PERSONAL FINANCE BLOG

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Credit card bad credit
3 Aug 2017

Credit card bad credit

Credit card bad credit history is the main reason why many people are denied loans by banks. The economy has gone from being a national concern to a global entity, vulnerable to the slightest dip in the stock market on the other side of the world. In such turbulent times, getting caught in the trap of a bad credit history can leave you struggling to pay your loans or get new ones from a bank.

The Virtual Solution

Now more and more people are finding the solution to their financial problems in the virtual world, in the form of online payday loans. These loans can be accessed through online portals that have evolved to meet the needs of the 21st-century mobile, entrepreneurial individual whose financial needs are not being met by the antiquated mindset of traditional banks.

Here’s why online loans have become so popular:

1. No Credit Card Bad Credit Check

Companies like Bonsaifinance are committed to providing loans to any person who needs them, even if that person has a bad credit history. This is because we understand that bad credit is something that every person deals with at some point, and being in such a situation does not mean you should be denied the chance to get a fresh loan to get your finances in order.

2. Apply From Home!

An internet connection is all you need to get a loan from Bonsaifinance. Forget about standing in queues for hours in front of a bank hoping to grab a meeting with one of their representatives. The entire process of filling out your personal details, submitting them for approval and receiving the loan can be completed from the comfort of your home within hours!

3. Reduced Interest

Since reputable companies closely follow guidelines set by the government on the amount of interest they can charge, there is little chance of mistreatment of the client. Additionally, most personal loans do not require that you submit collateral of some kind before getting a loan.

4. Get Service 24/7

Your bank is made of bricks and stones and is only open for a certain amount of time every weekday. On the other hand, online personal loans can be applied for at any time of the day or night, on any day of the week. You’re guaranteed a quick transaction that does away with petty bureaucracy and red tape to provide you with the loan less than an hour after applying for it.

5. No Prying into Your Past

With online loans, since the lender is ready to accept borrowers with low credit ratings, there is no need for the extra step of checking their credit history. All you have to do is fill out some basic personal details that are needed for completing the transaction and submit the information on the website without having to furnish any additional details regarding credit card bad credit and other problems regarding your financial status that necessitated the need to apply for an online loan.

Exploring Your Options for a Credit Card for Bad Credit Applicants

Given the above listed benefits of opting for a credit card for bad credit applicants through Bonsai Finance’s card-and-customer match-up services, you may well be interested in taking the next step and looking for your ideal card.

Here at Bonsai Finance, we encourage you to explore your many options, compare rates and terms, and make a no-pressure, fully informed decision you will not regret.

Here are some of the factors to consider when searching for your best possible credit card for bad credit:

  • Find out if it’s a secured or unsecured card. You may have to decide between a secured card and a no-collateral card with a higher APR. However, this is not always the case, and we can help you find your best card either way.
  • Focus on the credit limit. You need sufficient space to use the card for your bills and other monthly expenses without constantly dwelling at or near the credit limit. And while making multiple payments per period is good, you don’t want to be forced to make a payment every week or two either.
  • Check out the APR and the fees. If you think you won’t pay off your balance in full every month, or if you plan on using the card for cash withdrawals, these rates will be more significant to your card decision.
  • Look for any extra “perks” that might benefit you the most. A card with a better deal for students, a card with travel points and no or low foreign transaction fees, or one with special cash back bonuses might be just right for your spending habits.

How a Credit Card for Bad Credit Can Help You Get Good Credit

With only a debit card, paper checks, a preloaded card, and cash dealings, you can’t make any progress at all in rebuilding your damaged credit score. But a credit card can do just that.

By making on-time monthly payments consistently, you will see your credit score gradually rise. Without taking out some kind of loan and repaying it on time and ultimately in full, you can’t rebuild your credit. But credit cards are one of the fastest, easiest ways to get your credit history moving in the right direction again.

Plus, using a bad credit credit card responsibly will lead to elimination of secured card status, higher credit limits, and lower interest rates. Eventually, you’ll be able to get a regular, “non-bad-credit” card.

At Bonsai Finance, we help match you to the card company that best mirrors your most important stated needs and preferences. We can wade through the sea of bad credit card offers for you, paring it down to the best handful, and then guide you in comparing that short list to find your very best card offer.