Personal Loans for Bad Credit
If you need fast cash to cover expenses but have bad credit, you may still get approved for a personal loan. There are many lenders that have will consider additional factors when deciding whether to approve you. Here’s what you need to know about personal loans for bad credit.
How do poor-credit personal loans work?
Online personal loans for bad credit offer a fast and easy way to get cash. If you have a poor credit score, these products can help you meet your financial needs. When deciding whether to approve you for poor-credit personal loans, lenders may consider factors like your employment history and income in addition to your credit score. Upon approval, you’ll receive the money quickly, usually the same day you apply or within 24 hours.
Types of personal loans for borrowers with bad credit
There are several types of personal loans for borrowers with bad credit, including:
Payday loans are short-term, small dollar loans you can pay back when you receive your next paycheck, typically within two to four weeks. These loans can be useful if you need some quick cash to cover expenses until you get paid.
With installment loans, you’ll get a lump sum of money at once and repay it over time (anywhere from a few months to several years) through fixed monthly payments or installments. If you’d like a large sum of cash, an installment loan may be a good choice.
Car title loans are secured loans that use your car as collateral. After you get approved, you’ll give the lender your title in exchange for a lump sum of cash that’s based on the value of your vehicle. You’ll be able to drive your car as you pay back your loan. If you own your car and are willing to use your title as collateral, a title loan can make sense.
Lines of credit
Lines of credit work a lot like credit cards.. You can withdraw funds as much or as little as you’d like up to a set credit limit, and you’ll only pay interest on the amount you borrow. Lines of credit are ideal if you want a flexible loan.
How to get a poor-credit personal loan
To get a personal loan with bad credit, follow these steps:
Not all lenders that offer personal loans for bad credit are the same. Shop around and find several lenders that you like. Then, compare their borrowing amounts, interest rates, terms, and fees.
Choose a personal loan option
Once you compare lenders, choose the best personal loan for your budget and unique needs. Be sure you understand everything about the loan and ask the lender about anything that’s unclear.
Fill out and submit your application
Fill out the application online or in-person. Share some basic personal details like your name and address. Also, include financial details like your income and employment history. Many applications for bad-credit personal loans only take a few minutes to complete.
Receive your funds
Wait for the lender to distribute your funds, typically via direct deposit. Fortunately, most personal loans for bad credit come with fast funding times. You may get your money within a few days, 24 hours, or even the same day you apply.
Get a personal loan from Advance America
Advance America offers a variety of personal loans for borrowers with a range of credit scores including payday loans, installment loans, title loans, and lines of credit. You can apply online and get your money quickly, sometimes within 24 hours. Since we look at factors in addition to your credit score to make the loan decision, you may get approved even if you have a poor credit score. Visit Advance America today to learn more about the loans we offer.