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?

Bad credit student loans

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 can help you find student loans for bad credit customers that are almost always approved.

What Are My Options When Requesting 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 a request 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 can help you find 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!)

  • Bonsai Finance

    Our take: Online marketplace that searches through lenders to find the best offer for your personal situation Show more
    Credit ScoreLoan Size/AmountLoan TermAPROrigination Fee
    All can apply$100 - $15,0001 - 604.99% - 1,386%Varies by lender
    Credit ScoreAll can apply
    Loan Size/Amount$100 - $15,000
    Loan Term1 - 60
    APR4.99% - 1,386%
    Origination FeeVaries by lender

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 request 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?

Student loans for 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 customers 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 customers 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 request 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 request, 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:

  1. Approval is almost guaranteed since we do not base it on credit scores or credit checks.
  2. You can borrow as much as $5,000 or as little as $100, and you also have great flexibility as to the repayment period.
  3. No collateral is required.
  4. 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.
  5. Installments are structured to make on-time repayment as easy as possible.
  6. You get the cash fast and with no hassle. You can request 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.

Education is the key to job success in many cases. There are certain careers that cannot be pursued without the proper degree. School, however, can be extremely expensive. Students bear the burden of tuition, housing, and books. These items are unbearably expensive for young people with minimal working experience. A student loan can be a viable option for those that need financial assistance to complete their degree plan. Bad credit may be a barrier when it comes to securing a student loan. Bonsai Finance can help to match students with a lender for bad credit student loans that is less concerned with credit scores, and more concerned with education.

Options for Bad Credit Student Loans

Many people choose to discontinue higher education due to their compromised financial situation. This causes a major loss of future income, as a degree boosts your chances of finding exceptional employment. Traditional forms of student loan options, or grants and scholarships, may not be available for all students. This is when you need to seek out a personal loan for students to help pay for college. These loans have shorter, and less invasive repayment plans.

You may be eligible for both secured and unsecured bad credit student loans. These loans may be based on income or assets, instead only your credit score. Federal student loans are becoming increasingly popular due to the rising cost at many universities. Many private lenders also take an interest in motivated students. Bonsai Finance helps connect you with the right lenders and adheres to a strict privacy policy. You may be surprised at the variety of loan offers you receive after applying through our company.

Be Prepared

When these loans are initiated, many companies have specific requirements. Lenders need to feel secure about repayment. You can be prepare yourself to be approved quickly by meeting these requirements before you go through the application process. You must have a valid residency in the United States, as well. Qualifying age groups are between the ages of 18 and 65 years old. If you know tuition is going to be an issue, start the loan process towards the end of high school.  Your application may require a credit check just to see where you stand.

Your bank account information must be on file with the lender. This gives them access to funds to meet payments. Make sure you have a proper checking account open. You also need to secure employment. This shows that you are making an effort to fund your schooling and ensures that you can pay back the loan. A credit or debit card may be used to back up your original funding source, as well. Finally, a cell phone is required so that you can be signed up for text message reminders.

Interest and Duration

Interest rates may vary on private student loans. Each financial institution has their own requirements. The type of loan may also contribute to the interest rate and duration. Your loan options may include federal loans, parent plus loans, and private loan offers. The duration of the loan may be one year to eighteen months. Longer terms are available through refinancing. Federal loans may not even require payments until after you graduate, with payments spread out over many years. When you need help paying for college it is necessary to be flexible when these things are concerned. The department of education offers many repayment and refinancing options to help students stay on top of their debt.

Financial stress can add to a decline in student performance. Excessive work hours may also contribute to falling grades. Bonsai Finance can help you find the right loan situation to lift the weight. Many bad credit student loans are plentiful enough to cover housing and books, as well. Take the time to visit Bonsai Finance online soon, so that your educational goals do not suffer.