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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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A Gameplan for a Loan

Getting a loan for people with bad credit is not anymore uncommon these days. In fact, more and more people resort to these kinds of short-term loans to help them tide over till the next payday, help pay off emergency expenses, or even consolidate their loans.

If you’re one of the many thinking of getting a loan for people with bad credit, we’ve rounded up a simple game plan to help you make the most out of your loan and at the same time, avoid getting into a major loan headache.

Compare loan offers from various lenders before signing anything. Not all loans for people with bad credit are equal, and some are more borrower-friendly than others in terms of interest rate, penalties and charges. Find the one that’s best suited to your needs and your financial capacity.

See if you can pay off other existing loans before taking out a new one. One short-term loan may not seem bad, but multiple loans can be detrimental for your credit score, not to mention, your peace of mind. Before trying to get a new loan for people with bad credit, try to see if you can pay off any existing short-term loans first. This will be easier for you on all fronts.

Devise a payment scheme. When it comes to loans for people with bad credit, you would want to make sure that you can make the payments on time as much as possible. Delayed and missed payments can mean high penalty fees and you’d rather spend this money on other things. Create a payment schedule where you plan how much money you’ll be setting aside from your savings or your next paycheck to pay off your loan. Make sure too that this budget leaves you with enough money for your other needs, otherwise if you’re strapped for cash again, you’ll likely take out another loan in no time.

Pay the loan no matter what. There’s really no better, smarter way of putting it across. The wisest advice if you have a loan is always to make sure to meet your payments. If this means scrimping a bit on the personal luxuries, then be committed than suffer through exorbitant interest rates and charges.

Loans for people with bad credit are not necessarily bad, and many have benefitted from the temporary relief that they offer especially during emergencies. The bottom line always is to be a responsible borrower.

4 Things You Need to Know

The phrase “loans for people with bad credit” probably isn’t new to you anymore. Certainly, if you do a quick search online, you’ll find a thousand and one results with the words: “payday loans”, “online loans”, “short-term loans”, etc. You might know of people who have taken out these loans, and you might even have tried applying for one.

But there’s more to these loans for people with bad credit besides being instant, easy solutions for people who need money but cannot get regular loans because of their credit rating. Here are 5 things you might do not know when we talk about these loans.

Bad credit loans can be an easy but tricky answer to instant cash. These loans for people with bad credit come under many names: short-term loans, payday loans, online loans, etc., but one common thing about them is that they’re all temporary and tricky solutions to your cash problem.

They offer the convenience of a loan that you cannot otherwise get from regular banks given your credit score, but in exchange, they come with high interest rates and exorbitant fees. As short-term loans, the repayment period is only typically two weeks to one month, so you need to have ready money to pay your loan by the time the due date rolls in, otherwise you’re going to be stuck with interest charges and late payment fees.

Do a soft credit search before applying for any loan. A soft credit search allows you to “check” into your credit rating and gauge your chances of having your loan application approved. When you know your credit rating status, you’d have a better idea of what type of short-term loan to get where your chance of rejection is slim. Remember, a rejected loan application can only drive your credit score lower.

Check other short-term loan options. A good research also means looking into other possible types of loans for people with bad credit that you can get. Besides those that you can get from credit unions, there are also, for example, bad credit cards that you can apply for. This is a handy solution if you need the money to pay for purchases, not services.

Another popular option is payday loans which are also short-term loans payable on your next paycheck. The amount you can borrow through these loans is dependent on your income or paycheck.

If you can’t get cash advances/payday loans, another option for you would be to use your car title as collateral. Car title loans may offer you a larger amount of money and may offer you more flexible term. This is a great option as well if you have no proof of income or are currently unemployed and have bad credit.

Devise your game plan to improve your credit score. Every loan for people with bad credit can be a stepping stone to help improve your credit score. A good way to start is to make sure that your loan application is approved (therefore, a soft credit search is important). But the most important is to pay your loan on time.

When you take out that loan, make sure that you’ve studied your financial situation to ensure that you have the money to make the payment on or before the due date, and that you won’t be forced to take out another loan just because your cash is short. If you can, pay off other existing loans first before taking out a new bad credit loan, or use this new one to consolidate your other current loans.