How You Can Get a Bad Credit Loan
No one likes to get rejected, but unfortunately, it happens a lot when you have bad credit and need a loan. It’s even worse when you have a financial crisis on your hands and feel like there’s nowhere to turn. Or, no one to help you out.
Believe it or not, there are lenders that specialize in loaning money to people facing financial emergencies who also have poor or bad credit.
If that’s you, keep reading.
If you can answer “yes” to these four questions, you’re likely on your way to getting the cash you need to take care of that financial problem.
- Do you have a job?
- Do you earn at least $1,000 a month?
- Do you have an active bank account?
- Are you 18 or over?
Bad Credit Loans Easy to Apply
If you answered yes to the questions, here’s some really good news. We’ve made it fast and easy to apply for a loan – and you can do it all over the Internet. No driving around town from bank to bank, wasting your time and gas. No having to sit down in front of a banker and have him tell you your credit is no good. And no having to making dozens of phone calls to multiple lenders.
All you have to do is fill out one secure online application and your information goes to dozens of willing lenders. Lenders who don’t check your credit score, but instead make the lending decision based on your job and income.
After you submit the application, you’ll start receiving loan approvals from a variety of lenders. In fact, it may start within minutes after you send the application.
Start Getting Loan Approvals
The loan offers come right to your inbox. So you can relax in the comfort of your own home and find the loan that fits your situation best. You don’t have to deal with pushy loan officers breathing down your neck to accept their offer.
Be sure to review the best offers carefully. We’ve done our best to build a network of trustworthy lenders, but it is still your responsibility to make sure you understand all the terms and conditions of the loan.
Here are the key things to pay attention to.
- What’s the interest rate?
- Are there any additional loan costs?
- When does the loan have to be paid back?
- Is it due in one payment or multiple payments (installments)?
- What are the late fees?
- Is the payment automatically drafted from my bank account?
- What is the date the money is due or will be drafted from my account?
- What documentation (like paystub or bank account information) do I need to provide?
Don’t make your decision until you are clear on all these issues. Don’t be afraid to ask your lender if you’re not. If they don’t give you a clear and satisfying answer, simply move on to your next approval.
After You Find an Offer You Like
Once you find a bad credit loan offer you like and are ready to commit to the loan, you can have your money transferred to you electronically in as little as a few hours. In most cases, it comes right to your bank account and you can access it as soon as it shows up.
Now, you can relax and take care of your financial emergency, but keep this in mind as you move forward.
Make sure you repay your loan on time. This will help you rebuild your credit and next time you need money you can get approved for a lower interest loan. Even if you have to work extra hours, get a part-time job, or sell something, do everything you can to pay back the loan on time.
Some lenders may allow you to roll your loan over or extend it, but you’ll end up paying more in fees. In the end, you could spend more than you borrowed. So avoid this at all costs.
Tips for Improving Your Credit Rating
Here are a few more things you can do to raise your credit score.
- Start paying all your bills on time, especially the ones that report to a credit bureau. These include credit cards, auto loans, student loans and home loans.
- Review your credit report for free. Federal law gives you the right to review all your credit reports (Equifax, Experian, and Transunion) at least one time a year, at no cost. Go to www.annualcreditreport.com for details.
- If you find any inaccurate information on your credit reports file a dispute. Your credit report explains how to do this.