.
  • These are short-term loans, not long-term solutions.
  • Don’t take out a personal loan to fund certain luxury expenses.

Payday Loans (Super Quick Fix For Bad Credit)

When you think about payday loans, think about receiving your paycheck earlier than expected. Somehow, somewhere the budget got messed around, and as the end of the month draws closer, your wallet seems to be burnt right through.

But payday loans can be really dangerous.

Due to the lack of background checks, bad credit ratings being approved, and the general risky nature of these loans, they can be INSANELY dangerous! Which is why you only want to take out this loan if you know you can pay it back as soon as you get your next paycheck.


  • You can apply for payday loans even with an unstable credit.
  • There is a really short approval turnaround time of 24 hours.
  • New penalty which restricts lenders from debiting your account if you do not have sufficient funds.


  • Insanely high-interest rates (average 381% compounded annually)
  • Hidden fees, which can become rather troublesome.
  • The short scope of repayment.

Overdrafts (Through Your Banking Advisor)

If you prefer the security nets of typical banking firms, then an overdraft is a great idea to help you get a quick flux of cash.

Essentially, when getting an overdraft, the bank you use will allow you to withdraw more cash then you have from your current account. Of course, there will be fees charged for this. So you want to make sure you withdraw enough once off.

But remember to only withdraw what you can afford to pay back.

There Are Two Different Types Of Overdrafts:

The first type of overdraft is known as an authorized overdraft. It works pretty much the same way you use your account on a daily basis. You agree to a certain amount with your bank, and you can spend that amount through all of your typical payment methods.

Unauthorized overdrafts, on the other hand, are like hidden surprises. This happens when you have an overdraft agreement with your bank, but you do not plan to spend more than you already have in your account. Of course, the fees on this are ridiculous, which is why we strongly suggest you keep away from this.


  • Helps keep a good payment history.
  • There is less paperwork involved.
  • Flexibility in the amount you need (At least up to the limit agreed to between the bank and yourself)
  • Interest is lower as it is based on the amount used not the amount borrowed.


  • There is the risk of a lower limit being set.
  • Companies risk collateral damage as certain assets can be seized when failing to pay an overdraft.
John Morris
John Morrishttps://www.tenoblog.com
John Morris is a self-motivated person, a blogging enthusiast who loves to peek into the minds of innovative entrepreneurs. He's inspired by emerging tech & business trends and is dedicated to sharing his passion with readers.


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