If you’re looking to get a personal loan but have bad credit, you might think your options are limited, or even non-existent. But there are still plenty of options available to you — some of which don’t even require traditional credit checks! If you have bad credit, here’s how to get the personal loans you need from America Cash and what to expect when applying for one.
Most people know that a good credit score can make it easier to get loans and other forms of credit, but not everyone understands how scores are calculated. A FICO score is one of several types of credit scores, which are generated by Fair Isaac Corporation. The company, also known as FICO, is a global information analytics firm based in Minneapolis. That company and its subsidiaries create tools used by lending institutions in more than 80 countries around the world. When applying for loans or other forms of credit, you’ll typically see your FICO score listed among your other important financial information.
Lenders assess your credit score in several ways. In addition to looking at your general credit history, they also scrutinize any late payments and negative remarks. Each lender has its formula for determining what constitutes a good or bad credit score, so if you are thinking about borrowing money and have bad credit, you must research a variety of lenders — and their requirements — to see where you stand. Because some lenders will be more lenient than others, even if your score is lower than normal, look into all your options before making a final decision. A personal loan with guaranteed approval may be right for you.
Even if you’ve had trouble managing credit in your past, it doesn’t mean you won’t be eligible for a loan. Many individuals who have bad credit can still qualify for an unsecured personal loan from a direct lender with no cosigner and low rates of interest (anywhere between 5-35%). A quick application will let you know whether or not you qualify, and if so, when your funds should arrive. Whether it’s something as routine as purchasing home appliances or paying medical bills that are piling up, we can help. If there are any issues along the way, our 24/7 customer service representatives will be able to assist.
When you apply for a personal loan with bad credit on our website, you can expect to get an answer in less than 24 hours. Getting fast approval is critical because a longer wait time can limit your choices and impact your ability to meet payment deadlines. Because we’re here to help borrowers like you get instant approval on a personal loan, and keep up with repayment even if things don’t go according to plan. In fact, over half of our customers — over 25 million people — have applied for their loan online in just one hour or less. It’s all thanks to our state-of-the-art technology that matches our lenders with borrowers based on credit score, income, and assets in real-time.
» COMPARE: Personal Loans For Good Credit
Be aware that you might need a cosigner. Many loans require a co-signer — someone who is financially stable and has excellent credit — to make sure you’ll pay back your loan. If you can’t find anyone to co-sign, look for loans with bad credit that require less of a down payment or smaller monthly payments. There are plenty of options out there for those looking for personal loans with low income or bad credit and applying is usually as easy as filling out an online application. The quicker you act, though, the better your chances of getting approved because lenders want people who are in financial need to get loans quickly; they don’t want them holding off until they can save up more money!
As long as you have a steady job and some savings, you’ll be surprised how easy it is to get approved for a personal loan with bad credit. There are certain criteria that lenders look at when making their final decision about which applicants will receive loans, so you might want to start by creating a list of those requirements. If you don’t currently meet any of them, now is a good time to start looking into getting better credit by lowering your debt load or paying off delinquent accounts. Making these kinds of changes can help put your financial picture back in order — and might even lead to an increase in your credit score.
There are many ways that your credit score can be negatively impacted, but there are also some things you can do to improve it. One of those things is a personal loan with a cosigner. If you have bad credit and need a loan, getting one through a lender like us can help because we look at both people’s credit scores when determining approval. This means that if you have a cosigner that has good credit, they might be able to help take off some of your debt burdens. The approval process is fast and simple too—our application only takes about five minutes so if you’re ready to start improving your credit rating, check out our website or call us today!
Minimum credit score requirements for personal loans can vary from lender to lender. However, as a general rule of thumb, most lenders will require a minimum credit score of 660 to qualify for a personal loan.
Keep in mind that your credit score is just one factor that lenders will consider when determining whether or not to approve your loan application. Other factors include your income, employment history, and any other outstanding debts or financial obligations you may have.
If you're not sure what your credit score is, you can check it for free using one of the many online credit report providers. Once you know your credit score, you'll have a better idea of which lenders are more likely to approve your loan application.
Applying does NOT affect your credit score!
No credit check to apply.