Originally published on WalletHub on February 12, 2024 

UCF Assistant Professor of Finance Kevin Mullally, Ph.D. was quoted in WalletHub’s article “Is the Total Visa Card Worth It?” To access the review in its entirety, click here.

What advice do you have for someone with bad credit who needs to borrow for an emergency expense?

Regarding folks with bad credit who need to borrow for an emergency expense, I suspect the best option would be to borrow from a friend or family member. If the emergency is medical-related, many medical providers offer financing options. I suspect the same is true for other service providers (auto repair services provided by a dealership for instance). The worst-case option would be a payday lender or other extremely high-interest rate option.