• Long-term installment loans up to $25,000
  • Short-term payday loans up to $1,000
  • Bad credit and no credit accepted

Loans for Bad Credit

Applying for a loan can be very taxing; banks require a truckload of documents from you before they approve your loan and even if you’ve given them all they need sometimes they will still say ‘no’ to your loan application.

It’s even more difficult to secure a loan if you have bad credit scores. But never fret because there are ways on how to ensure your loan approval.

Give your credit report a ‘make-over’

A lot of people often have their loan applications revoked because of bad credit scores but if they only looked into their reports they might realize that there are certain areas there that they could improve and therefore up their chances of having their loan applications approved. If you want your credit report to shine a much better light on you then first you should ask for your free government credit report.

Take a good look and see if there are anomalies in there; oftentimes credit reports look bad due to anomalies that were overlooked. Some people incur bad credit scores because of things that weren’t of their own doing: bad credit incurred due to a former spouse when both parties shared a bank account, bad credit incurred because of identity theft and the real owner of the credit card wasn’t able to rectify this, bad credit incurred because of simple clerical errors. Check your credit report and find out if any of these discrepancies are in it and have them fixed as soon as possible.

Seek online loans

If your need for cash is quite urgent and it will take time for you to fix your credit rating, you can look for online loans for people with bad credit. These loans are also called referred to as bad credit loans, online loans, cash loans, installment loans, or payday loans.

Offer collateral to improve your chances

Assurance is what banks and credit unions need from you—assurance that you have every intention of making your repayments regularly. So if you want them to approve your loan application then one way to let them know that you are serious about making your repayments is by offering them collateral. One type of loan you can apply for if you have collateral is title loans. Most banks will accept home equity as collateral so perhaps you could offer this one to them. Be reminded though that this is a risky strategy so better be sure that you have every capacity to make your repayments so that you won’t have problems with your home ownership in the future.

Visit your local credit union

Credit unions are a much better alternative to asking a loan from a bank. Banks have a tendency to be pragmatic about everything and they might see you more as a liability once they look into your credit report. With credit unions though they are a smaller and more personal breed compared to large banks. There’s a more intimate connection to be made between you and your credit union so use that to your advantage if you can. Credit unions are more likely to listen to your story instead of just gauging your capacity to make your repayments so better to visit credit unions than banks.

You could also check out online credit unions and see what they have to offer for people looking for a loan. There are lots of credit unions or lenders online who have very flexible programs for people with bad credit and/or people with low to medium incomes so your chances of getting a loan application approved with them is much higher.