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BAD CREDIT LOANS WITH GUARANTEED APPROVAL
(EVEN FOR THOSE WITH ZERO OR LOW CREDIT HISTORY)
September 28, 2022 | Commercial
Bad credit loans are an excellent solution for those who have made past mistakes in their financial planning or have not been able to develop any credit history. Whatever your circumstances may be, Loan Consulting Pro is excited to help you get acquainted with the loan acquisition process and secure your desired loan.
Getting a loan with bad credit is not an impossible feat. Rather, with Loan Consulting Pro, we make getting a loan as simple, easy, and straightforward as possible, regardless of your financial position.
When you use our loan consulting services, we can help you get closer to meeting your financial goals! We can connect you to a range of lenders who can make your dreams a reality. We are experts in lending for bad credit, good credit, and anyone in between.
Don’t let your bad credit score stop you from seeking a loan!
It can be terribly daunting to set out towards finding a loan when you have a bad credit score. Plenty of lenders and banks may refuse to treat you like a legitimate applicant and make it seem like it is unfeasible to secure a loan. However, bad credit loans can be a reality when you go to the right place. Every lender is different, so don’t take no as the final answer! Shop around until you find the right lender.
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What loans can I get with bad credit?
Often, with bad credit, lenders may require additional collateral in the form of a vehicle, car, savings, and so forth. This is known as a secured loan, which means that you may have to forfeit your collateral if you fail to pay off the loan.
There are also other additional requirements that lenders may ask for when you try to apply for a loan. Despite the additional lending criteria, here is a list of loans that you can acquire even with bad credit:
- Secured loan
- Payday loan
- Personal installment loan
- Debt consolidation loans
- Line of credit
- Home equity loan
- Business loan
- Cosigned loan
- Cash advance
So, what are the best loans for bad credit?
BEST PERSONAL LOANS FOR BAD CREDIT:
There is a range of personal loans specifically designed for those with bad credit. A personal loan can be used for all kinds of purposes such as: consolidating debt, paying for renovations, paying for a wedding or paying medical bills, funding a vacation, or financing your investments. A personal loan is made out to an individual, rather than a business. However, it is possible to use a personal loan for your business.
There are a number of drawbacks when it comes to personal bad credit loans like additional fees (like an origination fee or prepayment fee) in addition to high-interest rates and unfavorable repayment terms. Be sure you read all of the fine print before you agree to any kind of bad credit loan.
SMALL PERSONAL LOANS FOR BAD CREDIT
A small personal loan can be ideal for those with bad credit. These kinds of loans are typically high interest, which can be brutal down the line. Look for loans with short-term payment options so that they do not take advantage of you. Also, when it comes to a personal bad credit loan, it can be easier to take out loans for smaller amounts.
LINE OF CREDIT FOR BAD CREDIT
A line of credit is not out of reach, even if you have a low credit score. A line of credit can be useful for a variety of purposes. For example, if you are funding a new business, a line of credit can help you grow your business and meet any financial responsibility. With a line of credit, you are issued a preset borrowing limit that you can choose to use how you like. You only pay back interest on what you end up using. A line of credit can be advantageous for people who seek greater flexibility when it comes to funding.
HOME LOANS FOR BAD CREDIT
When purchasing a new home, you are going to need to shop for a mortgage lender. Acquiring a home mortgage can be stressful, especially when you have a low credit score. However, there are home loans available that are specifically catered to those with imperfect financial histories, especially if your credit score is in the lower to mid-500 range.
HOME EQUITY LOAN WITH BAD CREDIT
A home equity loan can be a perfect solution for those with bad credit. When you secure a home equity loan, you use your home as collateral. This can make lenders more likely to issue you funds. You’ll often need a low debt-to-income ratio and a high income to prove that you can pay off the loan.
BUSINESS LOANS FOR BAD CREDIT
We’ve talked a lot about personal loans, which can sometimes be more flexible than a business loan. However, a business loan can still be a possibility. Typically, lenders will want to see that you have a credit score of at least 500 and you will have to show that you have a stable and profitable business that has been open and running for at least 2 years.
BAD CREDIT STUDENT LOANS
There are tons of excellent low-interest options for students with bad to no credit. Typically, you’ll need to fill out the FAFSA to see how much you qualify for. Federal loans are an excellent option for someone looking to pay for higher education because federal loans that don’t involve a credit check.
How to get a loan with bad credit:
When you are in the position of applying for a loan with bad credit, you may be the subject of predatory lending companies who want to take advantage of you. Be sure not to fall for any scams that sound too good to be true. Secure a loan with terms that suit your financial situation, rather than the first lender willing to lend you money, as their terms may not be favorable. Here are a few steps you should take before deciding on a loan.
- Shop around! Not every lender will have the same requirements. Look around and find the right lending program that you can qualify for.
- Don’t agree to terrible terms. Just because you have a low credit score doesn’t mean you need to agree to insanely high-interest rates. Make smart decisions that won’t come to haunt you in the future.
- Try and improve other parts of your loan application. If you can’t fix your credit score, see if there are other things you can do. For example, you can try to improve your DTI ratio or make a higher income.
- Get a cosigner! This can help increase your chances of securing a loan with better terms.
- Consider a peer-to-peer loan. With P2P lending, there can be less bureaucracy and red tape, which can make securing a loan a bit easier.
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When you get prequalified for a loan, you can get an estimate of what your interest, repayment term, and monthly payments will be. You can also understand what loan amount you can be qualified for.
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Frequently Asked Questions:
When it comes to having a low credit score, we know there can be lots of worry and fear. However, we hope to make you feel comfortable and at ease throughout the loan application process. Below, we have answered a number of frequently asked questions. If your question is not listed, be sure to contact us with your question directly.
What is a bad credit score?
Often, bad credit can be defined by the lender, but typically a bad credit score is one that falls between 350 and 579. Every lender is different, so be sure to ask around to understand the range of loan criteria.
How does someone get a bad credit score?
There are many reasons why your credit score may be low. The primary reasons may be: making late payments, bankruptcy, defaults, not paying off your credit card bills, making only minimum payments, or choosing the wrong credit limit. Sometimes, our credit score can be out of our control! As humans, we can make bad judgments from time to time or fall for scams that can ruin our credit scores. No matter the reason for your low credit score, we can help you.
How does someone have zero credit history?
There are also reasons why someone may have not been able to build up any credit. Typically that is because someone is young and hasn’t gotten around to building any credit. Other reasons may be due to someone’s immigration status, and not being allowed to have a credit score within the country.
Do I need to get pre-qualified?
Although you do not need to get prequalified, we definitely recommend doing so before you apply for a loan. Getting prequalified can help you navigate the financial realities of taking out a loan, and understand the repayment schedule. Furthermore, getting prequalified for a specific loan can help expedite the process and better comprehend how much you can get.
How can I get prequalified?
It is often important to get prequalified for a loan. You can get prequalified by filling our easy online loan application.
How can I find bad credit loans near me?
We can help connect you to the right lender and work with you to make sure that this lending option is financially viable. We work with a range of lending partners including some of the best ‘bad credit’ loan companies on the market.
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