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Bad credit loans are the types of loans to look for if you have bad credit or past bankruptcies and are in need of cash. Mainstream financial institutions usually do not like dealing with clients that experienced some credit difficulties in the past. Also, most large financial institutions disqualify applicants with recent bankruptcies. Banks have very stringent lending requirements and usually disqualify applicants with less than perfect credit rating. In most cases to qualify for a loan with a bank, you credit score should be at least 650+. If you do not meet those credit requirements, you are likely to be denied right away.
On the other hand, bad credit loan companies have developed alternative credit scoring systems that are independent from credit bureaus such as Trans Union and Equifax. Bad credit loan companies usually asses overall client’s financial ability to pay back the loan, rather than simply looking at clients’ credit score.
Interest rates are usually higher when you borrow from lenders that approve borrowers with bad credit as those lenders take higher risks and experience higher default rates.
Bad credit loans were designed to help people with bad credit to get funds they need for emergency expenses. Bad credit loan companies have developed alternative scoring algorithms that allowed them to lend funds to people with less than perfect credit and still remain profitable.
There is no such thing as guaranteed approval for a loan. Lenders cannot guarantee approval before they receive your application and look at your bank statement. Your approval can be almost guaranteed if you meet lender’s lending requirements.
There are several options to apply for a bad credit loan. You can walk into a local lender’s branch that offers bad credit loans. Search for “bad credit loans near me” in one of the search engines to find a location near you. If you live in a rural area or a small town where there are no lenders around, you can find a bad credit loan company that offers loans online. There are some companies that require scanning and emailing or faxing documents, others have developed completely digital application process. Visit lender’s website and apply online.
The easiest way to apply for a bad credit loan is online. Go to a search engine and search for “bad credit loans online”. Visit lenders’ websites. Make sure that the lender that you apply with is legitimate. You can check lender’s license, BBB profile, reviews. Check for qualifications to get a loan. Fill out online application. Follow up with the lender. Hopefully have your loan approved. Receive funds.
Approval for a bad credit loan usually takes from a few hours to a full business day. It all depends on a lender and how busy that lender is at the time you apply for a bad credit loan. Once you apply for a bad credit loan, you should follow lender’s instructions and fulfill all requests. That will speed up the approval process.
Requirements to get a bad credit loan may vary depending on the lender that you apply with. There are lenders that require collateral, some run credit checks and would still look at your credit, others like payday loan companies would simply look at your bank statement and verify your employment. The extent of information required from a borrower depends on the maximum loan amount offered by a lender. If you are applying for a loan over $1,500, you are likely to fill out a detailed loan application, submit your bank statement & your paystub, as well as have your credit checked and have your employment verified. On the other hand, lenders that offer bad credit loans of up to $1,500 have simple requirements and are easy to qualify for.
It usually doesn’t take longer than 48 hours to receive the funds once you get approved for a bad credit loan. If you are applying for a short-term loan up to $1,500, then you are likely to receive funds via email money transfer within minutes of being approved. If you get approved for a larger loan, let’s say $10,000, then funds will likely be transferred via EFT (Electronic Funds Transfer) to your bank account. EFT transfer might take up to 48 hours to complete.