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$500 borrowed for 5 months. Total amount repayable is $999.85 in 5 monthly installments of $198.37. interest charged is $491.85, Interest rate 236.1% pa (variable). Representative 481.6% APR.
Loans for Bad Credit Borrowers
Emergencies can sometimes catch you off-guard and you might find yourself in urgent need for money. Most people find it hard to access loans from traditional financial institutions like banks especially if their credit history isn’t stellar, to begin with. Traditional loans are often attached with numerous regulations and you are required to complete a ton of paperwork and an impeccable credit score to get the green light for one. Personal cash loans aimed for bad credit borrowers can be obtained without having to go through an exhaustive process and in some cases, would only take a day or less to get it.
When your credit history is patchy, getting access to loans can be an uphill battle. During emergencies, you’ll need a lender that can process the loan as quickly as possible, along with guaranteed approval. In circumstances like these, personal loans can help serve as a lifeline for your financial needs. To qualify for one, lenders will require you to have a regular income source, a proof of identity, as well as a copy of your paycheck. It is worth noting that if you are borrowing money for the first time, lenders will likely not grant you the maximum loanable amount.
Characteristics of Bad Credit Loans
Convenient, quick, and guaranteed approval
Most unsecured loans for bad credit borrowers are available online which makes it easier for you to go through the application process. Application forms tend to be straightforward and you should be done with the application process in just a matter of minutes.
The support team will then take the time to analyze your current financial situation and also assess the validity of your checking account and your paycheck and if all is in order, will proceed to deposit the funds into your account. In most instances, after approval, the funds should be posted in your checking account within a working day.
No hidden fees
Another important point you must look into when taking out a personal cash loan is that the lenders are upfront with the fees and the loan terms. You need to fully understand what exactly you’re getting to. It is worth noting that there are online lenders with unscrupulous practices that are only after scamming people through hidden fees and other undisclosed charges.
Only go for lenders that will provide you with all the loan details even before you decide to sign up for their credit facility. It is when you have all the details upfront that will help make it easier for you to decide whether a loan is indeed the right choice for you or not. You need to be aware of all the appliance interest rates, fees, late payment fees, and any other charge that may be associated with the loan. It is only when you have all the information you need can you expect to make a sound, well-informed decision.
Simple loan qualifications and requirements
Personal cash loans tend to have a straightforward approval process. Aside from being over 18 years old, you’ll also need to present a national identity card- a passport would suffice. You’ll be required to provide your basic personal details along with a valid email address, an active bank account where the funds will be deposited, as well as a working phone number. Once approved, you can expect the loan money to be deposited into your account.
Reasons for Taking out Bad Credit Personal Loans
Personal loans can be most useful when you need to attend to a financial emergency. You are also likely to qualify for an unsecured loan given that it would be easier for you to qualify for the criteria that lending firms offering the credit facility requires. When you can find a lending partner that understands your circumstances, you’ll feel more confide that you are on your way to addressing your financial woes. Some of the best personal loans are offered here.
Always ready to help
Personal loan providers understand that bad credit is hard to avoid especially when you’re in a credit crunch and when times are tough on you financially. There may be even instances when your monthly earnings are just not enough to cover your bills and expenses. This is where these lenders come into the picture. One of the best things about bad credit personal loans is that they do not require buyers to offer collateral to be approved. To apply for one, all you need is to gather and present the required documents along with your valid checking account.
Fast and Easy Loan Approval
Personal cash loans for borrowers with bad credit can be in your account within a day from approval so you will not have to wait for a long time before you can start handling all those pressing financial matters. With a straightforward application process, it should take you no more than five minutes.
If you are unable to repay the loan on time, you have the choice to roll over any outstanding amount. When you agree to the rollover’s terms and conditions, you have agreed to pay the loan back on the agreed term and failure to do so can lead to penalty fees and higher interest rate. When approved for a personal loan, the lender is responsible for filling you in on such details as interest rates and other related loan fees. While payday lenders aren’t known to report borrowers to the credit bureaus, you should still exercise caution when taking out these loans and ensure that you are prompt with your repayment to establish a good relationship with the provider. This way, if there is ever a need for you to take out a personal loan in the future, it would be easier for you to negotiate a better borrowing rate.
How Will My Application Work?
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Paid Into Your Account
We will deposit the money you need directly into your account within the day.
We will provide you with the best loan even if you have issues with your credit line.