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Personal Loans for People with Bad Credit

Getting through a financial emergency can be challenging, most especially if you don’t have the money to cover for such an expense. And while getting a loan may provide you with a quick solution, this may not be an option for people who do not have a good credit score. When you have poor credit rating, traditional lenders such as banks would likely turn your loan application down.

Fortunately, there are other lenders that specialize in providing personal loans to borrowers like you who are unlikely to get regular personal loans through banks and other traditional lenders because of bad credit.

These personal loans usually have short repayment term, usually ranging from days to a month. The most attractive feature of personal loans with bad credit is that the loan process is fast. After meeting the basic requirements, you can get the money within 24 hours.

With these features, personal loans for people with bad credit are great solutions for emergencies and when you cannot get credit from anywhere else. Whether you need extra money to pay for an unexpected bill, a medical emergency or to fund a vacation, personal loans for bad credit borrowers are among your most convenient options or alternatives to regular bank loans.

Qualifying for Bad Credit Loans

Thankfully, if you do find loans for people with bad credit to be your only option, the chances of you being approved are very high. Since no thorough credit checks are performed, you can expect to get a response on your application in as fast as 24 hours.

The basic requirements to getting personal loans for bad credit include:
– You must be at least 18 years old.
– You must be in regular employment earning over a specified amount.
– You must be a US citizen. Some lenders, however, only allow permanent US residents to apply, and not citizens who live overseas.
– You must hold a valid checking or savings account.

Since lenders do not look at your credit history or status, lenders that offer these loans lower the risks on their part by making sure that you have a stable income to pay for the loan. Most lenders require you to also provide proof that you have been employed in the same company for at least six months and that your income can afford the amount you intend to borrow from them.

Loans for people with bad credit are also subject to the specific terms of each state, so make sure you check your own state laws. Loans for people with bad credit give you a real lease of life when you need it most. If you are approved then the money will be in your bank by the next working day, which makes loans for people with bad credit a really speedy solution.

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Cards With Bad Credit

Credit cards have pretty much become a necessity these days. Plastics, as they are popularly called especially in the United States, make it easier to purchase almost anything. The good news is that even people with bad credit scores can now acquire credit cards. For as long as they are able to prove their capacity to pay monthly, they can acquire credit cards for bad credit.

It’s even interesting to know that some people acquire bad credit credit cards not only to make purchase, but also to improve their credit scores, which these cards are primarily designed for. Get to know more about these credit cards for people with bad credit through the following frequently asked questions.

What are the requirements?

The basic requirement is a cash deposit that is generally the same as the credit limit that the institution gives you. Of course you’re also required to provide basic information like name, address, and employment details.

Where do I go to get this credit card?

One of the many advantages of acquiring credit cards for bad credit scores is its huge presence online. There are several of them online, and you just need to find one that best appeals and fits your need. Even the application process can be done online.

How much are the interest fees and charges?

This differs from one credit card provider to another, but generally bad credit credit cards entail higher fees and charges compared with regular credit cards.

How do I use this credit card to improve my credit score?

It’s pretty simple to use bad credit credit cards to improve your credit standing. All you have to do is to make your monthly payments on time and at the right amount. Do this for at least a year and you’ll soon find yourself with a much-improved credit standing, which means you can apply for regular credit cards that no longer require cash deposits and that entail lower rates.

Repair Bad Credit Score

Think of bad credit loan as an opportunity to correct those wrong financial decisions you made in the past. If you have a terrible credit score and are looking to improve it, getting bad credit loans can significantly help move you into the right direction.

Secured and Unsecured Bad Credit Loans

There are two types of bad credit loans: a secured loan and an unsecured loan. In the first one, you will offer up a collateral to back up the loan. This can be a piece of real estate, your car, and other valuable items such as gold or jewelry.

Loans for people with bad credit would typically have a higher interest rate. This can be negated by offering a collateral which is significantly more valuable than the amount of loan you are applying for.

An unsecured loan, on the other hand, is the exact opposite of the first one. You do not have to offer up any asset as collateral in order to qualify. However, the finance company you are borrowing from would look for a certain level of guarantee, such as having a co-signee for the loan. This will allow them to go after the co-signee if the original borrower is unable to pay off your bad credit loan. Again, expect a significantly higher interest rate for this type of bad credit loan.

Improve your Credit Score

If you are unable to get regular bank loans, you can start repairing your credit score by using bad credit loans. There are many ways that a bad credit score can help you re-establish your credit score. For instance, you have an important bill to pay and don’t have the money for it due to an unforeseen circumstance, getting a bad credit loan is one easy way for you to get by, pay that bill and in effect, allows you to further damage your credit score.

You can also use bad credit loans to consolidate all your debts into one big pot and make payments over the years. This option may give you a better payment plan with lighter payments. This will allow you to slowly repair your credit score as you are paying your loan back.

You must keep in mind though that to get a bad credit loan for such purpose (debt consolidation), most lenders may require you to present a collateral or have a co-signer. Due to your poor credit score, lenders generally don’t grant big loans unless there is collateral involved.

Having a good credit score is very important. But sometimes damaging it is inevitable most especially due to unforeseen circumstances such as job loss, divorce or family death. If you find yourself in this situation, you can always use bad credit loans to begin digging yourself out of the situation. Just remember however to use such financial services wisely and make sure that you can afford it.