Did you know that 30% of US adults have bad or poor credit? And many more have no significant credit history at all. That’s just too big of a market for lenders to ignore, which is why you can find an abundance of poor credit loans online that almost anyone can qualify for.
It’s easy to fall into the trap of thinking that bad credit equals no real financing opportunities, but that’s a big mistake. Find the right lender, and you can get a good loan even with bad credit.
What To Look For In A Poor Credit Loan
Not only does poor credit not have to equal “no loan;” neither does poor credit have to mean “poor loan.” Interest rates and terms may be somewhat stricter with most lenders based on your credit history, but there are two things to remember. First, that’s not even true of all lenders. Second, rates can still be reasonable and competitive even if somewhat higher.
You still have room to be “choosy” even with poor credit loans – for you are not a “beggar.” Many lenders are competing for your business and comparing terms will reveal the latitude you truly have to “custom make” your own loan.
Here are a few basic features to insist on for your new loan:
- No credit check.
- Competitive APR.
- Low fees.
- No collateral needed.
- Adequate principal.
- Flexible terms.
The Two Top Types Of Poor Credit Loans
When you need a loan with bad credit and need the cash fast, there are really only two major options in most situations: payday loans and personal loans. Each has its place, depending on your exact needs.
Payday loans are the loan of choice when you have a very short term cash shortfall but can repay the loan in full within 2 to 4 weeks. Rates tend to higher than with personal loans, but as the principal and term are shorter, the total dollar amount of interest need not be high.
Personal loans, on the other hand, are for “longer short term” financing needs. While payday loans allow up to $1,000 to be borrowed, personal loans can go as high as $5,000 or more. And you repay in multiple monthly installments over a period of anywhere from a few months to several years.
Applying For Loans Online
Your loan search and application process are going to be 100% more efficient and successful when you look for a loan online. For bad credit loans and all fast cash loans, the Internet is the starting point for the vast majority of modern loan-searchers.
Here are the 3 top benefits of applying for loans online:
- Speed. You can complete most online loan application forms in only 5 minutes or less – often in only one or two minutes. And the cash arrives direct to your account next business day in most cases.
- Flexibility. Direct lenders who advertise online normally give you much more flexibility in crafting your own loan than would a traditional bank lender.
- Certainty. Even with bad credit or no credit, the vast majority of applicants are approved with online loans. That’s a stark contrast to most offline options.
Expediting The Process
Bonsai Finance has the power to expedite your search for that perfect loan online, while greatly increasing your chances of finding exactly what you are looking for. The plethora of loan offers online may make it seem like you’re looking for that elusive needle in the proverbial haystack – but Bonsai’s detailed search system can sift through all the options in seconds and narrow things down to a sensible short list.
And if you need assistance in deciding among the few top contenders, Bonsai staff can shower you with helpful, timely advice. We specialize in matching you to your best poor credit loans!