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If you are looking for quick cash to alleviate your financial woes without having to sell off any personal belongings, there is no better option than a personal loan. While these loans signify that you’re not doing so well financially, they still have their benefits. You can borrow money for up to $5,000 and enjoy the freedom of being able to purchase what you need without having your finances dictate your life. If you want to learn more about bad credit personal loans before taking the plunge, read on!
This post will identify the pros and cons of making it past this daunting step in order to answer all of your questions that remain about applying for this type of loan.
It is not a secret for everyone that the Internet is full of websites with cash loans services. You can meet hundreds and thousands of them while you looking for a good one. The main reason they are so popular is that people can get bad credit personal loans so fast and easily that their neighbors usually take a dog for a walk slower than that.
Poor credit payday loans: extremely fast, easy to apply and 24/7 available
Several years ago you would face a lot of problems if you wanted to get some cash. You had to arrange meetings with lots of financial representatives, prepare tons of documents and make everything offline. It took a lot of time and was not as efficient as you wanted.
Nowadays the Internet technologies allow you to take all these steps online, without even leaving your house. You just need to fill out an easy and simple application form online and after this (usually within one hour) you will be able to get a bad credit personal loan with guaranteed approval. Unlike offline banks, such lenders don’t require so many documents; you should just obtain a basic set of them to get the loan approval.
Another difference between banks and online lenders is that you don’t get any credit checks. You can get a personal loan with bad credit online through our website. Make sure that you filled out the online form with fully correct information. If you make any mistakes, then it can become an obstacle to making everything fast.
What are bad-credit personal loans?
First off, let’s define what bad-credit personal loans are. These are loans that require proof of financial instability to qualify, such as a discrepancy in your credit report. While you no longer have to look like the poster boy for credit woes, it’s still helpful to keep in mind that even people with a clean slate can still have a broken credit history. Credit bureaus will allow you to get a loan if there is sufficient evidence of your inability to pay back what you borrowed, whether it be from missed payments or a bankruptcy filing.
Types of Bad Credit Loans
There are four types of loans that you can go for if you’re looking to consolidate your debt:
Secured loan – This is a loan that needs collateral and pays off the money using a combination of interest and principal.
Unsecured loan – This is one in which you do not need collateral to qualify. However, this type of loan requires an equally high credit score or excellent financial history.
Underserved market – This type of loan is awarded to individuals who may not have access to mainstream lending options such as banks because they don’t meet certain criteria such as having lower incomes or credit scores.
Unsecured market – This is a loan that does not require collateral and pays off the money using interest.
Advantages of a bad credit loan
Getting a loan, no matter what credit score you currently have, is still a good choice. There are several benefits of applying for a bad credit loan:
- It doesn’t matter what your actual credit score is – this type of loan doesn’t factor in a credit history or debt to qualify for. You can take out an unsecured loan regardless of the fluctuating state of your own finances.
- If you’re trying to rebuild your credit, this is a great option because there are no restrictions on how much you can borrow regardless of your financial health.
- You can borrow up to $5,000 for an unsecured loan.
- It’s easier to qualify for this type of loan if you have a high income. This is because these loans are trying to attract people with solid financial health and less risky profiles; it’s not wise to risk lending out money to someone who has proved time and again that they don’t know how to handle their finances or pay back what they owe.
- You don’t have to pay any fees, such as monthly interest, with this type of loan.
- It saves you the hassle and time of having to make additional payments on top of the amount you owe as long as you qualify for a personal loan as opposed to a traditional bank credit card.
- Inevitably, it will be easier to get approved for a bad credit loan than it is for a traditional bank loan. A bad credit personal loan can be processed more quickly compared to those taken out by banks through criteria called underwriting guidelines since not every lender requires every applicant to have a perfect history on their credit reports, so be sure to check with your lender first.
Disadvantages of personal loans for bad credit
On the flip side, there are things you should consider when getting a personal loan for bad credit:
- With higher interest rates, it’s important to be careful about only taking out what you need. It may be tempting to use this opportunity to consolidate your debt, but any extra money you have left over should be used as a buffer so that interest on this new loan doesn’t push you further into debt.
- You can’t borrow this type of money if you have other types of debts that are either overdue or have already been paid off. If any part of your loan is in default, you won’t qualify for a personal loan at all. The same applies if you’re responding to an offer in another state due to the fact that these loans don’t work everywhere.
- There is the possibility that you will be denied a bad credit loan or that you will end up with a significant amount of interest on your money if the lender thinks that you don’t need it and aren’t able to pay it back.
How to spot bad-credit loan scams?
There are several things to think about before applying for a personal loan.
This type of loan is not for everyone, so do your research before deciding whether or not it will work for you. Try to figure out how you’ll pay back the money, look into what you can borrow and if you’re being offered a fair interest rate, and never borrow more than what you need—no matter how tempting it may be. If any of this is confusing to you, talk with an expert about your situation. You can also check out online reviews that are available to help guide users through the process of applying for bad credit personal loans.
Many scams are out there, but if you do your research, there are many red flags that you can look for in order to know if a personal loan is the right choice for you.
- Make sure that they don’t require collateral. Most companies won’t ask for collateral in the beginning stages of the loan process, so once you have made this type of arrangement, it becomes sketchier and sketchier.
- If they’re offering more than $500, run! This is widely considered to be part of the red flag warning signs of a bad credit loan scam. For the sake of your sanity, it’s best to stick with small amounts.
- If the company is asking you to pay upfront fees, run! This will most likely be a sign that they are trying to scam you out of your money by requiring more than what you need.
- If they offer you deals that seem too good to be true, that’s because they are! What you’re seeing may be something so out of your reach that it’s difficult for them to reach their goals, but they will try anyway by taking advantage of personal loans for bad credit so that they can pocket all the cash without having to go through the process of paying back the money.
- If you have a heavy accent, don’t speak too much, or have a hard time understanding what they say, this could be another sign of a loan scam.
- If the lender is asking you to sign a contract without talking to a lawyer first, don’t do it! This should be your first instinct in any type of financial situation, and it’s highly recommended that you consult with an expert before committing to anything.
What documents are required to apply for a bad credit personal loan?
You will need the following documents to apply for this type of loan:
- Proof of income—the lender will want to see your current pay stubs, recent bank statements, and tax returns. You will also need to disclose your other sources of income.
- Proof of identity—your social security card, other forms of identification such as a driver’s license and birth certificate, and a passport.
- Documents that prove you live at the address that you’re giving them—this can include utility bills that have been paid at this location or a copy of your lease agreement.
- Information that shows your credit rating—a copy of your most recent credit report, a letter from the lender that you are currently working with, or a signed document that confirms the type of loan you’re applying for and has been completed and signed by you.
What you should now about repayment for a bad credit guaranteed loan:
The main point is that all direct payday lenders always expect on-time payments. If you received a bad credit personal loan with guaranteed approval for one month, it means you should make all repayments within 30 days. You can even pay it earlier and repay within 14 days (it’s up to you). If you do everything correctly, you will not have any troubles with getting another loan in the future and your credit history will be improved.
Be careful while choosing the direct lender for loan approval. There are a lot of websites that can violate the common requirements and you can pay more than you should. Before signing any agreement, you should read it carefully first.
Apply Now For A bad credit personal loan at TheGuaranteedLoans.com today!
If you’re looking for an alternative to dealing with the hassle of getting a regular loan, or you’re looking for a way to consolidate your debt, then consider taking out a bad credit personal loan. We can help put an end to your financial troubles and offer you peace of mind. We can even work with banks that don’t give out personal loans just to ensure that your needs are met.
FAQ
There are a couple of different ways in which you can determine your credit score, but the one to use depends on your situation and the lender. Credit scores range from 300 to 850. The national average is well over 600, so this is a sign that you have a difficult time getting loans for bad credit. However, professionals from financial institutions will probably give you a different credit score because their goal is to get your money and get it quickly. If your bank says that your score is 580 and they can’t consider you for a loan, take it up with them and find out why.
A bad credit score is one that is lower than a reputable credit agency would give you. It can be due to a number of things, but the most common ones are:
– Paying late on loan for a period of time in excess of 12 months or past the agreed-upon payment date
– Applying for too many loans in any one year, or
– Getting several credit card accounts or loans in succession
– Paying off old debt with either an installment loan or line of credit instead of paying off your debt in full. This can lead to interest being charged on the money that you apply to pay off your loan, which will make your balance higher than what it should be.
This is always up for debate, but given the number of bad credit loans that lenders offer, there are quite a few that can be considered easy to get. You might also want to look at our article on how to get bad credit personal loans.
Nowadays, getting a personal loan for bad credit is very easy. You can get one from a bank that offers this type of loan, or you can get them from more specialized companies.