Loans for Bad Credit

Bad credit loans are designed to help someone with a low credit score - often caused by short or no credit history or a credit report that is less than spotless.

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What is Bad Credit?

Bad credit may mean different things to different lenders but generally points at a person's bad history in handling credit. This means that they have a poor payment history. One of the causes could be that someone took up too much debt, making it difficult for them to pay back as required.

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What Are Loans for Bad Credit?

Loans for bad credit are designed to help people who have less than perfect credit, but they can be tricky to work through. Since you would really like the money, those companies that provide bad credit loans want to get their money back quickly. They may also require collateral.

However, some lenders offer unsecured bad credit loans that do not require collateral. Remember that lending terms vary from one lender to the other. Additionally, what different lenders consider a creditworthy borrower may vary. Before you settle for a lender, you need to consider a few factors like how much they will offer you, the interest rate, and how soon they will want you to pay back.

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We Offer 4 Types of Loans for People With Bad Credit

We partner with various lenders who provide the following types of loans:

  • Payday Loans

    Payday loans usually come in smaller amounts, usually not exceeding $500. They are issued on the short term and may attract a high-interest rate. It is good to ensure that you can pay back this loan once you get your paycheck.

    The good thing with payday loans is that they do not require hard credit checks. The application process is usually online, and it's usually an easy process, enabling you to apply and get the funds from anywhere. Funds arrive within 24 hours. However, you must note that the interest rates may go up to 400%. You also have to conduct thorough research because scammers infiltrate the industry.

  • Installment Loans

    Installment loans involve borrowing a lump sum amount of money that you repay in a fixed number of payments. It could be monthly, or any other period you agree upon with the lender. Installment loans help you bypass the hassle of saving up for your big purchases. It can be easy to find an installment loan with a payment plan that works for you no matter what you're buying.

    Paying for things with credit may not always be wise, but installment loans can help you pay off larger purchases faster. Installment loans are a way to borrow larger amounts of money over a longer-term from the lender, with lower total interest payments than you would pay for a cash advance loan or payday loan.

  • Personal Loans

    Personal loans can either be secured or unsecured. Secured loans may need security or collateral, usually your car, home, e.t.c. Remember that you risk losing your valuable asset if you fail to comply with the payment terms. Thus, secure loans usually have convenient rates. You can get home equity loans or auto loans.

    On the other hand, unsecured credit loans do not require any form of security or collateral. Note that the lenders use your credit history to check your creditworthiness, meaning that poor credit makes it more difficult to get unsecured loans. They also attract high interest rates.

  • Title Loans

    A Title Loan is a secured loan against the value of your vehicle. No hard credit check is required. Title loans can be used to pay off other debts, finance education costs, or cover an unexpected cash flow shortfall. The application process is fast and easy. Therefore, these loans can enable you to gain access to cash in emergencies.

Steps to Apply for Poor Credit Loans Online

  • 01

    Submit Information

    The process is usually short, with only a few details required. It only takes minutes for you to submit a form including your name, age, and other relevant information.

  • 02

    Get Approved

    The lender conducts a soft credit check and cross reference your information to decide on whether or not to lend you. The lender informs you of the amount and rate in its offer.

  • 03

    Receiving Funding

    Once you accept the offer, you can receive the money in as little as 24 hours.

Tips Before Applying for a Bad Credit Loan

Once you decide to take up a bad credit loan, you need to pay it back promptly to help you improve your score. It also saves interest. Below are the tips before you get bad credit loan:

  • Ensure You Pay Your Loan

    A loan is one of the binding contracts that must be honored. It is your responsibility to pay back any amount a lender issues you. Setting up a reminder or automatic payment can help ensure that you pay on time.

  • Improve Your Credit Score

    If your credit is too low, the only option is to improve it. You can start by repaying some of your debts. If you have a short credit history, you may consider increasing its length to help increase your credit score.

  • Consider Adding a Cosigner

    The role of a cosigner is to provide assurance that someone else can pay back the loan if you fail. It may not be a mandatory requirement, but it is a good idea since it helps to reduce the risk of default.

  • Know Your Credit Score

    Your credit score is vital, and you need information about it at your fingertips. Your credit card provider can enable you access to this information, or you can visit a credit-providing website. You can then estimate how much you qualify for whenever you want a bad credit loan.

  • Budget Tour Need

    Remember that you do not want to damage your credit score any further. Therefore, examine the amount you need to borrow and how much you can pay.

How Much Can You Borrow With a Bad Credit Loan?

You can borrow between $100 and $5,000 with a bad credit loan. The amount you can borrow depends on how bad your credit is and the lender's criteria. We partner with many lenders and will help you find a suitable lender.

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Advantages of Getting a Bad Credit Loan

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    No Hard Credit Checks

    Although the lenders may check your credit score, they do not conduct hard credit checks. They are more concerned about your ability to pay them in the future rather than your past. Therefore, they may consider characteristics like an increase in your income.

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    Access Urgent Funds

    Many of our lending partners ensure that you get your funds as fast as possible. The application process is usually easy, and they conduct their assessments pretty quickly. Since they only conduct soft credit checks, the application gets approved within a short time. If not successful, they also notify you. Typically, the funds can reach you within one or two days.

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    Your Situation

    Having a bad credit score is the main reason you had limited options for getting a loan. When you take up a bad credit loan, you get the chance to improve your credit score. Paying back on time will provide an avenue for positive feedback on your credit report, improving your credit score and your financial standing.

What Are Loans for Bad Credit Used For?

It is typical for a person with low credit ratings to apply for bad credit loans whenever they have an emergency. The lender does not dictate how you should use the loan, meaning that you can use it on anything. However, some lenders may ask you upfront about how you plan to use the money upfront during the application.

You may find that some loans for bad credit are for specific purposes. For instance, debt consolidation loans will combine your existing debt into one, making it easy for you to pay back monthly.

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Frequently Asked Questions

  • 1. Can You Use Personal Loans for Debt Consolidation?

    Personal loans may be used for debt consolidation, but not all lenders will allow it. If you have a hard time making your monthly debt payments, then taking out a personal loan for debt consolidation could help. Taking out a loan to roll all of your high-interest debts into one can help lower the amount you spend on interest fees and may make it easier for you to pay back the loan when considering the big picture. First, however, you have to understand the kind of credit issues a lender will see as a "risky debt consolidation strategy."

  • 2. How to Identify a Bad Credit Loan Scam

    In many cases, bad credit loan scammers will provide an enticing deal to make you fall for it. These lenders claim the approval process doesn't involve credit checks or criminal investigations so that even if you have bad credit and haven't worked in the past three months, you can get your loan. Some companies promise that they can remove your bad credit or make credit card companies give you better rates and lower payments, but all they are doing is stealing your money.

  • 3. Is It Easy to Get a Personal Loan with Bad Credit?

    While there is no doubt that getting a personal loan with bad credit can be frustrating, there are ways to make it easier. Simply apply via FastTitleLoans and get connected with some bad credit loan lenders in one place.

  • 4. Can You Get a Bad Credit Loan Without a Credit Check?

    Even though many companies promise to provide bad credit loans without credit checks, they do it. That is why they have a qualification process. They may not conduct hard credit checks, but soft credit checks check out your current employment status and average income. They do not want to risk losing their money.

Get Loans for Bad Credit Online Easily

Whenever you need a bad credit loan, we are here to help. Submit your information today on FastTitleLoans, and we will help you find a suitable lender among our partners. The process is easy and fast, and you will access the funds quickly.

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