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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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Credit Cards for Bad Credit

These days, a low credit rating is not anymore a deterrent to getting a new credit card. You can now fully enjoy the perks and benefits of that small piece of plastic card, all thanks to credit cards for bad credit. If you’re thinking of getting one of these, here’s what you should be looking for besides the usual.

Credit usage report. Most credit cards for bad credit report your credit usage to the credit bureaus, which is an excellent way to help you improve your credit score and rebuild a positive credit history, especially if you’ve been faithful in paying your monthly credit on time.

Credit security through a deposit. If you’re worried about spending way beyond what you can afford to pay every month, get a secured credit card for bad credit instead. Secured credit cards require a cash deposit, and your credit limit is typically equal to this deposit. Consider this deposit as your personal ceiling amount or budget, so that when you’ve spent way more than this amount, it means that you’ve exceeded your monthly credit card budget. It’s a good way of helping you curb your credit card usage and keep track of your balance.

Low purchase rates. As credit cards for bad credit, these cards offer a lower interest rate compared to traditional credit cards, as well as zero introductory rates for the first 6 to 12 months. This means you can use your card without having to pay for interest, therefore, making it lighter on your pocket and easier for you to make your payments on time.

Car Title Loans

Mainstream lenders scrutinize every loan application properly and meticulously. One of their judging points is whether you have a pretty credit score or not. If you don’t, you pretty much lose the chance of getting that loan. Or you might get the loan, but the amount will be lower and the interest is higher.

Over the years, mainstream lenders have always been the obvious choice when people are seeking out loans. But when banks and financing institutions imposed tighter criteria for loan approval, one that includes good credit score, bad credit borrowers were taken out of the picture.

Title Loans – Alternatives for Mainstream Loans

Soon enough, third-party and private lenders hatched up various kinds of loans to cater to people with poor credit scores, and these include title loans.
Car title loans are secured loans that are available for sub-prime borrowers. As secured loans, car title loans typically require the car title as collateral. What you need to do to get this loan is to simply bring the car to the lender and have it appraised. You’ll also need to present the clear title, your driver’s license, spare keys and other basic documentation. After which, you and the lender will agree on the loan amount, loan term and other conditions associated with the loan.

If you’re still concerned about your credit score, you must also take note that a lot of car title loans lenders no longer conduct traditional credit check. Lenders are not as concerned about your credit history and standing. What they care the most is that the car is in good condition, it is paid off and you have the documents to show that you are financially capable of paying the loan off.

Title loans are good alternative to mainstream loans especially if you need the loan right away. Mainstream lenders are known to have long loan processing periods which do not help if you urgently need the money. Meanwhile, car title loans are processed and approved in just a few minutes as long as you prepare all the requirements beforehand.

Furthermore, those who have poor credit score will find car title loans beneficial. You don’t have to worry about your credit score getting in the way of obtaining the funding you need.

But, Is There a Catch?

Yes, there is and all types of loans have a catch. You have to be careful about the amount, loan term and your payments. In as much as possible, get a title loan that you can manage, in an amount that you can afford and the loan term that best suits your financial goals. If you become delinquent, or worse, default on your loan, the lender will have the legal right to seize your car. And in order to recoup the uncollected payments from you, the lender could put the car up in auction and own the proceeds.

Having good financial management skills will help ensure that you’ll meet the payments on time and that you’ll get your title back with no problem.