May 30, 2019

There are many reasons someone might fall into debt or otherwise acquire a bad credit score. But having bad credit doesn’t mean you’re an irresponsible person. Let’s be honest, emergencies happen, and most times, money is the only fix. But your paycheck can only reach so far and you can’t always borrow from family or friends, so what are your options if you need loans for bad credit?

You may have bad credit and are considering getting easy loans for bad credit. First off, let’s review what bad credit really means.

What is bad credit?

According to the Consumer Financial Protection Bureau, a credit score predicts how likely you are to pay back a loan on time. A scoring model uses information from your credit report to create a credit score. Anything that falls below a score of 579 is considered poor. Individuals with a credit score below 579 are assumed to be high-risk for lenders. High-risk borrowers are those who miss due dates, borrow more than they can pay back and accounts in collections.

The credit score ranges are as follows:

  • Poor: 579 and lower
  • Fair: 580–669
  • Good: 670–739
  • Very good: 740–799
  • Exceptional: 800+


Your credit score can affect a large portion of your life. Bad credit can affect your interest rate and loan options. When you have a bad credit score, it alerts lenders that you’re a risky borrower. Knowing this, lenders can decline your request for a higher line of credit or a lower APR on your existing credit card. Essentially getting easy loans for bad credit can be tricky, and if you’re in need for fast cash, sometimes you have to resort to loans that hurt more than they help.

Easy Loans for Bad Credit You Should Avoid

1. Payday Loans

Unfortunately, rainy days and emergencies can happen to anyone. And when you have bad credit getting cash when you need it can be a challenge. One easy loan for bad credit many people turn to are payday loans. Payday loans are illegal in many states for a reason. They prey on the most vulnerable in our society charging interest rates as high as 391%! Payday lenders promise easy loans for bad credit at a high cost. You deserve better.

2. Credit Card Cash Advances

A credit card cash advance is a service provided that lets you withdraw cash up until a certain limit. You can get a cash advance through your credit card company. Credit card cash advances do not pull your credit report but they can affect your credit score. Credit card cash advances charge high interest fees. If you fall behind on paying back your credit card cash advance your account can end up in collections. Grace periods do not apply to credit card cash advances. Therefore that means you begin accruing interest the minute you take the cash out; not to mention the processing fee. Credit card cash advances are not an easy loan for bad credit solution.


3. Bank Overdrafts

An overdraft fee is charged when a withdrawal from an individual’s bank account exceeds the available balance. You can overdraft your account through checks, ATM transactions, debit card purchases, automatic bill payments, or direct debits from lenders or other billers. Banks made over $34.1 billion in overdraft fees in 2017. The average overdraft fee charged by banks is $35. That means bank overdraft fees carry a 17,000 percent APR. Overdraft fees are one of the most expensive bank fees. You should avoid using them as an easy loan for bad credit.

Getting Cash with Bad Credit

When you’re looking for cash for bills and everyday expenses, you need a service that’s going to have your best interest at heart. Brigit helps you spend smarter by keeping track of your expenses and notifying you if you are falling short on cash. With budgeting tools, alerts, and access to cash when you need it, Brigit does not  look at your credit score, FICO score, or anything like that. It also won’t affect your credit score if you do end up getting cash.

It can be challenging to make ends meet while dealing with bad credit. That’s why it’s important to make the best financial decisions for your life that includes getting cash from a company that has your financial wellness in mind.