LOANS & OUR SERVICES
Bad Credit Loans
No Credit Check Loans
Debt Consolidation Loans
Online Installment Loans
LEARN ABOUT LOANS AND THEIR TYPES:
Loan for people with Bad or No Credit History:
You need money right away, and it’s as simple as that. Because at times things happen. Be it an immediate big expense popping up, maybe you need to pay off piled up bills, or rent a moving vehicle to relocate for a job. And the amount you need isn’t all that much—500 dollars, or maybe a thousand.
Let’s be realistic that at times it is tough to even spare that $500 for any such unexpected expense. And if we go by the studies shown more than 60 percent of Americans have less than $500 in savings, to make things worse, such saving habits also hampers their Credit History, making them liable to live with “Bad Credit” – a FICO score of 620 or below.
So, if you have bad credit and need money now, you’re not alone. But whom would you turn to?
Bad credit shouldn’t to lead to high fees and rigid deadlines. We offer bad credit loans with longer terms, larger amounts and APRs up to 125% lower for people with bad credit.
This loan type is more of a Personal Loan, offered to a borrower with weak, bad or non-existent credit history. One characteristic of bad credit loans is that they will generally be expensive. This is because lenders charge higher interest rates to borrowers with bad credit than they do to borrowers with good credit.
People with Bad Credit Have Options
There are two basic types of bad credit loans: secured and unsecured.
An unsecured bad credit loan means that borrowers sign a contract and promise to repay their loan according to the terms and conditions of their loan. If they fail to repay their loan, the lender may pursue collection of the money owed through a collection’s agency or other legal mechanism. Typical unsecured bad credit loans include personal installment loans, credit cards, and student loans.
A secured bad credit loan requires that the borrower use a valuable item—like a car, a home, or a piece of jewellery—as collateral to “secure” the loan. This means that if a borrower is unable to repay the loan, the lender is legally allowed to seize the collateral and sell it to recoup their losses. Typical secured loans include mortgages, car title loans, and pawnshop loans.
Technically, a bad credit loan is a secured loan. You’re not offering your car or the deed to your house, but with a predatory bad credit loan, you are securing the loan with a check for the amount you’ve borrowed, plus interest or fees. If you’re unable to repay the extremely high-interest loan by the due date (most borrowers aren’t), the bad credit loan lender will cash your check.
Ratings of Types of Loans for Bad Credit
Type of Bad Credit Loan
Risk to Borrower
Bad Credit Instalment Loans
A No Credit Check Loan is typically a type of loan in which a lender determines the “creditworthiness” of a potential borrower without conducting a “hard” credit check.
This can be appealing to potential borrowers who are concerned
about the condition of their credit. A “no credit check loan” may seem like a good fast cash option but there are always risks. Educating yourself is the best way to make the safest borrowing decision for you.
If you’re looking for a No Credit Check Loan, chances are you believe you have bad credit. So, do you? There’s a way to find out.
Maybe you’ve had credit cards before and had trouble managing them. Maybe you missed some payments, maxed out the cards, or just got way over your head into debt. This could leave you afraid to even check your credit score.
The keys to understanding your credit (and how to improve it) is to know your credit score and understand what’s on your credit report.
How do No Credit Check Loans work?
So how can you borrow money without a credit check? You might find yourself considering a no credit check loan. A no credit check loan could be one of several different products, and some are safer than others, so you’ll want to do your research before signing any contract.
Many bad credit loans and title are no credit check loans. This means that the bad credit or title lender doesn’t perform a hard credit check (or maybe even a soft credit check). They don’t necessarily care about your creditworthiness because they know they’re going to get their money (and then some) back one way or another.
That’s because with a bad credit or a title loan product, your loan is secured with collateral. In the case of a bad credit loan, it’s your pay check. In the case of a title loan, it’s your car title. If you can’t pay back the loan, the lender either cashes and keeps your pay check or they take possession of your car!
If you’re not interested in losing your pay check or your car, you’re probably looking for other types of no credit check loans. So, are there options?
Though rarer, there are installment loan products that don’t require a credit check. A no credit check installment loan can assess a borrower’s creditworthiness through means other than a traditional hard credit check.
What does this mean? A no credit check installment loan lender may consider your length of employment, your ability to repay the money you borrow, or other non-traditional criteria.
Borrowing money is a major decision and it should never be made quickly or without an understanding of the loan’s true cost and the impact it may have on your credit.
Installment Loans for Bad Credit
Okay, so you know to avoid predatory payday and title loans. But you still have a need for fast cash now. What do you do?
In these situations, many people will turn to credit cards, traditional bank loans, or a line of credit from a financial institution like a credit union. If you can get a low-interest personal loan from a bank, or take advantage of unused credit on a safe, traditional credit card, then those might be the solutions for you. You can probably fix that flat tire or pay this month’s rent and still be able to get by.
But if your credit score is low and your credit cards are maxed out, then what? This is a more common situation than you might think and it represents a real problem in America today. People need better access to credit. You can read more about our position on the issue in our white paper.
Now you might be asking: “If I have bad credit, low income, and a financial emergency, what can I do?”
Your safe and responsible solution could be a personal installment loan from a reputable, socially responsible lender.
Installment loans are a type of loan that you repay through regular, scheduled payments. Unlike bad credit and title loans, they don’t require a single lump-sum payment that many borrowers can’t afford. Installment loans spread out the cost, making them a more affordable alternative for many borrowers.
How does an Installment Loan work?
Installment loans are, essentially, loans designed to be repaid over time. Payment amounts are set beforehand (or fixed) and are due at regular intervals. (If you borrow $1,000, for instance, you might pay $81 every two weeks for just over eight months.)
Compared to lump-sum payments required by bad credit and title loans, the regular, smaller payments that installment loans offer are more affordable and easier to manage for many borrowers.
What are the advantages of an Instalment Loan?
Instalment loan payments are scheduled in advance, so they’re more manageable. Also, the cost of the loan is spread over multiple payments, so they’re more affordable, too.
Oftentimes, installment loans are amortizing, which means every payment addresses a portion of both the principal and the interest. The consequence of this is that the amount you pay each month will never change, and you know precisely how much you’ll owe for each payment.
Good lenders will report your on-time payments to the credit bureaus, which can improve your credit score.
A debt consolidation loan allows you to pay off your outstanding debts—including debt from bad credit loans. Essentially, you combine (or “consolidate”) your multiple smaller debts into a single loan. The debt consolidation loan doesn’t make your debt disappear. However, it provides money to immediately pay off your outstanding balances. Additionally, instead of being responsible for multiple payments each month, you’ll only need to pay the consolidation loan.
While debt consolidation loans offer many benefits, there’s no guarantee that they’ll improve your financial situation. In fact, if you choose one that has a higher interest rate than your current debts, you’ll actually end up paying more. But if you find a consolidation loan that suits your needs, you can use it to streamline your payments and make your debt more affordable.
How does a Debt Consolidation Loan work?
Basically, a debt consolidation loan gives you money to pay off unmanageable debt. The trick, though, is to find one that offers a better interest rate or more favourable repayment term than your current financial obligations.
Before you get a debt consolidation loan, it’s important to take stock of your financial situation. Compare the interest rates on your current debts to those that a consolidation loan might offer. Carefully consider your needs, and then select a loan that meets them.
Once you receive your consolidation loan, you’ll use the money it provides to pay off your outstanding debts. At that point, your debts will be paid in full, and you’ll no longer owe money on them. However, you’ll be responsible for paying back the consolidation loan instead.
Where can I get a Debt Consolidation Loan with bad credit?
If you have bad credit and find that you’re shut out of traditional lending, you still have options. There are lenders who provide loans to subprime borrowers, though their rates are likely to be higher than those offered by banks and credit unions.
The key with a debt consolidation loan is to find one that meets your financial needs. If your outstanding debts have astronomical rates—like most bad credit loan debts do—a consolidation loan may be worth looking into if it makes your payments more manageable. So, shop around and see who offers the best rates and terms.
What is a Cash Advance Loan?
This type of “cash advance” is offered by online and storefront lenders. The word “loan” may or may not appear in the title, but that’s exactly what it is. And it’s not just any type of loan. A “cash advance” loan is simply a bad credit loan in disguise.
How does a Cash Advance Loan work?
A cash advance loan works just like a
loan. (Not surprising, since they’re the exact same thing.) To get one, you go to a
lender and write a check. You date it for your next
and make it out for the
amount of the loan plus interest and fees. The lender will then give you cash or transfer money to your bank account. It’s yours to spend, but remember that check you wrote? As soon as your next
arrives, the lender will cash it and the amount will be withdrawn from your bank account.
Are Cash Advance Loans safe?
The thing about cash advance loans (and
loans too) is that, in theory, they might not sound too bad. A typical cash advance lender will charge $15 for every 100 borrowed, and if you pay it back when it’s due, that’s all you’ll be charged.1 (As well as any extra fees, of course.)
Before considering any kind of debt, be it loans or borrowing line of credits, it is important to understand how scores work
FICO Score Ranges and Corresponding Credit Ratings.
Subprime / Bad Credit
Poor / Bad Credit
We can offer you the best solution.