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Bad Credit and Loan Opportunities: The Basics

There are problems with the current lending industry.

It seems as though the people with the most money and the least need for a loan are the ones that can walk into a bank anywhere and instantly get an offer for credit. However, if you’re dealing with an emergency situation, and you’re one of the millions of us that only have a basic income, loans are hard to come by. Loans that you can get into your bank account quickly are practically impossible.

That’s because credit agencies and financial companies are reluctant to forget any issues that their clients might have had with money in the past. Whether you accidentally forget to send a payment to a creditor on time one month, or you got into a bad situation and defaulted on your loan, that’s something that’s going to stay with you for years.

Credit scores are some of the most complicated and stressful things that we need to deal with as adults in search of financial independence. However, even if you don’t have the best credit going, you might still be able to get your hands on the lending opportunities that you need.

You just need to look in the right places.

Whenever you apply for a loan, whether it’s offline or online, the company that you’re going to be borrowing from will need to make a judgement about who you are, and how trustworthy you might be.

They may ask you to answer a few questions about your current lifestyle and lending habits, but most of the time, there’s only one thing that’s going to make or break their decision: your credit score.

Your credit score is essentially the information that tells a bank, credit union, or any other lender whether you’re reliable enough to get a loan. Unfortunately, while it takes years to develop a positive credit score, and a lot of hard work, one mistake can very easily bring your entire credit rating crashing down on top of you.

In fact, you might even have a bad credit score if you haven’t had any loans in the past at all. A thin credit file is almost as bad as a poor credit rating, because it means that there’s no evidence to prove whether you’re going to be trustworthy with your cash or not.

Whether you’re struggling with a thin credit file, or just a bad score, your opportunities for getting loans will be limited. You won’t be able to simply apply for the best deals that your banks and other lenders have to offer, because you’ll have nothing to prove yourself with. However, that doesn’t mean that you’re completely out of luck. The complexity of credit scores, and the fact that all of us sometimes need a little extra help with money has lead to the creation of something called “bad credit loans”.

What Kind of Loans Can You Get with Bad Credit?

So, what is a bad credit loan?

Well, the first thing you need to know is that it’s not a loan that allows a provider to simply ignore your credit score entirely. In the US, no such loan exists. Every company will be forced to check your credit rating before they give you a loan – to ensure that you can afford their services.

Alternatively, poor credit loans are opportunities that have been designed specifically for people who haven’t had the best relationship with their finances in the past. These credit options might pay less attention to your credit score than traditional lending opportunities, or they might give the lender extra security in the form of something that you agree to give up if you can’t pay what you owe.

The most common forms of bad credit loans available include:

  • Secured loans: With a secured loan, you agree that you’ll give the lender something of value that you own if you default on what you borrow. This might be your car or your home.
  • Guarantor loans: If you don’t have any security to offer, then someone else can promise to pay your debt for you or put their own home or property up as security.
  • Payday loans: These are the fastest form of bad credit loans with no guarantor, where lenders consider whether you’re earning enough money right now to pay back what you borrow, rather than focusing entirely on your credit history.

Often, the fastest and least stressful way to borrow money if you don’t have good credit is with a payday loan. Unlike with the other options, which require you to agree to meetings with financial advisors, and deal with long application processes, a payday loan can take a matter of minutes. You fill out a form online and get approved within hours. What’s more, you can even get your money sent to you within a day by some companies.

There’s no need to worry about putting your property up as collateral with a payday loan either. That’s because these loans are “unsecured”. Since you’ll be paying everything you owe back in one chunk, rather than over a long period of time, there’s a lot less risk to worry about for your lender.

How Do You Apply for a Bad Credit Loan?

If you’re looking for a loan as quickly as possible when you’re struggling from bad credit, your best option will always be to go for a payday loan. Not only are these loan options much easier to apply for, but they come with far fewer stipulations too. With a payday loan, you don’t need to convince anyone that you need to borrow the money for a specific reason.

Provided that you’re located within one of the states where it’s possible to take out a payday loan in the US, then all you need to do is track down the company that you feel most comfortable borrowing from. You can check out a number of alternative options and pick the one that gives you the best customer service, the lowest fees, and the best interest rates.

Don’t forget to pay attention to the terms and conditions that are laid out on the website of the company that you’re applying for a loan with too. There will usually be a page on the website that highlights the factors that the loan provider will look for in a borrower. Examining these terms before you begin your application can boost your chances of success significantly.

Although every business will have it’s own specific requirements, most will look for:

  • Evidence that you’re living within the US and that you’re an official citizen
  • Evidence that you have a long-term job that pays you a regular wage
  • Information on how much you earn each month
  • Proof that you haven’t had any recent bankruptcies to worry about
  • A current account that your money can be paid into
  • An email address and contact number

Remember, the rules and regulations around payday loans and short-term lending can differ significantly depending on where you are in the United States. It’s worth checking what the rules are in your state before you make any applications.

Is it Hard to Get a Loan with Bad Credit?

There are a lot of loans that are very difficult to access when you don’t have ideal credit.

Bank loans like personal loans are often a common problem for many people. Even getting a guarantor loan or a secured loan can be difficult, depending on your history with your finances. However, a payday loan is something else entirely.

If you’re lucky enough to be located in one of the states that approve payday lending, then you can save yourself a lot of pain and headaches by applying for a payday loan instead of any other short-term lending options. Not only will this solution help you to rapidly get the money you need in an emergency, but it will also simplify your loan opportunities significantly too.

Taking out a payday loan could actually benefit your credit situation too. Although there are a lot of other ways that you can work on improving your credit over time, the quickest way to show the credit agencies how trustworthy you are is with a loan. When you take out a short-term payday loan, you can show the agencies that you have what it takes to stick to the rules and regulations laid out by your loan provider.

What’s more, because you’re paying off the loan in one chunk after your next payday, you don’t have to worry about what might happen to your credit score if something goes wrong with your income in the months to come. Unlike with a traditional loan, you’ll be getting in and out of debt within a month or less, so you don’t even have to change your budget long-term. You can get the money you need, boost your credit score a little, and do it all with extra speed too.
Is now the perfect time for you to consider your own short-term loan?