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Guaranteed Cash Loans for Bad Credit
Even people who have bad credit need to borrow money. Lenders are not always understanding in these situations, and they decide who they will approve for a loan based on the applicant’s credit history.
When traditional lenders perform hard credit checks, they ask the major credit bureaus for the applicants’ credit reports. Then, they can review your entire credit history and learn your credit scores. If they discover that you have good credit, they will be happy to offer you a loan. If, on the other hand, they discover that you have bad credit scores, they may deny you a loan. The reason that they will do this is because they do not believe that you will repay the loan.
It is understandable that a lender will need to ensure that he or she will receive payment after granting a loan, but you are experiencing an urgent financial need and you have to have a personal loan to survive it.
High Interest Rates
Even traditional lenders will take the time to examine your application for a short-term loan if you have bad credit, but they will give you an exorbitantly high interest rate. A high interest rate will cause the payday loan to be extremely expensive, and you may have difficulties making your monthly payments. This type of loan would get you out of the predicament you are currently in, but it would put you right into another one if you have to default on your personal loan.
Many lenders want to help people like you. They will want to know your credit history, but they will not use your credit scores as the only basis for denying or granting you a loan. There are many lenders who can accept your work history as proof that you will repay your loan. If you have been at your current job for several months, have a checking account with a bank and are at least 18 years old, you may qualify for a bad credit loan.
Types of Bad Credit Loans
Bad credit loans are different from other traditional loans because they are short-term loans. This means that the terms and conditions for these loans will not last for 20 or 30 years like home equity loans. These loans will be repaid in a matter of weeks. These loans also have a higher interest rate because your credit reports will indicate to the lender that you have made some late payments in the past.
Some loans for bad credit are “unsecured loans,” and they are the type of loan that will have a high interest rate. You will only need to sign a promissory note and promise to repay the loan according to the lender’s terms and conditions. If you were to default, the lender would have the option of sending your account to a collections agency. The lender may even take you to court.
You can obtain installment loans that will not require you to accept a higher interest rate if you apply for a secured loan. If you own a house, car or jewelry, you may offer it to the lender as collateral for a bad credit loan. In the event that you stop making your monthly payments, your lender would be able to seize the property as payment for the loan.
You may not have collateral to present to a lender. In that case, you could ask to borrow the least amount of money possible that will get you out of your current situation. Make sure that you can have that amount of money within 30 days, and you might qualify for a bad credit loan. Then, you will not fall into the trap that so many other borrowers have fallen into when they extended the terms of their bad credit loans several times. This caused the amount that they owed their lenders to increase to a sum that they could not easily afford to repay.
Installment Loans and Payday Loans
An online lender will offer you two types of loans for bad credit. The first is the installment loan that you will repay on a weekly basis until the entire sum has been paid in full. You can borrow as little as $1,000, and the lender will not do a hard credit check. If you need more, you may qualify to borrow as much as $5,000.
If your emergency is small enough to allow you to limit the amount to a sum that you can repay within four weeks, you may qualify for a payday loan. You will receive a lump sum that you will repay in two or four weeks, so you need to make sure that you will have that amount of money in your checking account on your due date.
Our lenders are aware that you need loans for bad credit because you are experiencing an emergency, so they will not take any more time to approve your loan than is absolutely necessary. After they approve your loan, you will sign the papers, and the lender will deposit the funds electronically into your bank account. If you contact a lender early enough, you may even be able to have the money in your account that same day.