How Can I Borrow Money When I Am Broke? (2024)

FAQs

How Can I Borrow Money When I Am Broke? ›

Many lenders accept unemployed applicants, especially if you can show that you have at least one source of income, such as child support or Social Security. However, it's important to be skeptical of any lender that calls out “easy qualification,” such as payday lenders.

Many lenders accept unemployed applicants, especially if you can show that you have at least one source of income, such as child support or Social Security. However, it's important to be skeptical of any lender that calls out “easy qualification,” such as payday lenders.

Secured, co-signed and joint loans are the easiest to get with bad credit. A secured loan requires collateral like a car or savings account, which the lender can take if you fail to repay. A co-signed or joint loan requires you to add someone with better income and credit to the application.

Hardship personal loans are a type of personal loan that is designed to help you overcome financial difficulties. This type of loan is generally offered by small banks and credit unions, and has lower interest rates, lower maximum loan amounts, and shorter repayment periods than standard personal loans.

How Can I Get a Loan If No One Will Approve Me? Specialist lenders offer bad credit loans with more flexible approval criteria. Provide a larger deposit, use a guarantor, or secure the loan against an asset. Shop around and compare lenders.

What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.

How to get money when desperate? ›

What app will let you borrow money instantly? EarnIn, Brigit, Chime, Dave, Empower, and MoneyLion all have options to receive instant access to a cash advance. However, there typically is a small fee associated with this, often 1% to 5% of the transaction.

Hardship personal loans are a type of personal loan that is designed to help you overcome financial difficulties. This type of loan is generally offered by small banks and credit unions, and has lower interest rates, lower maximum loan amounts, and shorter repayment periods than standard personal loans.