Bad Credit Loans
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At Loans Fundslenders, we know that getting loans for bad credit is easier than you think. So, that’s why we make it simple for everyone to apply to multiple reliable lenders at once.
All of your favourite lenders for bad credit loans in once place; right here.
3,000,000 Applications And Success Stories
So, all it takes is one application and the right bad credit loan offer comes straight to you. In fact, we’ve handled over 3,000,000 applications from people looking for the right loan to get their finances in order.
Sure, we often we think that a high credit score is the be-all-end-all of loan approval. While having a high credit score is great, it’s not always manageable for all Lenders.
The good news is, your credit score doesn’t need to read 800 for you to get approved for the unsecured personal loan you need.
Apply With Us Today For Your Bad Credit Loans
What Qualifies As Bad Credit in FundsLenders?
As you know, in FundsLenders, as soon as you’re approved for your first credit product, your lender notifies one (or both) of FundsLenders credit reporting agencies. After that, the bureau compiles all your credit-related information into a credit report.
Where Do I See If I Have Bad Credit?
Your credit report and your credit score show you how your payment histories and debt compare against a set of criteria.
- Bad credit is a credit score is between 300 and 559
- Fair credit scores are usually between 560 and 659
- Good credit is a score between 660 and 724
- Very good credit is a score between 725 and 759
- Excellent credit scores are from 760 to 900 (900 is very hard to get).
If you don’t know your credit score, you can get if for free. You can also check your credit report at the same time. Click the button below to learn more
What Are Personal Loans For Bad Credit?
A personal bad credit loan is perfect for People looking to get their finances back on track. You don’t stop needing money when you have bad credit, and that is why bad credit loans are necessary and legal in most Countries.
Types Of Bad Credit Loans in FundsLender
Whether you want to purchase an expensive item like a TV, finance a car or cover some unexpected expense, you can get a bad credit loan to cover it.
Secured vs. Unsecured Personal Loans For Bad Credit
- Secured Personal Loan – A secured personal loan requires you to put up an asset as collateral. Due to the additional security, this asset provides the lender, your chances of approval increase and you’ll likely receive a better rate. However, on the downside, if you default on your payment
- your lender can seize your asset to recoup any payments lost.
- Unsecured Personal Loan – An unsecured personal loan is just a basic installment loan that you repay over a certain period of time.
Drawbacks Of An Unsecured Bad Credit Personal Loan
Like any credit product, you need to manage a bad credit loan properly. Every time you miss a payment, your lender will likely charge you a penalty fee and a higher interest rate.
Loans for bad credit already come with higher interest rates than normal ones. If you don’t pay it on time, your debt gets bigger. Furthermore, if you default for too long, after a certain point, your lender can sell your debt to a collection agency. This, in turn, leads to a court case and wage garnishment if your debt is large enough to justify legal action.
What To Expect From An Unsecured Bad Credit Personal Loan
| APR | 2.99 to 35% |
| Loan Amount | 0 – 50k |
| Loan Term | 3 months to 120 months |
| Fees | No applications fees |
Bad Credit Car Loans
Another in-demand credit product with bad credit borrowers is the bad credit car loan, which many subprime lenders also offer. These kinds of loans have become increasingly popular because of the wide range of automotive problems they can help fix. So, when applying for a car loan, bad credit borrowers will need to outline exactly what they intend to use it for. That could be anything from necessary repairs for their existing vehicle to acquiring the car’s title, to paying for the car itself from a private seller or a dealership.
Drawbacks To A Bad Credit Car Loan
Just like personal loans, problems arise when it comes to the interest rates and payments, which the borrower may end up struggling to deal with. Because the borrower has bad credit, once again their interest rate can end up being very high. These costs can land the borrower in even worse debt than they were before. Then, not only will they be in considerable debt, they may end up paying much more for their car than it’s actually worth. The debts that come with most car loans are also secured. If the borrower defaults for too long, the lender or dealership could seize the car as collateral.
Bad Credit: Payday Loans
Next, payday loans are the third most common type of unsecured bad credit loan. They’re aimed toward People with poor credit, who need a relatively small amount of cash quickly, often $1,500 or less. These unsecured loans sound appealing because they are easy to acquire. In fact, they usually have instant approvals, making them attractive to those with an emergency financial situation on their hands. If a borrower needs a few hundred dollars to pay their rent, they can walk in off the street, get approved and walk out with the cash in a matter of hours.
Drawbacks To Payday Loans
That brings us to the most unfortunate drawback of all payday Loans,the interest rate. Since payday loans are generally for small amounts, the way lenders make a profit is by charging extremely high-interest rates, sometimes as much as 500% APR (annual percentage rate). So, if you were to borrow that same few hundred dollars for rent, but didn’t manage to pay it back by the due date, you could be charged a huge amount in interest. As a result, you could end up paying hundreds of dollars more for what should have been a relatively small, one-time loan.
The Benefits Of Bad Credit Loans
Getting a loan for bad credit online is easy. Here is all you need to do.
- Easy online application. You can apply on your computer or smartphone from the comfort of your own home whenever it’s most convenient for you.
- Manageable installment payments. You’ll be able to create a budget
- around your loan payments and know exactly when they are due.
- Quick approval time. Because we’re based completely online, there are fewer steps and little to no paperwork which means you’ll get your money sooner.
- High approval rate. Fewer restrictions and requirements mean that more People get approved.
We work with an extensive referral network which means we can offer more People more products and help them find exactly what they’re looking for, good credit, bad credit, any credit.