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Bad Credit

We can connect you with lenders often times even if your credit is bad.  Finding loans with bad credit is not often easy. This is because there are usually a lot of hoops to jump through, from the different lenders, to see if you qualify. We are here to simplify the process. Once you submit your information online with us, we connect that with lenders we work with. The process can take two to five minutes and most decisions are fast. We aim to streamline the process and make it easier for you.

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When you have bad credit, most lenders see you as a high-risk when it comes to repaying the money you have borrowed. Because of the higher level of risk, there are often more fees associated with each of these loans, which can make deciding on what lender to go with a difficult task. Our company connects you with one of numerous lenders from our network. We simplify the process and your lender can fund the loan as fast as the next business day.

What Kind of Interest Rate to Expect

Paying back a loan requires that you pay back the principal plus interest. The interest rates that you pay are determined heavily on your credit score. When you have bad credit, you can generally expect to pay a higher interest rate than someone with good credit. Many loans fall under the category of an installment loan. An installment loan is a loan for a set amount of money that is to be repaid with interest in a series of fixed monthly payments. It is known as “closed-end” credit. The money can be used for a specific purchase such as an emergency expense, a car, or consolidating debt. While your credit score plays a big part in determining your eligibility (and your interest rate), personal installment lenders tend to look at other factors as well. Interest rates for these type of loans generally range from 5.99% up to 35.99%. With a poor credit score, you can typically expect to pay on the higher end (sometimes even more) of this range.

When desperate, many people turn to payday loans or short-term loans. These loans are meant for smaller amounts of money (typically $500 or less), and are meant to be paid back on your next paycheck. While they are enticing for their ability to get you the money you need fast, their interest rates are incredibly high. You can expect to pay upwards of 400% (sometimes higher) on these types of loans.

Types of Loans for Bad Credit

Just because you have bad credit, that doesn’t mean that you have limited options when it comes to loans. There are actually a few different types of loans for people with bad credit.

Personal Loans. Personal loans are a type of unsecured installment loan that doesn’t have a specific purpose. It can be used for just about anything, such as a medical emergency, debt consolidation, moving expenses, buying a new home appliance and more. This type of loan is often attractive to those with bad credit because it allows you to avoid using your credit card. After you have received your loan, you are expected to pay it back in regular monthly installments. The length of the loan can vary, usually between 24 and 60 months. Longer repayment periods mean lower payments, but they also mean that you pay more in interest. Personal loans are one of the easiest ways to borrow money. Many lenders offer bad credit loans online which are easy and convenient. Your credit score is a major factor in determining eligibility, and it also plays a part in determining your interest rate. Working with a bank that you already have an established relationship with can help to increase your chances. You can also increase your chances by proving that you can repay the loan, such as showing proof of income and making efforts to improve your credit score.

Car Loans. A car loan is a loan specifically designed to help you purchase a new or used car. These loans are available through the dealership (if you go through a dealer) or through a financial institution (bank, credit union, online lender). Like a personal loan, a car loan is a type of installment loan. Having bad credit can make it more difficult to get a car loan. If you are approved, it typically means that you pay a higher interest rate. You can increase your chances of getting approved in one of several ways. You can work to improve your score. You can also get pre-approved through your chosen financial institution. A pre-approval analyzes your income, expenses and your credit report to determine if you qualify for a loan and how much the lender is willing to provide. You may also want to consider saving up to provide a down payment, which will help to decrease the amount of money you need to borrow. Loan length generally ranges from 36 to 60 months. Some lenders even offer loans as long as 72 or even 84 months.

Payday Loans. A payday loan is a short-term, high interest loan. They are considered “fast cash” loans. The biggest selling point for those who need money in an emergency situation is the fact that these loans are fast. These types of loans are easier for those with poor credit to obtain. The length of these loans is very short, typically 14 days. Instead of installments, you are expected to repay the full amount plus interest by the end of the term. If the amount of the loan plus interest is not repaid when it is due, you can then be stuck with various other fees.

Secured Loans Vs Unsecured Loans. There are two typical types of loans, unsecured and secured. A secured loan is one that requires you to provide some sort of collateral that the lender can take possession of in the event that you do not repay it. For example, when you take out a car loan, the car becomes the collateral. The lender keeps the title until the loan is paid off. You can usually borrow a higher amount (because you have collateral) and interest rates can be fixed or variable. These interest rates tend to be lower and you can have longer repayment periods.

An unsecured loan, on the other hand, does not require any collateral. Interest rates for unsecured loans are generally higher than with secured loans and the rates are fixed. You pay the same amount every month for a designated amount of time. Borrowing limits are lower (due to a higher risk for the lender) but unsecured loans are easier to get because there is less paperwork involved.

How You Can Help

When you have poor credit, there are a few things you can do to help secure the loan you are wanting or needing. One of those things is do your best to try and make payments on time as often as you possibly can. The more on-time payments you have, the better your overall credit will look to lenders. Another thing you can do is to open a secured credit card before getting the loan. If you put a little bit on the card each month, it shows up as good payments on your credit report. The more positives lenders can see on your report before deciding on the loan, the better off your loan terms are likely to be.

When you need a loan with bad credit, there are options.  We can help simplify the process. Get the loan you need with our help, in no time at all.

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