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The main benefit of loan consolidation is that you just have a single monthly payment to deal with.
The consolidation replaces multiple payments on different loans with a single payment on the consolidation loan.


Payday Loan Debt Consolidation

Have you ever taken out a payday loan to help you in a financial bind? Maybe you needed a bit of

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Payday Loans

This global recession has lead to a great change in the way individuals manage modern day finance

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Installment Loans

It wasn’t long ago that the payday loan was the most lucrative kind of loan for small lenders, but the

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What Are Online Loans For Bad Credit?

Bad credit loans are emergency financing options loans for people with bad credit. When it comes to getting a loan, there are several options available.

In fact, even for those with bad credit, there will still be loan options. One of these loans is known as bad credit loans. If you are looking for instant loan approval and in need of cash, this could work for you.

As with any other loan packages, there are loan terms and conditions that govern this type of loan. Prior to deciding whether this is the type of loan for you, you need to know what it is and what you can expect if you decide to get the loan.

Loans For People With Bad Credit

This is a kind of short term personal loan that is offered to borrowers who have bad or no credit. When you search for a bad credit loan, you find various institutions offering them, which include online lending companies, credit unions, banks, etc.

Payday Loans Bad Credit Have Higher Fees

What sets a bad credit loan apart from the other types of loans is that it is more expensive in that you will have to pay higher interest rates. Compared to borrowers with good credit standing, people with bad credit can expect much higher rates.

Online payday Loans For Bad Credit

Bad credit payday loans online are a high interest option alternative to conventional bank loans. You can get from $100 to $1000 as a payday loan.

Amounts up to $5000 are available via installment loans. The approval process is based on your income level, address and basic credit history. Some lenders do not use a credit check and some do.

bad credit loan

Bad Credit Loans vs Good Credit Loans

Poor credit scores

What is bad credit and what is good credit? The two are pretty much straightforward. In general, if your FICO score is lower than 630, it is a bad credit score.

For people who do not know their credit score, they can have a free credit score through sites like Experian.com. They may also be able to access their credit score through their credit card or bank account statement.

A Decent rating is above 720

For scores 720-850, it is considered to be great credit. 680 to 719 is a good credit and 630 to 679 is fair credit. It is bad credit if your score falls below 629 and poor credit if it is 549 below.

How Do Online Loans For Bad Credit Work?

You may think, just because you have a bad credit history, you are charged with a higher interest rate? Unfortunately, that is the case. When a person has bad credit, it means that the borrower has a history of not paying his debts on time or in some cases, even default. There are ways to improve your credit score.

Lenders will have to charge higher interest rates since it is riskier to lend money to people with bad credit. To compensate for the risk, the borrower has to pay for a higher rate.

Are Guaranteed Payday Loans A Real Option?

Bad credit payday loans online?

In a word, no. Short term loan companies are in business to make money and they need to vet their potential clients. They would like guaranteed payback, if that was so then they would guarantee everyone to get a loan.

Short term Loans for poor credit

On the other hand, banks make it very difficult to get a loan if you have a bad credit score. In the case of short term payday loans, you have a better chance because credit checks are minimal.  Other considerations when you are looking for loans for poor credit with guaranteed approval are being 18 years old and having sufficient income to pay back the loan. You can get cash on the same business day.

Loans With Monthly Payments

When you have a bad credit loan with monthly payments it is better to use an installment loan. The advantages of these loans are less interest. Instead of twice-monthly payments, you roll in into one payment. This gives you more time to prepare.

You also can avoid roll over fees associated with payday loans. These are often used as a financial weapon by financial institutions to extract more from the borrower. In summary, for bad credit loans with monthly payments, use installment loans.

Two Types of Bad Credit Loans

How to get an online loan with bad credit?

When getting a bad credit loan, you can choose between two options: secured and unsecured bad credit loan.

Unsecured bad credit loan:

This type of loan is where the borrows have to sign a contract. He promises to pay back the loan amount based on the loan’s terms and conditions. If the borrower fails to pay the loan, the lender can seek legal help or the help of a collection agency. Unsecured credit loans include student loans, credit cards, and installment loans.

Secured Bad Credit Loan:

On the other hand, a secured bad credit loan as collateral. If you get a secured bad credit loan, you will have to exchange a valuable item like a piece of jewelry, home, or a car or auto. In the event that the borrower fails to pay the loan, the lender can seize the item and sell it to get back the losses. These kinds of loans include pawnshop and car title loans as well as mortgages.

How about a short term payday loan? It is considered to be a secured loan. Although you do not give your car title or your house in exchange for the loan, you are securing the borrower with your paycheck.

Should You Have Bad Credit Loans?

The question as to whether you should have a bad credit loan would actually depend on so many factors. In general, getting a bad credit loan can be risky. Some people may think that a lender who doesn’t check credit scores is actually a good thing. But in reality, it is not a good sign. It means that they are not giving you a responsible loan.

But then again, there are instances where you are in need of a loan. In this case, you will have to resort to a bad credit loan. The good news is that there are ways to do it right.

Here are some tips when it comes to choosing a bad credit loan lender:

    • bad credit loanRead through the profile of the lender. Getting a loan can already ruin your finances especially if you have bad credit and you wouldn’t want to make things worse by getting a loan from scrupulous lending companies that will charge you way too high-interest rates.
    • Find lenders who give personal installment loans. Even if you have bad credit, it does not mean that you can no more options. You can still choose which kind of loan is easier for you to pay back. Most lenders will entice you with short-term loans that have high-interest rate which can lead you to a cycle of repetitive borrowing which will put you more in debt. However, there are lenders out there that still offer competitive interest rates and agreeable loan terms to those who have bad credit. There is always payday loan consolidation should you find yourself here.
    • The lender should be transparent. They should be able to provide all the necessary information and other pertinent details that you need. Even if you have a bad credit score, you have the right to information. You need to know the terms and conditions along with the other details of the loan so you won’t end up being surprised later on. Be sure to read all the fine print and ask for clarification about things you don’t quite understand. The lender should be able to explain everything there is you need to know about the loan contract you may be getting into. 
    • Find a lender who conducts credit check. You may think that it is a great thing if the lender does not bother about your credit score at all. If a lender does not check your credit, it also means that the lender is not interested in your ability to pay back the loan. However, you should avoid lending companies to perform hard credit inquiry. Doing this can negatively affect your credit score all the more. Before a hard credit inquiry is allowed, the lending company has to get your permission and authorization.

Flexible Payment Terms and Repayment Loans

There are still lenders who will not overcharge you. Even with a bad credit score, you can still find financing options that have flexible payment terms as well as repayment loans. It is strongly recommended that you get a lender who can offer you a personal installment. In that way, you won’t have any difficulty paying back your loan. This is because you will have a set amount that you will have to pay each month that you can work into your budget. 

Other Financing Options

Bad credit loans should only be used when it is an emergency. If you are just running out of cash, there are other long-term financial solutions. From doing part-time work to selling stuff that you no longer use. It is very important for you to find viable alternatives so you won’t get stuck in the debt cycle.

Your bad credit score can still be fixed. You just have to find ways to earn more and pay your current debt.


About Jason Rathman

Jason writes about all financial topics such as loans, debt solutions, and bankruptcy. He is an expert when it comes to subjects like APR, loan fine print, debt collection laws within the United States. With his in-depth knowledge of all things financial, he is a great asset to Greendayonline.

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