Bad credit loans are a reality for many Americans nowadays. According to the stats, only 20% of Americans have credit scores of 800 or more, while around 11% have scores below 550. With this information in mind, it’s not surprising that nearly all Americans will need to apply for credit at least once in their lives. Despite the cost of borrowing, bad credit loans make it possible for the average person to pay for college, afford the rent, buy a car, or pay for an emergency or sudden expense.
With so many Americans needing credit, we took the time to investigate the top five providers of bad credit loans online. Check out our findings below.
On the very top of our editor’s pick of providers of loans for bad credit is none other than Viva Payday Loans. Viva Payday Loans makes personal loans for bad credit quick and easy to apply for. While the platform doesn’t promise bad credit loans guaranteed approval, due to regulatory compliance (checks always apply, and approval cannot be guaranteed), they offer various types of loans that are great for individuals looking for personal loans with bad credit.
What’s great about applying for installment loans for bad credit via the Viva Payday Loans platform is that the entire process takes just a few minutes. And if your loan application is approved, the payout can occur within 60 minutes, or 24 hours max. Loans range from $100 to $5000 with 3 to 24 months to pay, and with interest that’s pretty standard at 5.99% to 35.99%.
Eligibility Requirements for Personal Loans for Bad Credit
Pros of Personal Loans with Bad Credit
Cons of Loans with Bad Credit
.jpg?w=640&auto=format%2Ccompress)
Low Credit Finance is a great option for those who prioritize speedy processes. They stand out from the crowd due to their quick application process, which takes just a few minutes, followed by a payout process that takes between 15 and 60 minutes. When applying for installment loans for bad credit via Low Credit Finance, you can expect simplicity in the loan model. Select the amount you wish to borrow, indicate the repayment period required, and then fill out a quick and easy online application form. You’ll know if you can be assisted within two minutes of submitting the application form.
Personal loans bad credit that are available range from $100 to $5000 with 3 to 24 months to pay. The interest attached ranges from 5.99% to 35.99%. And if you’ve got low credit, there’s no need to worry. Simply ensure you meet the eligibility criteria and can pass an affordability assessment (comparing your income and expenses). Lenders will also assess your application based on other merits (over and above credit score).
Eligibility Requirements for Installment Loans For Bad Credit
Pros of Installment Loans For Bad Credit
Cons of Installment Loans for Bad Credit
When emergencies or unexpected expenses strike, it’s important to get cash in a hurry. To get loans with bad credit you need to prove that you can afford the monthly installments. Lenders usually request a list of the borrower’s expenses and compare this with their monthly income – this is done when applying for loans with bad credit via the Big Buck Loans platform.
The loans for bad credit available via Big Buck Loans are available to borrowers earning at least $1000 per month. The amounts available range from $100 to $5000 with 3 to 24 months to pay. As far as interest is concerned, it can reach as high as 35.99% but starts from just 5.99%. Applying for same day personal loans with bad credit is a quick and easy process via Big Buck Loans and takes just a few minutes. Payouts on approved loans typically happen within 60 minutes of loan approval, but if there is a delay for some or other reason, it’s not usually longer than 24 hours. If you’re looking for a loan-finder that offers to speedily connect you with providers of bad credit loans, Big Buck Loans should be on the top of your list of options.
Eligibility Requirements for Personal Loans with Bad Credit
Pros of Personal Loans with Bad Credit
Cons of Personal Loans with Bad Credit
.jpg?w=640&auto=format%2Ccompress)
If you don’t have a formal job with a boss and monthly pay slips provided, you may think that you’re out of luck when it comes to getting personal loans with bad credit, but that’s not necessarily true. With loans for unemployed individuals readily available via the Heart Paydays platform, you only need to meet the eligibility criteria in order to qualify for a loan. This means that even if you make your income via alternative means (rental income, dividends, royalties, freelance work, etc.), you must make no less than $1000 per month to be eligible.
Non-traditionally employed individuals can get personal loans with bad credit ranging from $100 to $5000 with 3 to 24 months to pay. While interest can be as high as 35.99%, it’s worth noting that some lenders that wish to remain competitive start their interest from around 5.99%. You can repay installment loans for bad credit acquired via Heart Paydays, weekly, fortnightly, or monthly by means of direct debit.
Eligibility Requirements for Loans With Bad Credit for Unemployed Individuals
Pros of Loans With Bad Credit for Unemployed Individuals
Cons of Loans With Bad Credit for Unemployed Individuals
.jpg?w=640&auto=format%2Ccompress)
Green Dollar Loans is an excellent option if you’re averse to applying for loans the old-fashioned way (standing in queues, making phone calls, and sending faxes). Green Dollar Loans offers an application process for online loans for bad credit that’s 100% online. Not only is the entire process handled online, but borrowers only spend a few minutes applying for these loans and only wait two minutes to get feedback on their applications.
Green Dollar Loans outshines the rest when it comes to convenience and speedy processing. The loan amounts available online range from $100 all the way up to $5000. And if you’re worried that your budget will be under pressure with the monthly installments, keep in mind that the platform connects borrowers with lenders offering 3 to 24 months to pay. Interest is a reality, unfortunately, but is fairly reasonable in terms of online loans, ranging from 5.99% to 35.99%.
Eligibility Requirements of Online Loans for Bad Credit
Pros of Online Loans for Bad Credit
Cons of Online Loans for Bad Credit
Bad credit loans are short-term loans provided to applicants with a less-than-perfect credit score. This doesn’t mean that lenders on the loan-finder panel don’t carry out credit checks. Rather, it means that lenders can provide finance to certain borrowers who meet mitigating criteria despite their low credit scores. Installment loans for bad credit are a risk for the lender and come with high interest attached, ranging between 5.99% and 35.99%.
Interest is added to the loan amount when applying for bad credit loans. The total is then divided over the repayment period to form fixed monthly installments.
There are four simple steps to follow when applying for loans for bad credit borrowers as follows:
Use the loan-finder site to select the loan amount and term.
Click on the application form and enter your personal details by following the prompts.
Two minutes after submitting your application, you should receive feedback on your application. Then, you’ll be in direct contact with the lender to finalize the details of the loan agreement.
When the loan agreement is forwarded to you, make sure that you carefully consider the terms and conditions before signing the document. The cash will then be transferred to you within 60 minutes.
Personal loans for bad credit come with loan amounts ranging from $100 to $5000 with repayment terms of 3 to 24 months.
Most lenders pay out loans within 60 minutes, with a max waiting time of 24. Hours.
The cost of loans for bad credit can be quite high, with interest ranging from 5.99% to 35.99%. Penalties can also apply for missed or late payments or trying to settle your loan account early.
All loans come with credit checks, even though finance is offered to bad credit borrowers.
When considering loan-finders, we looked for those specifically offering:
When it comes to applying for installment loans for bad credit, using a loan-finder service is the best way to save time and money. Loan-finders simplify the process of hunting for finance by bringing the best possible loan option directly to you.
While loans for bad credit exist, you can expect the amount offered to you to be on the lower end of the scale. Bad credit borrowers can typically get small loan amounts with high interest due to the risk to the lender.
To get a loan with bad credit, you must meet the lender's eligibility criteria and pass an affordability assessment (your income must be comfortably more than your expenses).
Yes, you can get personal loans for bad credit if you are unemployed, but you must still earn at least $1000 per month via alternative income streams.
Disclaimer: The loan websites reviewed are loan-matching services, not direct lenders, therefore, do not have direct involvement in the acceptance of your loan request. Requesting a loan with the websites does not guarantee any acceptance of a loan. This article does not provide financial advice. Please seek help from a financial advisor if you need financial assistance. Loans available to U.S residents only.
Disclaimer: This article is published in association Payday Ventures and not created by TNM Editorial. Please do your own research before applying for loans from the above services and seek independent legal/financial advice if you are unsure.