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Nothing is more frustrating than going to apply for a personal loan only to be turned down because of your credit score. When you need a loan to pay emergency bills or to help cover business expenses, you do not have time to wait for your credit score to recover. Plus, one of the fastest ways to improve your credit score is to take out a loan and pay it off in a timely fashion.
But how can you build credit when lenders keep turning you down? The answer is to turn to a bad credit personal loan.
Loans for bad credit are lending products available to borrowers with credit scores which are defined as “bad”. In this case, that means 630 or under.
|300-549||Poor / Bad Credit|
If a consumer’s credit score ranges between 300 and 549, that is considered “poor” credit. A score between 550 and 629 is better, but still “bad” in the grand scheme of things.
Whether you have subprime or poor credit history, you would be in the market for a personal loan with bad credit.
Don’t have any credit at all? Bad credit loans are designed for customers without credit as well.
Borrowers with “fair” credit may qualify for regular prime loans. If your score is above 630, try looking into these types of loans before falling back on loans for people with bad credit.
Bad credit loans make it possible for people with bad credit or no credit to establish or build credit while getting the loan they need for life’s urgent expenses.
That being said, there are some strings attached. All of these conditions are necessary for the lenders to protect themselves while offering financing to high-risk borrowers.
If you shop around however, you can find lower interest rates and terms.
On the upside, with a loan for bad credit, you can enjoy the benefits listed in the table.
|Pros of Bad Credit Loans:||Cons of Bad Credit Loans:|
|Fast application process||A higher APR|
|Easy and quick approval||Stricter terms|
|Rapid disbursement of funds||Higher fees|
|Chance to improve your credit score||A possible requirement for collateral|
Now that you know the basics of bad credit loans, let’s take a look at the steps involved with selecting one which will be right for your needs.
Credit scores are a somewhat more complicated matter than many consumers realize. Technically, you have more than one credit score. But the one you are most concerned with is the one which is assigned by FICO. Your FICO score is based on your payment history, the amounts of your existing debts and credit cards, the length of your credit history, and the diversity of your credit portfolio.
Many borrowers confuse their credit scores with their credit reports. Credit reports and credit scores are actually different.
Each year, every consumer is entitled to a free credit report from each of the three major credit bureaus: Equifax, TransUnion, and Experian. The report does not include a numerical score. It simply lists a consumer’s borrowing and payment activities.
Credit scores are generated by computers based on credit report data. Ordering a free credit report is a great start to figuring out what types of loans you may qualify for, but you probably will want to find out your exact FICO score. You can do this by paying a small fee to any of the credit bureaus.
After determining one’s credit score, the next step a borrower needs to take is to think about loan purpose. One of the best things about loans for bad credit is that they are incredibly versatile. Both the purpose of the loan and the consumer’s situation are essential considerations when selecting a loan.
Say for example that you need to borrow $1,000 to cover medical bills, and you have a reasonably stable income. You may not need nearly as much time to pay off your loan as you would if you were borrowing $2,000 to fund a start-up, and your income is still a bit spotty.
Personal loans for bad credit can be classified as secured or unsecured.
A secured loan is one which is bound to collateral. A great example would be a title loan which is bound to an automobile. A consumer who has two cars and isn’t too attached to one of them may find that it is easy to qualify for a secured loan with minimal inconvenience by offering up the vehicle as collateral.
On the other hand, a borrower with only one vehicle and a lot of financial uncertainty could be taking far too great a risk by offering the car as collateral. There are also consumers with no property of value to act as collateral. These borrowers have no choice but to apply for unsecured bad credit loans.
Which is best? It depends entirely on your individual situation and needs. In general, an unsecured loan poses less risk to the consumer. If you can find one which you can qualify for, it is generally the most suitable choice.
After determining whether to choose a secured or unsecured loan, the next step in the process is to figure out the amount and loan term required. A wise rule of thumb is to borrow just a little bit more than what you think you will need. The reason is that it is easy to under-budget, and you may very well require the extra funds.
Why not take out significantly more? Remember, you will be paying interest on the loan. The more you borrow, the higher the risk to the lender. This can drive up rates and fees. Taking longer to pay back the loan also means paying more interest over time.
So borrow just slightly more than the minimum you think you will need, and plan to pay it back as quickly as possible.
A bad credit personal loan is the sub-prime equivalent of a prime personal loan, also sometimes called an installment loan for poor credit.
There are other types of bad credit loans as well. Here is a quick rundown:
Payday loans are really only ideal for borrowing small sums of money you know you can pay back within a couple of weeks. Personal loans for bad credit are the least risky and most rewarding loan type for most scenarios.
Your last step is to apply! To qualify for a bad credit loan, you need to meet the following basic requirements:
Applying is as simple as filling out a quick online form and selecting an offer. In many cases, it is possible to receive funding within 24 hours.
Here at SameDayLoans365.org, we know that when you need money fast, the last thing you want to be doing is going from lender to lender in search of the right loan for bad credit. That is why we make it possible for you to send out your application to our entire network of registered lenders with a single click.
When you apply through SameDayLoans365.org, you can rest assured your credit score is safe. Our lenders use a soft “alternative” check, never a hard credit check. This does not damage your score.
The lenders we work with, report to the credit bureaus. So if you make payments on time and in full, you can work on establishing or boosting your credit score.
Our nationwide network includes only with registered, transparent and reputable lenders. All have earned our trust and that of our customers through consistent fair lending practices and excellent customer service. Our lenders are flexible and willing to overlook bad credit or no credit, which means the approval rate is very high.
Because all of our lenders receive your application, you will likely receive multiple offers. You can choose the lowest interest rate and the terms and amounts which are most suited to your needs.
We never require collateral, and we never charge any upfront fees.
We take pride not only in offering some of the most competitive loans for bad credit, but also in providing the best customer service around. Contact us any time you need assistance and we will be glad to answer your questions and help you out.
Ready to get the money you need? We make it fast and easy to apply:
That’s it! Once your application receives final approval, your funds will be disbursed. Choose direct deposit, and the money could be in your bank account within one business day.
Thank you for choosing SameDayLoans365.org for your bad credit lending needs. Apply now, and you could be paying your bills and rebuilding your credit as soon as tomorrow!
We remind you that SDL365 promotes a policy of Responsible Borrowing and Responsible Use of Loans. Note that loans are an expensive financial solution, and approval is not guaranteed. Everyone who gets a loan should read over the terms and conditions before signing and submitting the contract. This contract will include the specific date when you must pay the loan back. If you don’t pay back your loan on time, the lender has every right to charge you late fees until you have covered the full amount of debt. Failing to repay the loan in full, may result in legal actions.