Bad credit student loans
Getting a good education is key to improving your opportunities for the future. And if you have already begun to pursue a degree at a liberal arts college, community college, graduate school, or elsewhere, few things would be worse than stopping short.
But the fact is that education is not cheap in the United States in the 21st Century. (And that is a vast understatement!) Not only is there tuition and room and board to think about, but you will also have significant expenses for books, transportation, and a host of other miscellaneous items before you reach graduation.
Given the true full cost of education, it is no surprise that most finance their educational endeavors with student loans. But what happens when ordinary, government-issued student loans aren't enough?
Do Bad Credit Student Loans Exist?
Students who have below average credit scores can normally still get federally funded student loans, so long as they meet all the normal qualifications. But in many cases, the financing provided in this way are insufficient. And even when they meet tuition expenses and all strictly school-based expenses, federal student loans you cannot spend these funds on things you need like a car, gas to put in it, groceries, and a host of other basic living expenses.
The end-result is that many students or would-be students need more funding than they can get federally or need funding that is more flexible than federal student loan rules allow.
This leaves many in need of bad credit student loans. But do they exist? The answer is a resounding "Yes!" At Bonsai Finance, we provide student loans for bad credit applicants that are almost always approved.
What Are My Options When Applying for Student Loans With Bad Credit?
In most cases, a traditional bank loan will not be a viable option for student loans. Bad credit only makes it more certain that such an application would be turned down. But there are other options.
If medical bills, the loss of your car, or other unexpected expenses threaten to keep you from graduating, or if you can't get a federal student loan sufficient to cover your college or grad school costs, you don't need to give up and quit school. Bonsai Finance offers personal installment loans that can be a solution to get you through a financial rough spot and over the finish line.
Bad credit student loans won't work with payday lenders who expect to be repaid in 2 to 4 weeks and who charge some of the highest fees and rates in the lending industry. And you can't take out a longer-term title loan that would risk your vehicle or disallow you to use your only means of transport (and many don't even own a car free and clear or at all!)
What Are the Advantages of Personal Student Loans for Bad Credit?
When it comes to student loans bad credit won't interfere with, personal installment loans are the best option. Here are some of their distinct advantages:
- Personal loans do not require any collateral. You don't have to risk your vehicle or other property to qualify. And given that many students own nothing that could serve as collateral anyway, this is a key benefit.
- Our student loans at Bonsai do not require you to have a good credit score and do not require a credit check be run, which can further hurt already damaged credit scores.
- We customize loans for our clients based on their ability to repay. Your monthly payment will not be more than 10% to 20% of your monthly income, making it easier for you to make all payments on time.
- As you make your regular installments on time each month, you will rebuild your credit.
- Our personal loans are easy to qualify for, and we make the application process as quick and simple as possible. It can be done 100% online.
- We deliver you cash fast, often within a single business day and direct to your account.
- You can use the money you borrow any way you wish. The money is put in your hands, not in the school's hands, which allows you to spend it where needed most.
- Your loan amount and repayment period is far more flexible than with most other lenders. You can borrow from $100 to $5,000 and repay in a few months or a couple years.
How Do I Qualify for Student Loans BAD CREDIT?
At Bonsai Finance, we have only very minimal requirements for student loans with bad credit. Here are our basic requirements for approval:
- You must be 18 years old or older.
- You must have an active U.S.-based bank account.
- You must have a regular source of income that we can verify.
- You must agree to allow direct debit from your bank account for installment payments.
We do not turn down applicants based on bad credit or a lack of a significant credit history. We do have to limit the loan amount and put parameters on installment size and repayment term based on your verifiable income. But we allow you a lot of flexibility within only very minimal requirements and limitations.
What Kind of Process and Rates Does Bonsai Have?
Bonsai Finance was formed to begin with to fill a need that existed for an affordable and easy to use fast-cash lender. We provide student loans for bad credit applicants in an efficient manner and at highly competitive rates.
To take out student loans with bad credit at Bonsai, you only need a computer with an Internet connection, basic financial and personal information, and a comfortable chair.
Our loan application forms are short and only ask for essential information. We do not sell your information to third parties, and we will not risk losing clients by asking them for "extra" information that is irrelevant to the loan they wish to take out.
It takes most people only a few minutes to finish the student loan application, and then it takes a few seconds at most to get approved. In fact, approval is instantaneous in most cases.
Cash will be deposited in your account quickly, typically within a business day. Sometimes, it takes only a few hours. You can use the cash immediately, in any way you choose.
Your APR will be between 24% and 36%, which is very competitive for the market, and we keep fees to a minimum. Your installments will begin the next month and continue automatically until the loan is payed back in full.
What About Student Loan Consolidation?
Another option for student loans from Bonsai Finance, for those who have already finished school or are between schools and paying down their student debt, is student consolidation loans.
It can greatly simplify repayment, reduce stress, and reduce risk of accidentally forgetting a due date and making a late payment, when your loans are consolidated into a single monthly payment. It is much easier to deal with only one lender.
We will not run a credit check or require good credit to approve your loan consolidation. We offer competitive rates and workable repayment schedules.
When your student debt is difficult to bear and confusing as well due to numerous different lenders, loans, and interest rates, consolidation may be a good option. And if you are behind on your payments and getting multiple past due notices, consolidation can give you a fresh start.
Why Choose Bonsai Finance for Student Loans?
While we have mentioned some advantages of choosing Bonsai Finance for your bad credit student loan, we can summarize here:
- Approval is almost guaranteed since we do not base it on credit scores or credit checks.
- You can borrow as much as $5,000 or as little as $100, and you also have great flexibility as to the repayment period.
- No collateral is required.
- You can use the money in any way you wish. This frees you up to take care of expenses that federal student loans will not cover.
- Installments are structured to make on-time repayment as easy as possible.
- You get the cash fast and with no hassle. You can apply for the loan and get it quick enough to handle financial emergencies.
At Bonsai Finance, we strive to make the lending and repayment process fast, simple, and affordable. Our past customers will testify that we have achieved that goal. We have helped many students get through financial difficulties and helped many attend educational institutions they could not otherwise have attended. We can do the same for you.