Bad Credit Loans

Information verified correct on December 13th, 2018
People across the United States often apply for personal loans. These loans serve as a real savior for diverse occasions: a broken down car, unexpected medical expenses, large bills... the reasons seem to be endless! However, if an applicant with a crystal clear credit history faces little difficulty in getting a personal loan, the same can't be said about those with poor credit scores. However, there are certain lenders operating in the market, which don't put the creditworthiness of an applicant in the first place when deciding the "destiny" of his application! Anyway, if your application was approved with your bad credit history, be highly attentive of the fees and rates demanded. Here is a brief guide through the world of bad credit loans.  

Rates last updated December 13th, 2018
Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Max. Loan Amount Minimum Credit Score Turnaround Time Requirements
Check Into Cash
You could borrow up to $10,000 and get an interest rate personalized to your credit score
$1000 300 1 business day(s) Varies based upon state of application Go to site More

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Rates last updated December 13th, 2018
Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Max. Loan Amount Minimum Credit Score Turnaround Time Requirements

Have we missed anything in the comparison table? Tell us

  • If the provider quotes a different rate to the one above please let us know

The work scheme of bad credit loans

Lenders providing personal loans to people with bad credit history are not philanthropists at all. What they pay special attention to are the current financial condition and employment. It's highly obligatory for these services to be sure their applicants are solvent. The basic eligible criteria are to be by all means provided, too. Lenders operate as online so in-store. If you choose the first variant, the money you require will be transferred to your bank account within one to three business days. If you apply for a bad credit loan in one of the physical services, it's likely you'll get the money almost instantly in cash.

Bad credit loan types offered in the market

There are several types of bad credit loans offered in the market:
  1.     Payday loans. Payday loans are very common in nearly all American states. These are short-term loans the repayment of which is assigned on the first payday. The sum of money lent is not big, either. The APR percentage rate, meanwhile, is higher than usual.
  2.     Cash advances. This type of a bad credit loan is much like the payday loan. Having a credit card, the owner may withdraw cash from an ATM. Just the same way, one can get a cash advance from his employer.
  3.     Auto title loans. This type of a bad credit loan is secured by the title of a vehicle the applicant owns. The applicant can freely use his possession while making his installment payments during the fixed time period. Yet, if the applicant fails or refuses to fulfill the payments, the lender has the right to take the applicant's collateral.
  4.     Installment bad credit loans. Installment loans don't oblige the applicant to any collateral. Equal payments are to be made during the fixed time period. As compared with payday loans, these ones have a bit lower APR rates.

Bad credit personal loans: things to avoid

Getting a bad credit loan and failing to repay it in a timely manner may badly influence your already not-in-good-state credit score. Therefore, before applying for one, draft a detailed plan of repayments. Make sure you’re able to repay your debt. Another aspect to pay keen attention to is the APR. The latter immensely affects the cost of a bad credit loan. Consider several offers to find the best.

Amounts offered with bad credit loans

The maximal amount of a bad credit loan depends on the state's regulations and the lender. The latter bases its decision on the applicant's current financial situation, creditworthiness, and solvency.

Necessary documentation for bad credit loans

Whether you’ll be directed to certain fax documents or not depends on the lender's policy. Certain lenders check the applicant's credentials online while other need them in paper form.

Aspects affecting the credit score

Several aspects influence the credit score of a borrower. These involve the payment history, the credit history's length, what credits, and how often the borrower applies.

Essential bad credit loan features

Those who consider applying for a bad credit loan will be provided with such features as are follows:
  1.     Quick processing. Quick processing is one of the benefits of bad credit loans. It takes minutes to complete the application form and get the verdict on its status. If you need the money urgently, choose the service that transfers the money within one business day.
  2.     No collateral. Bad credit loans are actually not secured; therefore, you don't need to provide any collateral.
  3.     Stable rates. The payments of bad credit loans are, as a rule, fixed and don't change over time. This brings a certain feeling of stability.
  4.     Money use options. Bad credit loans can be acquired for various purposes. Your problems don’t concern the lender, and no one will inquire as to how the money will be spent.
  5.     Prepaying option. There are bad credit providers who allow early repayment with no fees. If you find you can get rid of the debt sooner than set, do it and save on the final amount paid for the interest.

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