Loans for People with Bad Credit
Imagine this! Your car has a flat tire and you use it every day to go to work. You don’t have sufficient funds in your account and you are on the verge of going bankrupt. You have forgotten how to save a few pennies in the past few months. You don’t want to ask for help from friends and family as it will hurt your ego. You have a low credit score so the bank does not provide loans for people with bad credit. And you are left scratching your head about what you should do next. Do not worry and apply for a short-term loan with us at instantcreditloansus.com.
Typically short-term loans are small sized loans that should be repaid in a short tenure that is usually the next payday. Sometimes, depending on the income levels, type of the loan, and the loan amount, the loans may be repaid as installments. The facility of short-term loans is available easily which can be accessed conveniently and approved quickly. The system of short-term loans is unique and advantageous as it provides the much-needed personal loans for people with bad credit.
Here are a few things what you should know about before applying for a short-term loan.
• Eligible criteria –To qualify for a short-term loan, you will have to be of 18 years or above, a permanent US resident, with a steady and flowing income into an active checking account.You should be living in a state that legally approves following the practice of short-term loans. If you do not have documented proof to confirm any of the above criteria, then your loan application may not move ahead.
• Zero Collateral – Most lenders do not ask for collateral or cosigner while processing a short-term loan. However, if it is a bigger loan amount or a huge installment loan, then they may ask for a guarantee or a cosigner.
• No Credit Checks – The private lenders do not consider the credit scores as a criterion to qualify for a loan approval. They will provide personal loans for people with bad credit scores also.
• Considerable APR- Since a collateral is not needed and they provide personal loans for people with bad credit scores, there is always a risk that the lender might lose the money he lent. So, to safeguard the money lent and his business, they will impose considerably APR. It is important to research and compare the APR imposed by the lenders and choose the ones that are suitable to your preferences.
• Easy Processing – As compared to the banks, the private money lenders have a softer verification process and loan processing system. They do not involve elaborate paperwork like the banks do, which is a time-saving process. Also, the no credit check criterion is very beneficial.
• Quicker Approval Times - If you are in a situation where you need immediate money, then the bank is not a place where you can get an immediate loan approval. In such situations, the money lenders are the guardian angels who approve the short-term loans in a few hours or maximum by the next business day.
• Online Options – Many lenders provide simple online tools so that you can file a loan application from anywhere. This is more convenient as the traveling time is also reduced and the lender will transfer the money by wire in your checking account after the loan has been approved.
• Stay Aware – Pay attention and stay away from scammers. Keep the whole loan process documented with photocopies of all the documents. Do not pay any advance money or any hidden fees.
So, be wary of the fraudulent lenders and look on our website at instantcreditloansus.com for licensed lenders who will provide you a suitable short-term loan according to your circumstances on a quick basis.