Cash Loans for Bad Credit

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What Kind of Loans Are Available with Bad Credit

Getting quick cash is difficult at the best of times.

Traditional lenders aren’t always willing to hand over the money that you need when you need it fast. Often, you’ll be forced to go through a number of complicated application procedures and checks before you even learn whether you’re likely to be approved for a loan or not.

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If you combine the stress of applying for a typical loan with the headache of bad credit, then you could end up in an even worse situation.

After all, even if you’re only looking to borrow a small amount of money for a short period of time from a conventional lender, they’ll be usually unwilling to give you the deal or the interest rates that you’re looking for unless you have perfect credit.
If you’re unlucky enough to have bad credit, or you have a thin credit file because you haven’t needed to take out a loan before, then you might be unable to get a loan at all.

However, just because that’s the case with traditional lenders, doesn’t mean that there aren’t options available. Here’s your guide to getting quick cash loans for bad credit.

The kind of loans that you can get with bad credit depend on a number of things.

First of all, you’ll often find that it’s easier to get a loan with a thin credit file, than it is to get one with a poor credit score caused by other issues like bankruptcy or defaulting on old loans. However, depending on the lender that you apply with, and the amount of money that you want to borrow, you could be rejected even if you’ve never had a loan before.

Another thing to keep in mind is that some lenders are more wary about lending to people with bad credit than others. Although they can be difficult to find, there are some companies in the US market that specialize in offering support to people with a poor credit rating.

More often than not, however, if you do find one of these companies that accept people with bad credit, they’ll still only be willing to offer you one of three different kinds of loan:

  • Guarantor Loans: A guarantor loan asks you to bring someone with you when you apply for the money you need to sign similar documents to you. This person needs to be someone with good credit, and someone with a home that they own, so that they have security to offer. If you can’t pay what you owe on your loan, then the money comes from your guarantor.
  • Secured Loans: If a bank or loan provider is concerned that you might not be able to make the repayments that you agree to on your loan, they might suggest a secured loan. Here, you offer something of yours that has value, like your car or home. Your bank or loan provider will then be able to claim that item if you don’t make the repayments.
  • Payday Loans: This is the least-worrying option for most people in search of bad credit lending. With a payday loan, there’s no need for a guarantor or any security. Instead, you simply agree to pay back everything you owe on your next payday, including any interest rates.

Each of these loans have positives and negatives to consider. To make sure that you’re getting the most out of your loan opportunity, you’ll need to think carefully about why you’re borrowing money, how much you need to borrow, and what kind of loan experience you want.

What Sort of Bad Credit Loan is Best?

There’s no such thing as a one-size-fits-all loan. Different lending options are designed for different people. Just as a mortgage is intended for buying a house, and a car loan is intended for purchasing a car, different bad credit loans are suited for specific situations.

For instance, if you need to borrow a large chunk of money and spread your repayments over a long period of time, then your best bet will usually be to apply for either a secure loan, or a guarantor loan. That’s because these lending options are both forms of installment loans, where you agree to a period of time where you make monthly repayments to your lender.

On the other hand, if you want to borrow a small amount of money and get out of debt again as quickly as possible, then a payday loan or short term lending solution is likely to be a better alternative. That’s because payday loans allow you to pay back everything that you owe in one chunk at the end of the month.

Usually, when you apply for a payday loan, you’ll even fill out a post-dated check that will allow your loan provider to claim what they’re owed when your next payday arrives. This can take some of the stress off your shoulders when it comes to remembering exactly when to pay back your debts.

A payday loan is also a good option for people with bad credit who need to get their hands on money very quickly. With a secured loan, it takes time for your bank or loan provider to check that the value of the item that you’re offering as security checks out. That means you could be waiting weeks for your loan to be approved. At the same time, guarantor loans require a form to be filled out by someone else besides you, which means more credit checks, and more waiting around.

If you need to deal with something fast, like a broken-down car or a healthcare bill, a payday loan is one of the only options that can give you the money that you need instantly.

The Benefits of Payday Loans for Bad Credit

Although payday lending hasn’t always had the best reputation in the US, it’s now a popular lending option for people all across the country. Millions of Americans have used short-term lending solutions to get access to the money that they need in a hurry, particularly when suffering from bad credit. The great thing about a payday loan is that although these providers do check your credit score, they don’t allow your rating to hold them back from offering you a loan.

While other credit providers would run a mile when they saw a bad credit score, payday loan providers are willing to look beyond your history with money to check what kind of situation you’re in today. If you can prove that you have a regular source of income that will allow you to pay back what you owe, then you’ll have a good chance of getting this kind of loan.

All the while, applying for a Payday loan is often a much easier process too. You can often fill out a form online and get approval for your loan in a matter of hours. If you do agree to go ahead with your loan, some providers can even get the money that you need to you within less than a day.

Payday loans also offer the peace of mind that comes with knowing that you don’t need to worry about changing your entire lifestyle to suit a new budget. While other loans would require you to figure out how you’re going to make repayments for months, or even years in advance, payday loans get you out of debt very quickly – often in less than a month.

You may even find that a payday loan gives you a better credit rating in the long-term. After all, the best way to show that your credit score deserves a boost is to demonstrate to the credit agencies that you can pay back loans according to the terms of your lender. When you repay a payday loan, you show that you can be trusted to borrow money.

Why Use Us?
How much do you offer?
$100 - $5,000
No charges
Approval Chance?
High approvals!
Is poor / bad credit accepted?
All can apply
How do I get a loan?
Apply Online
2 min Application
Do I pay it all back at once?
Easy repayments

Can You Apply for a Bad Credit Loan?

Payday loans and short-term lending options are available to everyone. You don’t need to have an expensive asset that you can give to your lender if you don’t have the money to pay back your loan like you would with a secured loan. Additionally, you don’t need to track down someone who would be willing to step in and pay your loan for you, like with a guarantor loan.

As long as you’re a resident of one of the 27 states that now approve Payday loans, you’re already on the right track. Once you’ve checked with payday lending is available in your state, you can start your application online by filling in a basic form that asks for information on your name, your address, your age, and how much money you want to borrow.

Remember, you might be asked to provide various forms of proof so that you can go ahead with your loan, including a proof of income that shows you can afford to borrow the money that you’re asking for, and proof of your identity too.
However, for the most part, applying for bad credit loans is a lot easier than you would expect. It takes a matter of minutes to ask for the loan that you want, and you can get the response that you need in hours, rather than waiting for days.