Everybody plans. So do us. But we never know which kind of lemons life is throwing at us. We may be stuck anywhere in between the crisis before the paycheck. We may get stuck in any medical emergency instantly arrive at any time.
To finance such a situation, urgent loans can help us out. Urgent loans are short-term loans that you take to finance immediate expenses and unexpected financial circumstances. Urgent loans are also known as payday loans. However, what if you have a bad credit score?
Many financial institutions are reluctant to grant loans owing to the poor credit history of an individual. However, our trusted direct lenders do not conduct any hard credit inquiries.
Now, how to get such loans? What should be the procedure? To get all these answers, read the article carefully.
Types of Urgent Loans for Bad Credit
Secured Loans
Secured loans are short and long term loans. These loans require collateral. Collateral is an item you keep with a lender before taking the loan. These loans do not require any hard credit check.
Pawn shop loans
Pawn shops loans are secured loans. In these loans, you get the amount equal to the value of the item you keep with the lender. That item could be jewellery, a house and so on.
If your jewellery is worth $2000, you will get loans near its price. In case if you are unable to pay the loan, the lender will repossess it.
Car Title Loans
In-car title loans, you keep your car as collateral with the lender. Meanwhile, until the loan’s maturity, you can use the car. However, if you cannot repay loans, the lender will repossess your car.
Bank Credit
Many people still look at banks whenever they require loans. Banks are the most trusted financial institutions for short-term or long-term lending. The bank can keep your collateral in urgent loans and grant you the loan. However, the slightest credit checks can be expected from the bank.
Unsecured Loans
Unsecured loans are short term loans. These loans can be borrowed without any collateral and are payable within months. Lenders could conduct soft credit inquiries before granting unsecured loans for urgent use.
Payday Loans
A payday cash advance is unsecured short term loans widely taken before your next paycheck. These loans are taken to cover emergencies, even for people who have bad credit scores.
Payday loans are payable in 2 to 4 weeks. In case of non-repayment, your loan can be extended depending upon your agreement with the lender and the laws of your state.
Personal Installment Loans
Both payday and installments loans are a part of personal loans. Installment loan is similar to a payday in many regards. Only its repayment procedure is different.
In a payday loan, you need to pay the whole lump sum amount along with an additional fee on the loan’s maturity date. However, you can repay instalment loans in a series of weekly or monthly payments over some time to lessen the burden on your shoulders.
Credit Union Loans
Many people prefer taking loans from credit unions. Credit unions help their members save money and assist them financially through loans at lower interest rates. However, you need to be a part of credit unions.
How to start the loan application
Check your eligibility criteria
Before applying for a loan, it is reasonably necessary to check whether you are eligible for the loan or not. Simply speaking, check whether you could qualify in the eyes of a lender or not.
For this, I am enlisting specific essential points which you need to fulfil before applying.
- You should be n adult
- You should be financially independent and earn $1000
- You should have an active bank account
- You shouldn’t be a part of military service.
Estimate amount
It is essential to estimate the amount along with the fee and additional charges of the loan. We are recommending it for your good. Because if you can’t repay the loan, it can be extended, but too many debts may adversely affect your credit scores.
Collect documents
Before applying, collect all the documents and required information necessary for the loan. Keep your bank details and personal details with you. Also, take pictures of your essential documents, which you will be needed to upload while submitting a form.
Fill Application form
Now, start your application process to make a loan request. Open the form on our page by clicking “GREEN BUTTON” below. Fill in all the required fields with accuracy. In case of misrepresentation, your form can be rejected. Upload all the documents and submit the form.
Confirm loan Agreement
Once you submit the form, we, electronically, take your form to our pool of multiple payday lenders. One will then approve your application and send you details for the loan agreement. Those details may contain your approved loan amount, loan fee, maturity and many more.
Grab money
After finalizing everything, you will get your emergency cash into the bank account hours after approval. This process from form submission to the cash deposit won’t take more than 1 business day.
Repayment of urgent loans
Every lender and borrower must mutually agree to the loan’s repayment date. For installment loans, you may repay the amount in a series of down payments, but for a payday loan, you need to pay the whole lump sum together.
In case of non-repayment, your loan can be extended or rolled over for a further period with an additional fee. However, a lender can also report credit bureaus if you won’t pay a loan for years.
Who can offer me a loan for bad credit loans?
So, you have bad credit scores, right. You must be thinking about whether lenders offer bad credit loans or not. Although many financial institutions and lenders do check your credit scores, these are the minor matters at our place.
Our lenders prefer conducting soft credit inquiries and granting you cash advances with low credit scores. However, they usually have high-interest rates.
What is Credit Score?
Your credit report matters! Before getting personal loans or any other loan, many financial institutions, including lenders, check your credit history. It reveals your creditworthiness. If your credit score is higher than 670, anyone can lend your loan. However, if your score is lower than 670, many reject your application.
In such a case, you are eligible for a bad credit loan. A bad credit loan is a loan you get with a bad credit score. Our direct lenders are least concerned with the credit ratings. Instead, they check your repayment capacities through income sources. Therefore, they conduct soft credit inquiries.
Now, what is a soft credit inquiry? When a lender does not give much importance to your credit score while granting you a loan is called soft credit inquiry. On the contrary, when a lender prefers giving much importance to the credit score is hard to credit inquiry. Usually, banks perform hard credit checks.
How to Improve Your Credit
It is pretty crucial to keep your credit scores up to the mark. Below are some easy solutions to improve their creditworthiness for those with bad credit scores.
- Pay your bills on time.
- Don’t delay your loan repayment.
- Must discuss everything with a lender before borrowing money.
Direct online lenders for bad credit?
Our online loan for bad credit is quite famous among US citizens. Why is it online? Because it is easy to process without any delay, and you can even apply just by sitting comfortably on your couch.
Plus, we do not have one or two lenders. We have a network of trusted direct lenders who can approve your amount in hours. Even with a bad credit score, you are good to go.
What can I use an emergency loan for?
You can use emergency loans to resolve many financial emergencies; unexpected and unforeseen expenses. Some of the examples are:
- Natural disasters
- Business and home repair
- Urgent medical emergency
- Car repairs
- Death, weeding or birth
Benefits of Online Loans
Among many, several benefits for preferring online payday lenders than traditional loans are:
- The application process for an urgent online loan is relatively easy to process. Your loan is just a few clicks away.
- You don’t need to visit any lender’s office personally. Just click the form and start your loan application.
- You will get approval in not more than a business day.
- You do not need to roam here and there to find a fax machine. Just use your camera to click pictures and upload them on the form.
- The money will be deposited directly into your account without any hassle.
FAQs
Conclusion
Urgent loans are the best solution to fight unexpected emergencies. Those who have bad credit scores also shouldn’t fear applying. Our lenders do not perform hard credit inquiries. If you need money, start your application process today and get approval in hours.
