How To Get A Bad Credit Loan Today: Updated January 2022
I have prepared a LOT of information here about the easiest and quickest ways to get a bad credit loan.
However, I also have one simple tip for you, to save you time and get a bad credit loan offer today.
How To Get A Bad Credit Loan Today
Normally, there’s a lot of work involved to get a loan on the same business day, without approaching loads of lenders, filling in endless forms – and sitting around waiting.
One company – which are called Bad Credit Loans – will do all of that for you.
(Isn’t that a perfect name!)
They will not charge you any fee and you only need to know how much you need – up to $10,000.
They fully understand
- that there are unexpected expenses and emergencies which no-one can plan for,
- and they are not limited to helping only consumers with perfect credit.
- After all, sometimes a run of bad luck comes up through no fault of your own, doesn’t it!
However, as long as you meet their other requirements, some lenders or lending partners in their extensive network may be able to offer you a “same business day” loan even if you don’t have perfect credit.
To apply, you need only to
- be at least 18 years old
- provide proof of citizenship, such as a Social Security number, or legal residency
- have a regular annual income paid weekly or monthly, either from full-time employment, self-employment, or disability or Social Security benefits
- have a checking account in your name
- provide work and home telephone numbers
- provide a valid email address
- say how much you want!
To get their staff looking for a loan for you – today – just go to their site and let them know the amount of dollars that you require.
They will start the application process for you straightaway.
More Details On Bad Credit Loans
As of January 08, 2022, my list of the best bad-credit unsecured loans (and any short-term loan) takes into account flexibility of criteria, interest rates and fees and other features.
I also cover ways to determine if a personal loan is suitable for you, how to get approved and how to avoid scams so you can be safe while getting financing.
I have selected the top 10 best bad-credit personal loan offers from the most popular lenders on the market.
The criteria I used included:
- Interest rate
- Flexibility of payment options
- Amount of money available
- Fees charged by lender
- Terms of repayment
- Security offered
- Customer service
- Availability of additional benefits
Best Bad Credit Personal Loans – List of Top Lenders
They will inform you what the loan cost / personal loan rate will be.
1. CashOne – $500-$10,000 with 3% APR (variable)
Cash One has been offering unsecured personal loans since 2001. They offer flexible terms and conditions, including up to 12 months of grace period. You can choose between two types of loans: short-term cash advance or installment loans. Interest rates start at 2.99%. There are no prepayment penalties.
2. American Express – $5,000-$25,000 with 4.99%-12.99% APR (variable) + 0.50% fee
American Express is now one of the oldest online lenders in the US. It was founded in 1850 and it’s still operating today. Its main business is providing financial services such as credit cards, checking accounts, mortgages, auto loans, student loans and more.
3. CIT Bank – $1,000-$35,000 with 3.99%-13.99% APR (fixed)
CIT Bank provides unsecured personal loans that range from $1000 to $35,000. Flexible repayment options include fixed monthly payments, biweekly payments, weekly payments and even fortnightly payments. Repayments can be made via direct debit or online banking.
4. National City Bank – $1,500-$100,000 with 5.00%-15.00% APR (variable) plus 1.00% fee
National City Bank is a subsidiary of the largest bank in Ohio, Fifth Third Bank. It was established in 1859 and it’s currently headquartered in Cleveland, OH. It offers unsecured personal loans ranging from $1500 to $100,000.
5. First Premier Bank – $1,200-$40,000 with 6.00%-20.00% APR (fixed) plus 1.00%-2.00% fee
First Premier Bank has been offering unsecured personal loans since 1997. Their loans are offered in amounts from $1200 to $40,000. Repayments can either be paid through automatic withdrawal from your savings/checking account or set up an installment plan.
6. KeyBank – $1,000-30,000 with 7.00%-18.00% APR (interest only)
KeyBank is a large national bank based out of Buffalo, NY. It was established in 1988 and it’s now part of KeyCorp. It offers unsecured personal loans in amounts from $1000 to $30,000.
7. BB&T – $1,000 -$75,000 with 8.00%-22.00% APR (APR only)
BB&T is a regional bank based out of Winston Salem, NC. It was established in 1992 and it’s part of Bancorp South. It offers unsecured personal loans in amounts from $1000 up to $75,000.
8. UMB Bank – $1,300-$100,000 with 9.00%-26.00% APR (Variable)
UMB Bank is a regional bank based in St Louis, MO. It was established in 2000 and it’s also part of the UMB Financial Group. It offers unsecured personal loans in amounts from about $1300 up to $100,000 for people who have bad credit.
9. Great Lakes Bank – $1,800-$100,000 with 10.00%-28.00% APR (Fixed)
Great Lakes Bank is a regional bank located in Chicago, IL. It was established in 1902 and it’s a member of the Midwestern Federal Savings Bank. It offers unsecured personal loans in amounts from around $1800 up to $100,0000.
10. SunTrust Banks – $1,500-80,000 with 11.00%-27.00% APR (Interest Only)
SunTrust Bank is a regional bank based in Atlanta, GA. It was established in 1916 and it’s the parent company of Suntrust Mortgage. It offers unsecured personal loans in amounts from approximately $1500 up to $80,000.
Advantages and Disadvantages of a Bad Credit Loan
A person with a low credit score should avoid applying for a bad credit personal loan. However, if a person does apply for a bad credit personal loan, he or she should make sure to get the best possible rate.
You should get a shorter-term loan because it means paying less interest over the life of the loan.
Your payment will also be higher per month. However, you may need to take out a larger loan than you originally planned. This could put you into debt or cause you to miss your next payment.
If you do not pay off your loan within the time period that you agreed upon, then your lender may report this information to one or more of the three major credit bureaus: Experian, Equifax and TransUnion.
If your credit history is damaged by having several late payments, then lenders may deny you future credit opportunities.
What is a Bad Credit Personal Loan?
Lenders want to make sure they’re getting repaid if something happens to their property. So they won’t lend money to people who have bad credit. But sometimes, even if someone has bad credit, they still might get approved for a loan, even via a credit union. In this case, the person might have to pay more interest than someone with better credit.
Bad credit personal loans are available to people who have poor credit scores. You’ll pay higher interest rates compared to other types of loans, but you can still find better deals than with credit cards or payday loans that charge high fees.
What Are Credit Scores?
Credit scores range from 300 to 870. Scores below 600 are considered low, while scores above 700 are considered excellent.
A low score may prevent you from getting loans and other financial services.
You should pay off any debt as soon as possible and avoid buying things you can’t afford.
Bad credit scores are calculated by looking at how much you owe, how long you’ve been paying off debts, whether you’re new to credit, and what kind of credit you use.
Having a lot of debt, being behind on payments, or using too many types of loans will lower your score.
There are a few credit scoring models that you can use, but the FICO Credit Score is one of the most common.
FICO scores range between 300 to 850, with scores below 600 being considered poor or fair.
Always check your score over time.
A Bad Credit Score Is Within These Ranges:
- Fair credit: 580 to 669.
- Poor credit: 300 to 559.
Having a poor or fair credit rating can impact your ability to qualify for loans and may also affect your ability to rent apartments or buy homes.
If you do qualify for a loan with bad debt, you’ll likely pay higher interest rates and fees.
But there are some things you can do to help improve your credit score, such as making sure you pay your bills on time and regularly checking your credit reports to catch mistakes.
Bad credit scores are made up of 5 parts:
- Amounts Owed (30%),
- Length of Credit History (15%),
- New Credit (10%),
- Credit Mix (25%), and
- Other Items (10%).
A bad credit score is usually due to having too much debt compared to your income. Having a bankruptcy or foreclosure on your record will lower your score.
Credit scores range from 300 to 870, with the lowest being considered poor or fair. A low credit score can impact your access to loans and other financial services. You may have trouble renting an apartment or buying a house.
Bad credit scores come from having too much debt or too many late payments. Having a long record of paying off debts may help improve your credit score.
Steps To Apply For A Bad Credit Loan On The Same Business Day
Get a personal loan if you need money quickly. Before getting a loan, check your credit score first. You can access your credit report online for free once per year. Don’t pay off loans before paying them off completely.
Bad credit personal loans are available to people who need money fast but have a poor or damaged credit history. These loans are usually short-term and require collateral. Prequalifying before applying for a loan allows you to see if you’re eligible for a loan without having to submit any documents.
Secured loans require collateral. You should add a co-signer to your application if you’re having difficulty getting approved.
Your co-signer will be responsible for repaying the loan if you default. A co-signers credit score will affect your rate. Look for a lender that allows co-signing.
You should gather financial documents to prove your income and expenses. A hard credit check will be done when you apply for a loan. A temporary credit inquiry may occur.
A low credit score means you have limited options. You may be denied some loans because of your poor credit history. You do have many options though. There are products that help people with low or bad credit scores.
Getting a personal loan with bad credit isn’t impossible if you can meet the monthly payments. You need to check your credit score first. You’re entitled to one free credit score every year from each of three major credit bureaus.
To get your free credit scores, go to AnnualCreditReport.com and sign up for an account. Then, log into your account and select the option to view your recent credit report. After that, review your credit report and identify any errors. Once you’ve corrected them, contact the creditor who issued the loan and ask about alternative payment plans.
Secured loans are usually easy to get if you have bad credit.
You can add a co-signer to make sure you get approved. A co-signer takes on some of the responsibility for repaying the loan if you fall behind. Not all lenders allow co-signed loans, so you’ll need to do more homework before applying.
Gather financial documents. When you apply for a loan, you may need to provide financial documents including pay stubs, tax returns, and employment information. A hard credit check could be required. You could also be asked to provide additional documentation such as bank statements or proof of income.
Low credit scores do not mean that you have no options. You still have plenty of options available to help you get out of debt. Your credit score may be low, but there are still ways to improve it.
A debt resolution lawyer can help you find the right option for you.
Always check that there is no prepayment penalty if you pay off the loan early.
How To Get A Loan With Bad Credit
Our ratings are based on customer satisfaction, loan affordability, loan terms, loan accessibility, loan costs and other factors. We determine these ratings based on data provided by our customers.
People with bad credit scores need to do more work than people with better credit scores. Their loans might be harder to get. There might be inaccuracies in their credit report.
They might have to pay higher interest rates. They might even have to pay fees if they want to close old accounts.
Your score needs improvement. You should repay any outstanding debt. Reduce your credit usage. Try to lower your expenses. Look for a lender who offers loans within your budget.
Pre-qualification is an important step before applying for a mortgage. You should be aware that some lenders may require a co-signer for certain types of loans. Adding a co-signer could help you get lower interest rates.
After submitting your application, lenders will review your personal information and credit history.
You’ll be asked to complete your application online or in person, and prepare to provide your SSN, address and income information. Your lender may request additional documents such as proof of employment or tax returns. Then you’ll need to repay your loan. Set up automatic payments to ensure you never miss a payment.
Where Can I Get A Bad Credit Loan?
Bad credit can be a problem when looking for a loan, but it doesn’t mean you should give up.
There are many different types of loans available for borrowers with bad credit, including credit unions.
These include secured loans, unsecured loans, installment loans and even payday loans. You may need to pay higher interest rates, but there are still ways to get a loan.