PERSONAL FINANCE BLOG

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Loans For Those With Bad Credit
3 Jan 2019

Loans For Those With Bad Credit

Loans for those with bad credit – do they exist? If you have a badly damaged credit history but suddenly find yourself in need of a loan, that’s a question you may well be asking.

If so, then I have good news for you: loans for people with bad credit not only exist but they are amazingly abundant and incredibly easy to access!

Types Of Loans For Those With Bad Credit

What kinds of loans for those with bad credit are available today? For the most part, there are three kinds. The first is title loans, but they are often undesirable since they make you risk losing your vehicle. And if you don’t own the vehicle free and clear on the title, you can’t get a title loan anyway.

Payday loans and personal installment loans are much better options. Payday loans are super-small and hyper-short term. They are what you use in a pinch to just get you through a shortfall of cash that will be corrected by your next paycheck. If you need, say, $100 to $500 and can hurry up and pay it back in one lump sum payment 2 to 4 weeks hence, then a payday loan may work for you.

Personal loans differ from payday loans in that you borrow anywhere from $500 to $5,000 in most cases and can get terms ranging from 3 months to 5 years. They are for bigger purchases and emergency expenses, and larger and longer financial challenges. Rates are lower than with payday loans and you need zero collateral typically, but terms and principals are longer, which of course also affects interest as to total dollar-amount paid.

Both payday and personal loan lenders often accept even very poor credit. They don’t bother with credit checks in many cases, feeling that just proving you have sufficient reliable (and verifiable) income to repay the loan on time is good enough.

Find The Best Bad Credit Lender Today!

Searching for a loan online is a little like looking for a tree in the forest. It’s not hard to find, but if you want the biggest, tallest, or strongest tree, then you have a much harder search task ahead of you! Bonsai Finance solves this problem for you by giving you access to our specially designed fast cash loan search engines.

What would take days or weeks to accomplish, we enable you to complete in a matter of minutes. And the results are better and more certain as well. You end up with a better loan and with more assurance you truly found the best one available.

Rest assured you can search for only those lenders who accept bad credit or no credit using our systems. And you can plug in any and all other desired search criteria as well to locate your ideal loan.

Use Loans To Boost Your Credit Score

Finally, we should note that those with bad credit can often use short term loans to boost that credit score back up. Borrowing and repaying is the way you speed up the rise of your depressed credit score. Be sure you only borrow as much as you can realistically repay on time, however, to avoid late fees and damaging your credit further.

Most lenders assist you in gauging your loan principal and term and payment size to your income level. Borrowing what you need can get you through a rough spot, but never go in “over your head.” If you need advice on how to determine wise borrowing limits and strategies, feel free to talk to a Bonsai Finance adviser today!

If you want to not just find loans for those with bad credit but the best loan offer for you personally, Bonsai Finance can make it happen!