Can You Get A Personal Loan With Bad Credit?
If you have bad credit, you might be able to get a personal loan, instead of applying for a credit card or a payday loan. There are many service providers, such as Zipploan or Cashadvance, that can help you.
A personal loan can allow you to manage your stream of payments more easily. You will be able to pay in equal, predictable payments every month, which you can budget around. You might get a lower overall interest rate than if you apply for a credit card or payday loan.
Another major benefit of a personal loan with installments is that the lender is required to report the borrower’s payment history to credit reporting agencies. This may help you as the borrower to build a better credit rating. Your credit rating will only improve, however, if your payments are made on time.
If you’re shopping around for a personal loan, make sure that your lending service provider is required to send reports to credit bureaus. Also, make sure which credit bureaus they report to. That way, you’ll be able build better credit.
Payday Loans vs Instalment Personal Loans
Payday loans can be a good option if you need a loan for a shorter duration. However, they have a higher interest rate, and you often have to pay them back in a single lump sum payment. If you are unable to make this single payment, your credit score will be badly affected.
In contrast, an installment loan is paid back over the course of a number of months. Payments are spread out evenly over the full term of the loan. You can plan your other expenses and budgets around this monthly payment.
Take control of your bad credit
If you take out a personal loan, the repayment schedule can help to prevent you from getting even worse credit. A personal loan has the same monthly payment each month, and you have a specific end date for all your repayments. Prompt repayments every month will reflect well on your credit record.
On the other hand, if you use a credit card to make a purchase you need, credit card debt can hang over your head for a long time. Many people only make the minimum monthly payments. If you have a large credit card debt and are not paying it off fully every month, it’s worth consolidating it with a personal loan. That way, you’ll be able to make more manageable payments and stop endangering your credit record.
The structured nature of personal loan payments can help you to develop a budget and stick to it every month. Just remember that late or missing payments may adversely affect your credit score.
How to improve your credit score
- Apply for an unsecured loan through Zippy Loan or another provider (We listed 3 recommendations), and get an instant decision.
- If approved, you get your loan as soon as the next business day. Some banks make take slightly longer to transfer the funds.
- Make sure you make timely repayments on your loan. This will help to improve your credit score.
- Make sure the service provider sends notice of payments to some of the major credit bureaus which may improve your credit score.
Repairing your credit is important
When you are trying to get a loan to buy a car, or apply for a mortgage, your credit determines the loan rates you can receive. If you have a high credit score, you can save money over time by improving your chances of obtaining a lower rate.
This is the same with a loan through a lending service provider. Your credit score is a major factor in determining which kind of loan you receive.
As your credit improves, you may be eligible for lower rates on future loans through that service provider.
Personal Loan with Zippy Loans
Zippy Loans offers personal installment loans with terms that range from 12 to 60 months. Zippy Loans is not a bank or a lender but a platform that will connect you to legit and fast lenders worldwide.
Borrowers can borrow money starting from $100 up to $15,000.
The amount of the loan you can qualify for may vary, based on the service provider’s credit determination.
You can receive money the same day as your loan is approved. Receiving money the same day will depend on whether your bank supports Faster Payments. If your bank does not support Faster Payments, the funds might be sent to your account a little after the time that the loan is approved.
While Zippy Loans can send money to your account within these given times, some banks take longer to deposit such funds to your account. If in doubt, contact your bank or the customer service team.
Zippy Loans can help you with an affordable loan – while also improving your credit for future loans. Click “Get Cash Now” below To Get Started.
Personal Loan with Cashadvance.com
CashAdvance® is the perfect short-term solution when you need money in a hurry. The service is free to use, and you don’t need good credit to be approved for a loan of up to $1,000. Once you receive an offer, you’ll be directed to the lender’s website to finish the approval process. Be sure to read the terms of any loan offer you receive for specific rates and APRs, as loan terms will vary based on the lender and your creditworthiness.
The amount of the loan you can qualify for may vary, based on the service provider’s credit determination.
- Short-term loan of $100 to $1,000
- Bad credit is welcomed
- Large network of lenders
- Loan decision as fast as a few minutes; funding as soon as next business day
- Required: Income of $1000+/month and at least 90 days on job.
You can receive money the same day as your loan is approved. Receiving money the same day will depend on whether your bank supports Faster Payments. If your bank does not support Faster Payments, the funds might be sent to your account a little after the time that the loan is approved.
Anyone, regardless of credit rating, can apply for a loan of up to $1,000 through the CashAdvance online platform. Once you apply, your application will be matched with lenders near you who will then provide you with their loan terms. You will then choose to accept or decline the loan offer — be sure to read any loan offer that is presented to you — as terms and APRs can vary greatly between lenders.
CashAdvance’s mission is to help its customers find the best short-term loan options in their time of financial need, and has been a trusted resource for loans since 1997. “While there are many companies dedicated to helping customers get cash quickly, CashAdvance stands apart by offering a unique level of customer care, security, and a brand that consumers can trust,” according to the site. Click “Get Cash” below to get started.
Personal Loan with Life Loans
Life Loans is an online loan referral service that connects consumers with a marketplace of companies who offer personal loans and cash advances to consumers with good and bad credit.
- Quick and simple application and approval process
- No fees as long as you pay on time
- the majority of loans offered by its lending network are short-term loans. These loans are typically borrowed by those with little, no credit, or bad
Life Loans is not a traditional lender, rather an online loan referral service that connects consumers with a marketplace of companies who offer personal loans and cash advances. This means Life Loans passes on consumer loan applications to its network of third party lenders. Life Loans specializes in personal loans; however, it works with lenders who offer other short-term loans so that its services can be made available to consumers with good and bad credit.
Qualified loan amounts vary from lender to lender and are based on personal eligibility but approved loan amounts can range between $100 to $35,000. Most consumers are offered a short-term lending option between $100 to $1,000.
If you have been approved for a loan, you are immediately passed on to the lender and Life Loans is no longer a part of the process. The terms and regulations of the loan are then disclosed and the information remains strictly between the consumer and the lender. Information required from the consumer will vary from lender to lender, but general requirements include:
- Monthly income equal to or exceeding $1000
- Verifiable income for at least four weeks
- Current phone number
- Current bank account in the consumer’s name
- Consumers birthdate and social security
Whether it is to cover an unexpected expense or hold you over until your next paycheck, you will inevitably experience a point in your life where you will need to borrow money. Life Loans does a great job of wading through the overwhelming amount of online lending options to find the best loan for your current situation. Regardless of the specific lending company that Life Loans connects you with, each company is unique so it’s critical to review its codes of practice and policies before entering into a personal loan or cash advance agreement.
If you have had difficulties getting approved for a loan due to a lack of an established, positive credit history and you need money quickly, Life Loans is a recommended marketplace lender for your personal loan needs. Click “Get Started” below to get started.
