Bad Credit Loans

You need money and you need it fast. You have good reason for how you want to use the money. The only problem is that you have had your own share of credit issues over recent years. Bad credit loans could be the solution to help you through this tough period.

In this guide, we will talk through what bad credit loan options are available, and how you can go through the application process quickly and efficiently to get approved for that much needed loan. Read on to learn more!

  • 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
    Our take: Online marketplace that searches through lenders to find the best offer for your personal situationShow more

Loans for Bad Credit: Why they are needed

According to a recent study by the CFPB, one in ten Americans don’t have a credit report with the major credit bureaus. This is called being “credit invisible” and can prevent someone with a good job and the ability to repay a loan from getting one.

Even worse, for those who do have a credit score, Experian (one of the three major credit bureaus) reports that 34.8%, or more than one in three Americans has what is considered “subprime” credit with a FICO score between 580 – 669.

The above statistics make it clear why bad credit loans are needed: Lots of the US population falls benefits from these types of loans!

The loans that are available for borrowers with poor credit history have some unique features.  Some of these features the might stand out for you are as follows:

  • No stress over a credit check
  • No need to put up collateral
  • No more being turned down by traditional banks for personal loans

Who Might Find Loans for Bad Credit Useful and Convenient

For people who might not have the sparkling credit history necessary for a traditional installment loans from the bank, these loan packages are just the right fit.

The overall appeal of such loans for bad credit might best fit various groups of people:

  • Those who might have spotty credit history such as late payments or past due bills
  • Those who have no real credit history to speak of and would want to build their credit history
  • Those who have been declined or denied by traditional bank loan request process with a standard letter thanking them for their interest

In essence, if you fit into any of these previously mentioned groups of people,  personal loans no credit check would fit well into your personal financial plan.  Your previous financial disasters do not have to determine or devastate your future. Things can look different for you once you have obtained one of these bad credit loans.

  • 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
    Our take: Online marketplace that searches through lenders to find the best offer for your personal situationShow more

Possibilities for a Brighter Future

Loans for bad creditThere are all sorts of reasons to look into getting personal loans when you have bad credit. Some previous decisions do not have to haunt you for the rest of your life. By obtaining one of these loans, you could start to make some gains such as:

  • Obtain the cash that you need quickly with little or no hassle
  • Utilize the loan to establish or re-establish your credit history
  • Making the decision to use the loan to start a new job or business venture to build your earning potential

Do not let your past credit history come back to haunt you. In fact, if you’re applying for a new job, you may have your credit score looked at. Based on a survey of human resources professionals, a credit score is checked 31% of the time for some candidates.

Getting a bad credit loan can help consolidate your debts and improved your credit score over time. With Bonsai Finance, we can help you find the right loan.

Online loans with bad credit

Bad credit does not have to limit your financial outlook on your future.  You can get no credit check loans applications with easy qualifications.  The money that you need can be yours, easy and fast.

What Makes These Online Loans with Bad Credit Different

You may have been turned down by traditional lenders like banks or thrift and loan institutions. You may have needed to resort to payday loans online with the very high interest rates that accompany it.

When it comes to their loans, the screening process eliminates those without near-perfect credit.  Those who do receive a loan offer are usually shocked by the higher interest rates with limited loan amounts.

You can get bad credit personal loans guaranteed approval that are nothing like traditional loans.  These personal loans are for terms up to 18 months, not for extensive periods of time that leave you locked in for the long term.

Unlike traditional loans, these personal loans are offered at competitive fixed interest rates.  Just those two facts alone make getting one of these online loans with bad credit appealing.

How to Get Bad Credit Online Loans

You do not have to go through all kinds of the red tape to qualify for these personal loans no credit check.  These personal loans for bad credit online have some simple qualifications to help make them available to people with credit.

Qualified applicants must:

  • Be between the ages of 18 and 65 years old
  • Have a regular source of income that can be verified by banking transactions
  • Have an active cell phone to receive phone calls and SMS text messages
  • Supply a debit or credit card that can be used as a fallback solution for repayment of the loan
  • Have a bank account where funds for payment can be withdrawn

By meeting the outlined criteria, you can get on your way to rebuilding your financial foundation with one of these loans online, bad credit history and all .

Loans with Bad Credit Online Help Borrowers in Different Ways

There are no specific restrictions on how you use the money from one of these bad credit loans.

You can use the funds for all sorts of things such as:

  • Buying a new or used car
  • Going on a vacation
  • Making necessary home repairs or home improvements
  • Paying off high interest credit cards and other debts

Be sure to get one of these personal online loans with bad credit.  You no longer have to live with financial uncertainty. This is the type of personal loan that can help make a difference in you living beyond your financial history.

We Match You to Your Ideal Bad Credit Loans Lender

When you need to quickly locate and connect to a lender offering the best bad credit quick loans that fit your situation, you can immediately get lost in a sea of online lender claiming to be the best.

At Bonsai Finance, we can simplify the process and speed it up. We have detailed knowledge of hundreds of lenders of bad credit loans, and we have powerful, “granular” search engines that we can use to match you to your ideal lenders.

Our representatives take the time to inform you of your options, explain to you what sets one lender apart from another, and ask you for the relevant information that will assist us in finding your perfect loan match.

Why Not Just Search On Your Own For Bad Credit Loans?

You might think that searching for bad credit loans online is easy because you can just do a Google search, but in fact, it would take a lot of time to research and compare all that comes up in the search results on your own.

You also might be directed to more expensive loan products like payday loans no credit check, when you would easily get approved for a lower interest personal installment loan.

At Bonsai Finance, experienced loan experts know how to quickly identify the distinguishing characteristics of lenders, and are already familiar with which lenders have a history of trustworthiness (and which, well, don’t.)

You won’t need to use your intuition in the hopes that you will avoid dealing with disreputable companies. The experience of Bonsai Finance in online lending will match you with the right, reputable lender.

Our Commitment to Each Customer We Serve at Bonsai Finance

At Bonsai Finance, we treat each and every customer we serve with dignity and respect. We never pressure you into making an instant decision but simply help put the facts before you and explain their relevance to your situation, based on the information you’ve given us.

Even among bad credit lenders, there are differences in interest rates, fees, loan flexibility, the size of loan you can expect to be approved for, and the time you will be given to repay. We are your experts on the terms and conditions of different lenders. We are committed to helping you locate the loan and lender that are right for you.

At Bonsai, we have helped numerous others with below average credit find a loan and lender that met their needs and got them through a financial rough spot. Our whole purpose in existing as a company is to facilitate this kind of “match-making.” And we stand ready to do for you what we have done for others.

There are numerous options for people to borrow money these days, especially with the advent of the Internet. Online loans present new options for people of all walks of life. The Internet allows borrowers to research and request cash loans from all kinds of lenders with all sorts of loans, even at a wide variety of locations.

Different Types of Personal loans for bad credit

There are all types of lenders out there. The rationale for different types of loans and lenders is that everyone is not the same. Some people need different types of loans for vastly differing scenarios and situations. Some need a loan with stellar and outstanding credit, while others are trying to get a loan with bad credit.

There are all sorts of lenders. The types of lenders available can provide access to numerous loan options online. You may not fit the typical profile of a loan borrower but there is a loan available for you, too.

There are online loans that are the perfect fit for:

  • Those who have never established credit before
  • Those who need to establish their credit
  • Those who want to rebuild their credit after a major trouble
  • Those who have just suffered from the effects of bad credit
  • Online Request Process Opens Doors and Opens Eyes

With the online request process for many lenders, identifying the best personal loan for potential borrowers is a major asset. The online request process is simple and straightforward, making a match for borrowers a breeze. Borrowers can find a loan that fits their income and financial situation.

The best options for those with bad credit are not necessarily traditional loans. Our process can identify a loan that would serve as a best fit for you based upon our screening process.

How to Get a Loan with Bad Credit

In order to get access to the cash that you need, you will need to meet a minimum criteria. The following have been established as a simple criteria for qualifying for loan with bad credit:

  • Be between the ages of 18 and 65 years old
  • Live in the United States
  • Have a bank account for loan payment and where your source of income can be verified
  • Submit a debit/ credit card as a fallback solution
  • Provide an active cell phone number that can receive both voice and sms text messages

You can qualify for this type of loan with bad credit, no credit and even limited credit. You can get a loan with competitive rates and clear cut terms for repayment. All that you need to keep in mind is that we are here to help you find personal loans that fit where you are in life today.

Pitfalls of Traditional Lenders

There are a few reasons why people with bad or poor credit should avoid traditional lenders. Most traditional lenders do not give loans to those with credit ratings under a certain score, meaning that if you have bad credit, you may not be able to get one of these types of loans at all. Even if you are able to find a traditional lender who is willing to work with you, there is a good chance that you are going to get hit with sky-high interest ratings and repayment terms that you may not be able to meet.

Loans for people with bad credit may also be for greater sums of cash. A traditional lender may not want to give you the full loan you need, especially if they are worried about you being able to repay it in full. However, when you opt for a bad credit loan, there is a greater chance that you are going to get the amount of money you need, rather than a fraction of it.

How to Simplify the Loan Process

When you work with Bonsai Finance, the loan process is incredibly simple. However, there are still a few things you can do to simplify and speed up the process, helping your agent match you with ideal lenders faster:

  • Don’t start the application process until you have all the documentation you need with you
  • Make sure that your proof of income is current
  • Test out your cell phone to be sure you can accept calls and texts from unrecognized numbers
  • Have all your banking information with you, including your account number, institution number, and transit number for direct deposit purposes
  • Ensure that your proof of identification has not expired and shows both your age and address

The process also goes by faster if you can complete the application and submit everything you need at the same time, rather than doing so in separate sessions. Be sure to keep your phone on and to check your email often in case your agent needs to get in touch with you to obtain additional information. Responding to inquiries and messages as soon as you can is another great way to speed up the loan process.

Why Online Borrowing?

When searching for the easiest payday loans to get approved for, you have two main options: online or in-person. Turning to online bad credit loans is the preferred method for most borrowers. You can fill out your application on your own time, regardless of traditional office hours. Additionally, you can get matched with more lenders when you use online sources, giving you a better chance of getting the loan you want on terms you can live with.

Using Bad Credit Loans to Rebuild Your Rating

bad credit loans rating

One of the biggest perks to getting bad credit loans is using the money to pay off existing debt. Many people even use the funds to consolidate several separate payday loans into one payment. This can help boost your credit in two ways. First, outstanding and potentially older debt is paid off, reducing the number of creditors you need to deal with. Older debt often comes with exceptionally high interest rates. In some cases, the amount of interest owed has surpassed the principle. Paying off a loan like this can be a big boost to your credit rating.

Additionally, when you opt for a bad credit loan, Bonsai Finance can match you with a lender that has favorable repayment terms. This makes it much easier for you to make your minimum monthly payments, especially when compared to working with strict lenders. As a result, you can see your credit rating slowly rise.

If you want to learn more about personal loans, credit cards, or other financial products, be sure to check out our blog. Our well researched articles are written by financial experts who can get you the help you need.