The delinquencies on your credit file can seriously affect your chances to get loans. If you are in a dire financial situation and need some cash assistance, there are loan options accessible for you regardless of whether you don’t think your credit history is in good standing.
How to get approved for a cash loan with bad credit?
Although there’s no guarantee for a loan approval, there are some tips you can try to give yourself the best opportunity.
Try not to make too many credit applications in a jiffy. An excessive number of applications is a warning to lenders and can cause loan refusal. On these terms, try to hold up before you make another application.
Check your credit score to see where you stand. By checking your credit score, you can grasp a concept of your present position and where you fall in the credit-active population.
By using a loan calculator, you can see the interest rates and other fees that will be associated with the loan amount you plan to acquire. Lenders will approve your application if you can manage the cost of the reimbursements.
Options for Borrowers with Bad credits
There are different cash loan alternatives for borrowers with bad credit rating.
- Secured loans — Most lenders will be more willing to disregard your bad credit rating as long as you declare an asset as collateral to reduce the risk of lending. Your collateral can be in the form of car, home, or other important assets.
- Guarantor loans — Certain bad credit loan specialists offer products tailored to your situation. As for guarantor loans, you can have someone close to you to guarantee the loan in your behalf. Guarantors can be your partner, family members, or friends.
- Short term loans — To obtain up to $2,000, you might want to consider a short-term loan from a specialist lender. These lenders care less about your credit history. Instead, your current monetary position and capacity to reimburse the loan have more weight in the lender’s assessment.
If you are aiming a loan amount of up to $1,000 and have bad credit, Pretty Penny Loans can accommodate you. PPL offers short-term cash advance solutions to get you through to your next payday.
PRETTY PENNY LOANS
- $24 account set-up fee (first-time clients only)
- $64 establishment fee
- 1% interest charged daily on balance outstanding
- Optional same-day deposit fee $12
- Change of payment fee $10
If you miss a scheduled payment by direct debit, you will be charged a $13 direct debit dishonour fee, unless you’ve made a prior arrangement with them.
If you contact PPL to make an alternative arrangement, there is a $10 charge of payment fee. If you miss a payment, you will be contacted through phone, text, and email.
Note: PPL don’t charge a default interest rate.
If your account remains in arrears after 60 days, you will be referred to an external debt collect and as a result you may incur additional fees.
If you’ve made up your mind and want complete the simple online application form, click Apply.
In any case, it would be ideal if you get the amount you can afford based on your salary and other source of income.
Do I have bad credit?
“Bad credit” means differently depending on the lenders. However, insolvency, defaults and Debt Repayment Plan (Summary Installment Orders – SIO) are caution to lenders and might put you in the bad credit classification.
Aside from the aforementioned, your credit file holds other important data which can look bad to lenders. Encompassed in this are late bill and loan reimbursements; numerous loan applications or exceeding credit card limits. Multiple loan applications in a short period can likewise place you in the bad credit classification. There are different levels of how bad your credit file looks, so always check and compare the criteria for application for bad credit cash loans and find out if you are qualified.What Loan To Get With Bad Credit? Click To Tweet
Eligibility and Qualifications
The criteria for eligibility differs from each financial institution. Here are the general criteria:
* These criteria are the standard qualifications. You should check with the lender if you meet the qualification they set before the application.