Personal Loans for People with Bad Credit
If you are looking for online bad credit loans, then it is worth looking into short term loans as they may be your best option. Many people are dealing with a poor history these days, and with frivolous lending in the last fifteen years being half the reason behind the current financial crisis, it is no surprise that applying for personal loans with bad credit is extremely difficult nowadays. Instead of looking for traditional personal loans, if you are simply looking to cover a relatively small expense then short term personal loans with bad credit are quicker and easier.
Short Term Personal Loans
You are probably all too familiar with being rejected from many different loan issuers, but short term bad credit personal loans (also known as payday loans and cash advances) are different. Online personal loans are designed to help people who need a short term sum of money until their next payday, and because the collateral is the money you receive on your payday, you do not need to have a good history to be accepted.
In-fact, you need no credit history whatsoever, as online short term loans do not perform credit checks on applicants. Not only does this put your mind at ease, but it also makes the application process very quick. The best personal loans let you know whether you have been accepted instantly, and if you are accepted, you can expect the money to be in your bank account by the next day at the most. As long as you have a job and are a US citizen over 18, you can get hold of money with bad credit personal loans.
Useful Bad Credit Personal Loan Details
The online bad credit personal loan lender you choose should reflect how much you want to borrow, and this is the most important consideration. Bad credit personal loan lenders usually grant borrowing up to $1500, but for first time borrowers the maximum amount is usually much less. So if you are a first time payday loan borrower but you need more than a few hundred dollars, then you should seek a personal loan lender that offers high first time loan amounts (some providers offer $1000 for your first loan).
If you are a repeat customer then your lender will naturally allow you to borrow more, though you should always only borrow the amount you need, because the interest on personal loans with bad credit is appreciably high. While good personal loans with bad credit will offer longer term payment plans, if you can afford to pay back the money you owe by your next payday then this is the best option to take.
While interest rates are high, personal loans with bad credit are still a great option if you absolutely need the money. Good bad credit personal loans are reliable, secure and keep you going when you need that extra money to tide you over.
I used to have great credit. I would get offer after offer for credit cards and I would keep accepting those offers. I had huge credit limits and I always kept my balances low.
Unfortunately, I lost my job and had to start using my credit cards to keep going. I assumed I would get a job fast, but I never did. I ended up going through all my credit and I couldn’t repay it. Finally, I had to declare bankruptcy. This destroyed my credit score and no one would lend to me after that. I needed some money for a car repair and didn’t know what I was going to do until I discovered personal loans for bad credit.
With bad credit loans, the lender doesn’t check your credit score. It felt great not having to worry about getting turned down. The application was fast and easy to fill out. I was able to fill it out online quickly and it just took a few minutes to take care of. The lender approved me fast and I got the money in my account in just a day.
The only thing that the lender cares about with these loans is that you have a job. Nothing else really matters. You can get the money you need if you have an income and you can pay it back when you get paid. The only thing that I wasn’t crazy about was the interest rate. The interest rate wasn’t the best, but my credit score was so low that I felt lucky to have a loan at all.
I got around the high interest rate by paying the loan off as soon as I could so I didn’t have to pay much interest. This is what you want to do because the interest rate can really add up if you don’t pay the loan off right away. You don’t want to get stuck with those high interest fees.
Bad credit loans can really be a big help when you need to pay an emergency expense and you don’t have the money in the bank. After my bankruptcy I found it was really hard to get money saved up, so when I need extra money I used bad credit personal loans to get those emergency expenses paid.
The loans are so easy to apply for and the lender makes it easy to get approved. You aren’t judged for having bad credit and there are no hidden fees with the loan. What you see is what you get.
If you have financial problems and you need money, these loans are your best chance of getting it. I am so glad I started using these loans and I am going to turn to them whenever I have an emergency. When you need money fast, personal loans for bad credit can help you out of your financial bind. They are fast, reliable and your credit score doesn’t matter when you use them.