Loans for People with Bad Credit

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Loans for People with Bad Credit

Short term loans are often needed in today’s world, but what about short term loans for people with bad credit?

Short term loans for people with bad credit provide a sum of money which usually needs to be paid back by the next payday. They are designed to be used for when you are facing a costly bill and unexpected repair, and by their very name, loans for people with bad credit help those who are trying to better their credit rating and cannot get credit from anywhere else.

Loans for people with bad credit are now very popular, and definitely worth checking out, but how do they work?

The Details

Otherwise known as payday loans or payday advances, loans for people with bad credit are short term credit options whose interest is based on a two-week period.

It is common for these loans to be around 650% APR, which is over ten times the amount of interest you would expect for a normal bank loan or credit card, but this percentage is based annually, so let’s do a little calculation. If we assume that two weeks is 1/24 of a year, then the amount accrued over two weeks on what you borrow is equivalent to 650%/24, which is 27%. So if you borrowed $400 on an APR of 650%, then you would pay back $400 plus 27% of the amount, which totals $508. There are no better loans for people with bad credit which might offer a lower percentage.

Qualifying

Thankfully, if you do find loans for people with bad credit to be your only option then the chances of you being approved are very high. No thorough credit checks are performed, which means that when you enter your information, you will be notified in seconds whether you have been approved. 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.

There are a number of prerequisites to getting approved with loans for people with bad credit. You must be over the age of 18, and you must be in regular employment usually earning over a specified amount. You need to prove you citizenship and living status, and hold a valid checking or savings account. Some lenders only allow permanent US residents to apply, and not citizens who live overseas.

Loans for people with bad credit are 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.

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Basic Finance Strategies

If you’re one of the people who have just learned how important personal finance is, you may have splurged money in the past, paid your credit card balance with the minimum and have come into stresses of putting up money for bank loans and mortgages.

Fortunately, it is not yet too late. Most of the financial experts would agree that the first thing you need to do to revolutionize your personal finance strategy is to pay yourself first. This means before you factor in the expenses, you should allot a certain percentage of your income that is to be devoted for your savings.

Second, you need to have an emergency fund even as you are paying off loans and debts. You can start with a small amount and grow it from there. Emergency funds usually need to be at least three months of your living expenses. This is the money that you will use in case of an emergency or job loss and prevent you from spending your savings or the budget for other expenses.

Beginning with these two strategies, you are slowly but surely building your financial status up. You may not see the result overnight, but it pays to know that you have some form of cushion should the unexpected catch you by surprise.

All About Bad Credit Loans

If you have been refused for a bank loan or a traditional cash loan because of your poor or bad credit score rating, then worry no more. There are plenty of lenders out there that offer bad credit loans, which are loans that are designed for borrowers with poor or bad credit score or no credit history at all.

If you have been struggling to get funds you need for whatever purpose then you can consider getting bad credit loans as a solution.

Application Requirements for Bad Credit Loans

The requirements vary depending on the type of bad credit loan you wish to get. Secured bad credit loans require collateral, which can be ownership documents such as real estate titles, car titles or jewelry. Unfortunately, if you do not pay your loan back within the lender’s terms, you may lose the properties that are secured to the loan.

The good news is that since lenders of secured bad credit loans have some form of guarantee from you that you will pay back the loan (otherwise, they can seize your valuable property), the interest rates charged on these loans are generally lower.

On the other hand, unsecured loans are not tied to any property or ownership and thus require none of such documents. Forms of such loans are often called Payday, Cash Loans, Instant Loans or Cash Advance. Lenders of these loans only require basic requirements such as: proofs of income, identity and address.

What Unsecured Bad Credit Loans Can Offer

If you are in dire need of money but don’t have a collateral secure to a loan or simply don’t want to risk your asset for a small loan that you wish to pay in a short period of time, then select the unsecured bad credit loan type. Here are things unsecured bad credit loans can offer:

Fast turnaround
Unsecured bad credit loans are quick loans in general. Lenders that offer bad credit loans online normally process your application within the day. Since no credit check is required for such loans and no asset is attached to it, there is no need for the lender to check your credit standing with the credit reporting agencies or verify whether your collateral is legitimate.

Since the transaction is done online, the process becomes even faster. Expect to get a response from your lender in as fast as 24 hours.

No Credit Checking
As mentioned, no credit check is required for these loans. Regardless of whether your credit standing, you will not be discriminated based on your credit rating.

Convenient Processing
Most lenders now offer bad credit loans online. This makes the entire process convenient not only for the borrower but for the lenders as well. You have access to the loan service anytime and anywhere while lenders, through their automated and secured server, can process your application online without requiring your presence.

Quick Requirements
In most case, lenders of unsecured bad credit loans require only the basic requirements, which include your proof of payment and proofs of identification. What’s most important to these lenders is that they know where you work or where your income is coming from, how much is your income, and where you live.