Bad Credit Loans

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Payday Loans
Payday Loans

Apply for a quick loan and repay it on the next business day in a single payment

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Installment Loans
Installment Loans

Set a number of individually scheduled payments to repay this type of loan over time

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Title Loans
Title Loans

Use your car as collateral to repay a 100% secure title loan over time

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    Receive the sum you need directly to your bank account. The transfer will occur on the next business day after your application is approved.

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Emergencies are just that emergencies! You never know when it will emerge. Usually, you might be in a tight spot when one comes your way without anything in your pockets to bail you out and no one to ask for cash. Borrowing can also be embarrassing at times, and you would rather find another quick fix to your problem. Right?

No way! Just as the name suggests, bad credit loans are exactly that bad news. We have grown accustomed to justifying all the bad stuff we do for the pleasure of the moment and get to deal with the consequences later. Probably you will do the very same thing even after reading this article thats your call.

To put it in a way that you will easily understand: bad credit loans are the ones you get even when your credit score is completely messed up. Seeing banks and other lenders formed this habit of analyzing everything from your credit history to your asset portfolio, shrewd institutions emerged to tackle this economic gap. They disregard all your past information. This is not to say they won’t prioritize your good credit history; if it is okay, you will get better terms and receive more.

To sum it all up in a few words, they do not consider your low credit scores but give you small loans with limited time duration to pay back. Usually, they’ll use your paycheck for that and include fees and interest rates if you decide to withdraw or delay. So, unless it’s something very serious, you should weigh the pros and cons before considering bad credit loans.

So How Do Bad Credit Loans Work?

Okay, lets get down to business. How do bad credit loans work, and why or why not should you consider them?

First and foremost, understand that you have to be of legal age to even be regarded for bad credit loans. As a matter of fact, you cannot borrow if you do not have a bank account. Some lenders will be stingy or even refuse bad credit loans altogether for several reasons, which we will discuss later.

You can access online loans for bad credit through several sites out there. First, it is important to understand how they reach a figure which they consider as your credit score. This will go a long way to help you determine your loan applicability.

The various factors that will boost up your credit score when seeking bad credit loans include:

  • 10% of new credit, which is the number of accounts you have used to apply for credit. Too many of them imply you are a risky borrower.
  • 10% of credit types used the methods you have used to take credit, including your bank account, credit cards, and present loans.
  • 15% credit history length how active is your account since you opened it?
  • 30% credit utilization this is the aggregate amount of credit you have used up. Calculated by adding total limits on credit cards and summing what is owed on each card, divide the aggregate by the limits and multiply by 100.
  • 35% payment history this shows you how much they value timely debt and bill payment.

You can check up your score free of charge annually at AnnualCreditReport.com and know in advance if youll be accepted for bad credit loans.

Bad credit loans application process is simplistic and may take a maximum of 5 minutes to fill in the online form. You then await your results for a couple of minutes as well, depending on the lender and information given. Since most bad credit loans are short term ones, they will be quickly deposited to your account on short notice. For most lenders, this takes about 24 hours but may vary depending on the lender and your financial institution. Interest rates, which are usually astonishingly high, will also vary from lender to lender.

Online loans for bad credit lessen the hassle for you. No more need to rush from bank to credit unions seeking the best terms. You can just check out your online options, and you might be surprised to find somewhat fairer terms for bad credit loans.

Now, What Do I Need to Qualify for Bad Credit Loans?

Of course, you need to understand your requirements when applying for bad credit loans. Usually, lenders will not ask you for collateral but will just assess your credit score to determine whether they should lend you and how much they should. Since scores are rated from 300 to 850, they usually classify anything below 650 as bad credit. Two things may happen if you fall at the bottom of this food-chain: they will either deny you the loan, or if it's your lucky day, you'll get unfavorable terms.

As previously said, you have to reach the maturity age to apply for bad credit loans. You should also be a registered resident of the United States and be employed at the moment. This simply implies that your consistent income will provide a means of payment. You also need to have a checking account for your bad credit loans to be approved.

These are the minimum requirements of most lenders. But what if they still deny your personal loans for bad credit?

Why Would They Still Deny Me in Bad Credit Loans?

Different lenders will have diverse terms, and thus, we can't give you a definite answer for that. That notwithstanding, it is important to ensure your bank account is active for your bad credit loans to be approved. Once you have met all the conditions mentioned above, clarify with the lender whether they have any additional requirements. If you can't meet the terms and are in real need of personal loans for bad credit, move on to another lender, and you might just come by one with better terms.

Other basic reasons may include a high debt-to-income ratio, poor credit scores, and probably a pending loan. They cannot give you two bad credit loans at a time without clearing the one that's pending. They might also neglect to give you one altogether if you have other loans elsewhere. Deliberate on a debt consolidation loan if you find debt to be the issue.

How Much Does a Bad Credit Loan Cost Exactly?

That is simply one of those questions which also totally rely on the lender you land on. Nonetheless, we will give you a short layout from a majority of the bad credit loans lenders and their inclusive charges.

There is the usual fee, which may also vary depending on your financial institution. Should it come to payment time and the check bounces due to insufficient funds in your account, your banker will also add extra charges to paid by you. Moreover, should you decide to make a late payment, you will receive a penalty for that and extra fees in case you want to roll-over your installment loans for bad credit.

Do you still want to take a bad credit loan? Consider the following fees indicating the annual percentage rate, which should help you determine the lender with the best terms:

Finance Fees APR
$15-35 fee on $100 short term personal loans 390%-851%
$33 fee if the $100 payment has a bounced check 860%
$37 fee in case the $100 credit card balance receives late payment 965%
$21-46 fee to reconnect for $100 utility bill 520%-1175%
NB: These typical charges may vary from lender to another, and some may even have extra fees.

And What If Im Unable to Repay Bad Credit Loans?

We wish we had good news for you. This is where the slope gets slippery. You will first start receiving calls as the lender makes all the desperate attempts to breakdown the withdrawals from your account into smaller and smaller chunks. Each failed attempt results in more charges for you, and eventually, you may end up paying double on the fees over the amount you borrowed.

When these methods prove unsuccessful, they will now use their lawyers to write you letters. If that doesn't shake you, now they will try to reach out to your family or whomever you listed as personal references. It gets serious from here since they've started using 3rd parties.

If the bad credit loans aren't paid after all these threats, the lender might try to negotiate with you to make partial payments while using debt collectors. This could end up in a civil lawsuit against you, and if they succeed, they could eventually cease your assets or have your wages garnished. What's more, the lawsuit will stay in place for the proceeding 7 years for the public to be warned. Are you ready to go through all these with bad credit loans? You might think your home loans for bad credit came in handy at the time it did, but are you completely sure you'll be able to repay at the short time duration given?

Well, until now, it might seem as if all hope was lost. Not so! There are plenty of other options you just havent taken time to consider.

What Are My Alternatives to Bad Credit Loans?

We won't even mention bank loans to you since clearly, that's out of the question. But the following methods will go a long way to assist you not only in the short run and emergencies but also in the long run.

A. Advance in Paycheck

Start by checking whether your state allows your employer to issue you an advance from your paycheck when you find yourself in a tight spot. Consult the HR department or your supervisor to see if this is a possibility. Alternatively, if you have the guts and are in good rapport with your employer, you can approach them for a soft loan.

B. Credit Union

Whether you want home loans for bad credit or simply to take a loan for your problems, credit unions will always be the best option for you if you are a member. You just can't pass by their attractive and friendly interest rates and minimum requirements.

C. Debt Settlement

Even though this will hurt your credit score, you may end up clearing your debt with a fresh start.

D. Addressing the Roots

Are you managing your expenses correctly? Are there any expenses you need to cut out? All the means stated above only address the stem and the branches, but why do you keep on ending up in debt? Why is your paycheck never enough?

These are crucial questions to ask oneself. A self-analysis might help you fix the problem permanently. It might even encourage you to try credit counseling, which aims at seeing you develop your budgets and work towards saving.

E. Extras

Consider those bills that aren't 'necessary.' You can skip out on paying them. If utterly necessary, use your credit card, which will lead you into a spendthrift mode. When it comes down to it, don't be too proud to ask for help from family and friends.

What Should I Not Do?

You might be tempted to look for alternatives to bad credit loans and find yourself in a deeper ditch. The following are the options you should not even consider due to the trouble it might lead you into.

Auto Title Loans: they simply ask for the title of your car in exchange for the debt. We dont need to explain what happens should you fail to meet your obligations, do we?

Long-Term Pay Day Installment Loans: like other bad loans, they don't necessarily need you to have a good credit score. They are also available both online and at storefronts. They can increase the debt-period to up to 3 years, but installment loans for bad credit have interest rates that are nothing but ludicrous.

Now youre better armed. We hope you are enlightened about the different options you have in case you land yourself in trouble. But you know what they say about trouble: you shouldnt dare troubling it before trouble troubles you!

Don't waste your time! Get a Loan Online
Don't waste your time! Get a Loan Online
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