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Loans for medical or dental procedures are available too. Several online companies and banks provide funds to pay for health care needs, surgery, dental work and more. The medical loans generally are paid out instantly and do not require a credit check and they also come with flexible repayment terms. Locate loans for medical procedures.
Peer to Peer or Social lending is a type of lending that occurs directly between regular everyday individuals ("peers") without the participation of a traditional bank or financial institution. It is unique in that people who need money are technically borrowing from “regular” individuals or investors. The interest rates will often be lower than a bank or payday loan and the sign up process is usually very quick. This industry also tends to be less regulated than some others. More information on Peer to Peer lending.
- Crowdfunding is a form of P2P borrowing, though it is not quite the same as a loan in that the money does not need to be repaid. There are many ways to raise money for free. The from crowdfunding, including loan programs, can help pay the bills, rent and other basic needs. Learn about GoFundme, Paypal Generosity Network, Kiva and other organizations for money. Locate free crowdfunding sites.
Emergency money, in addition to loans, can be provide from other sources peer to peer type organizations. They include some or all of the following. The options include peer to peer, gig work, crowd funding and more.
Home equity loans are another very effective way to consolidate debt and help pay bills. It does come with advantages (such as income tax breaks) and disadvantages (home is collateral). Only families that own property can apply. Learn more and find how to get a home equity loan.
Personal loans to help pay for rent, including unsecured loans, are available from major banks like Chase or Bank of America as well as online lenders including UpStart, Paypal, Lending Tree and others. The list of loan companies ranges from online lenders to a local bank or credit union. The funds can help a struggling tenant keep up with their housing needs while other long term relief is explore, and look here for details on where to get an emergency loan to help pay rent.
Government loan products for low-income households
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Loans from the government can help low-income families. There are several different programs available. Examples include FHA loans for buying a home or paying a mortgage, DOE loans for home repair costs, funds to help college students pay the bills and more. Find details on government loans to help pay bills.
Federal Employee and Education Assistance Fund provides zero percent interest loans. It is limited in that this program is only for civilian employees of the federal government, however this does include postal workers as well. Referrals may also be given to military families or veterans. The loans from FEEA have been used in the past for paying a wide range of expenses, including certain medical bills, emergency car repairs, or even to pay the rent for a month or so. Learn how the Federal Employee and Education Assistance loan fund works.
Seniors on a fixed, lower income can get a loan from the Social Security Department or local, affiliated organizations. The funds are issued in an effort to help senior citizens pay the bills while they wait on their government payment or for the program to start. There can be other reasons a loan is issued as well as find details on loans for seniors on social security.
People applying for SSI or SSDI disability benefits from the government can get a loan as well. Several online lenders, local non-profits or some state government provide funds to applicants while they wait on a decision from the social security administration. The loans will help low-income applicants pay for their basic needs during the application process and find details on how to get loans for people with a disability.
Low interest rate auto loans from Ways to Work (or similar regional non-profit partners of the charity) will help with paying for transportation costs. If you need a car loan or to borrow money for say a new truck for a job, Ways to Work or a similar service (such as Wheels to Work, etc.) will help low-income families and borrowers with poor credit scores. The interest late on the money provided is much lower than offerings from traditional financing companies or car manufacturers.
- The Ways to Work car loan program is intended to help individuals remain in or advance in their job. The non-profit, which as both local offices that may be near you as well as online applications, and they understand that adequate transportation is needed to do that. Funds can be used to buy an affordable used car or maybe even pay for repairs. More on Ways to Work car loan program.
 Credit union financing can help lower income families. There are several regional and national credit unions that are available to the general public. Anyone can join by making a very small “donation” and opening a savings account. Customers will then have access to personal or emergency loans that can be used to pay a number of expenses, such as rent, car repairs, medical bills, and they can even borrow money to be used for auto loans. Some also offer low interest rate mortgages, credit cards and other forms of financing, such as signature loans. Find how to apply for loans from credit unions.
- Low interest rate Stretch Pay loans is a product is another low interest rate offering that is made available by many non-profit credit unions as well as small regional banks. It is really a credit unions version of a payday loan, however you will be dealing with a major financial institution so there are advantages. They can be used to pay emergency bills and expenses. Learn more on stretch pay loans.
No collateral Signature Loans from credit unions and banks can help people that do not want to make any commitments. For applicants that need a financing resource that does not require collateral, but that tends to have a higher interest rate, then a signature loan may be another option. This is often thought of as a high risk product. The interest rates will vary based on lender and the borrowers financial situation, they will tend to be higher than a credit card as borrowers do not need to make any commitments to providing collateral. Continue with Signature Loans.
Emergency loans from churches are offered in most areas. There are local as well as national faith based groups near you that may provide money in a crisis. When a church does provide financial assistance, the dollar amount is minimal. However many will not only try to provide some cash to help pay bills, but they also offer other support such as credit counseling, basic household supplies, and much more in addition to the free, short term small dollar personal loans. Locate low cost loans from churches.
College loans from both private or public universities are an option. The institutions, most of which are non-profits, will provide some form of emergency assistance to enrolled students, especially ones from low-income families. The cash provided will usually have a very low interest rate. The money given to the student by a college can pay for bills such as textbooks, car repairs or gasoline to get to class, housing, and other expenses. Borrowers include part and full time students, undergrads, professors, commuters, and graduate students too. More on emergency loans for University students.
Interest free loan financing is available from many charity organizations. There are non-profits, including faith based organizations and online companies, that offer funds for emergency situations. The loans will usually be offered at a zero percent interest rate to borrowers. The money disbursed can help those individuals who do not qualify for any forms of government aid or financial assistance from other organizations. Find extensive information on help from free loans.
- One of the main organizations is the Association of Jewish or Hebrew Free Loans. They operate from dozens of different offices around the country. The organization will help people of all religions and backgrounds. This type of financing is much better than using a payday loan, and tens of thousands of families (no matter their religion) benefit from the service. Find a list of Jewish Association lenders.
Non-traditional, higher cost lenders that give loans for a crisis
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Other national and community lenders provide loans near you. They will include a local community bank, fintech lender, or even a non-profit among other options. There are emergency personal loans offered by national banks, such as Chase, Bank of America and others. There are also online lenders, including SoFi, Lending Tree, Lightstream and other companies Find local community wide emergency loans.
There is help eliminating a payday loan as well. Some of these can include payday loan consolidation programs and using the services of various companies that work with lenders. There are also not-for profit credit counseling agencies as well as state consumer protection boards that may assist. Find steps to take around payday loan consolidation.
The bottom line on using loans to pay bills
Borrowing money can be useful in certain situations for people who need temporary cash to help pay bills for a short period of time. It is always a good idea to look into multiple organizations before taking out a loan. As noted, using a loan to pay bills, no matter your past financial history, will come with high costs, risks and numerous potential downside.
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