In recent years, online loans for bad credit have literally burgeoned in number to the point a quick Google search using the phrase online loans bad credit will instantly fill page after page with the websites and ads of online lenders, leaving the loan searcher overwhelmed and unsure how to proceed.
There are good reasons why people are seeking, and lenders are marketing, bad credit loans online. But the fact is, unorganized, unsearchable information leaves you in the position of trying to find the proverbial needle in a haystack.
Bonsai Finance, however, provides you with the search tools and other helps necessary to make searching for loans for bad credit online fast, simple, and effective.
The Convenience of Online Loans for Bad Credit
Online loans for bad credit applicants exist first and foremost because of the great convenience they bring the consumer. It’s hard today to even imagine how much more effort it must have taken to call up every lender you could find in a local phone book or have to actually drive or walk around town visiting one brick and mortar location after another.
That’s how it used to be, but today, the speed, ease, and at your fingertips nature of searching for bad credit loans online has become standard. Contrary to the belief of some, it’s not just “bad lenders” who advertise online – everyone does! If you exercise common sense safety precautions, it’s not necessarily any less safe than loan shopping done in any other way.
But aside from convenience and safety, the real boon of online loan shopping is the multiplication of options. You get immediate access to a whole world full of loan offers. With the options broadened, the opportunity to find your “perfect” loan is much more doable than ever before.
Finding Online Loans BAD CREDIT Accepted
Online loan offers is one thing, but what about online loans BAD CREDIT accepted? Are online lenders any more likely to “look past” your past when it comes to your credit score?
Even traditional banks advertise their loans online, and fast cash lenders exist both online and offline. So it’s not really true that “online lenders” are more likely to not care about bad credit. BUT, what is true is that most lenders for payday and personal installment type loans you’ll find online WILL accept bad credit.
This is another area where Bonsai can help. We can use our search engines to quickly ferret out all lenders who don’t accept bad credit so you won’t waste time looking at the wrong offers. And of course, we can help you dissect the array of choices available to you within the category of online loans bad credit.
Search Criteria for Bad Credit Loans Online
At Bonsai Finance, our mission is to empower you to locate the best bad credit loans online in as little time as possible. We accomplish that mission for our numerous clients every single day.
But for best results, you need to approach the search with a plan of action. When looking for loans for bad credit online, consider using any or all of the following search criteria to find the loan that best fits your needs and your budget:
- Lenders who accept “poor” or “bad” credit scores and even those with no significant credit history.
- Approval without any credit check being run. NOTE: a “soft” credit check is fine because it does not affect your credit score, but avoid “hard” credit checks.
- Will accept someone at your income level for the loan principal that you need to borrow.
- Relatively low APR for the loan type. And low fees, including late fees and origination fees, if any.
- Good ratings by industry standard-setting organizations and a good history of working with customers in a reasonable manner.
- In the industry for a long period of time. The longer a company can survive and thrive and still get high customer satisfaction marks the better.
- Does the lender have 24/7 customer service, or can they at least be easily accessed in time of urgent need?
We could go on listing other possible criteria, but the above covers most of the main ones. Some of these criteria might also require talking to one of Bonsai Finance’s helpful agents, besides using our high-powered, industry-leading search engine apparatus.
Applying for Loans for Bad Credit Online
It’s extremely fast and easy to apply for loans for bad credit online. Most lenders keep the process as basic as possible, realizing that over-complicating it would risk slowing things down and losing interested clients.
You’ll need to provide basic personal information like full legal name, state of current residence, physical address, date of birth, and maybe a social security number. But this is only normal, and Bonsai makes a point of dealing with lenders that have a high standard when it comes to keeping applicant information safe – and of course we ourselves do the same!
Basic financial information will also be needed. This might include current monthly and annual income personally or of your household, how much you pay in bills, on necessities, and on other debts each month, and how often you get a paycheck.
When applying for online loans with bad credit, you’re not going to be asked about your credit score. You’re not going to be slowed down by an unnecessary credit check. And only essential information that is truly relevant to the loan being applied for is asked of you.
Many people can fill these kinds of forms out in a matter of minutes. And as lenders use predetermined algorithms and rules to assist in processing applications, you can expect an answer instantaneously or in just a few seconds.
Qualifying for Online Loans With Bad Credit in Your Background
Qualifying for online loans with bad credit is much easier than you think. The bulk of personal loan and payday loan lenders don’t even care about your credit score and won’t bother to run a credit check. But, you may be wondering, why would they do that?
There are several reasons why lenders are interested in getting customers regardless of their below average credit scores:
- They know most people will pay back the loans. Many people with bad credit experienced financial turbulence in years past but are actually stable and responsible financially today.
- Only income matters. If you have enough income to pay back the loan, and you can verify that fact, then that’s really all that many lenders care about as far as approving applications.
- A competitive market. If they don’t pick up new loan clients because they’re worried about bad credit, guess what? Their competition will. There is pressure to compete for your business – and having less than perfect credit history doesn’t change that.
But aside from sufficient income levels, what else will online lenders use as qualifications for their loans? Only the most basic eligibility factors will apply. This may include: being 18 or older, having an active US-based bank account, not having other outstanding fast cash loans, and not having a history of not repaying loans from the same lender or another, similar, lender.
And that’s about it. There really are very few demands that most online lenders of bad credit loans will make. They are usually direct lenders rather than banks and therefore have more flexibility in accepting applicants and in setting customized loan terms. This works to your favor if you’re trying to get a quick approval.
Which Is Better: Personal Installment Loans or Payday Loans?
Online loans with bad credit usually fall into one of two broad categories: payday loans and personal installment loans. In order to make an informed decision on which loan offer to accept, you first need to understand the way these two loan types work and how they differ.
What is a payday loan? It’s a very short term loan that’s due in full within 2 to 4 weeks of taking the loan out. You can borrow anywhere from a hundred to a thousand dollars in payday fashion, so these are only for relatively minor financial emergencies. Payday loans just function to tide you over to the next paycheck. Interest and fees on payday loans is higher than on personal loans, but the term and amount is smaller – so the total amount paid may often be less.
What exactly is a personal installment loan? It’s a no-collateral loan that is NOT based on a credit score but on your ability to repay. And the funds can be used for personal expenses or any purpose the borrower chooses without restriction or oversight by a bank or a third party.
Personal loans are repaid in installments every month over a period of anywhere from only a few months to as long as five years. Usually, the loan principal ranges from $1,000 to $5,000, but it can also be lower or higher, depending on the lender and the borrower’s needs and income qualifications.
So which is better, personal loan or payday loan? The answer is: that depends. It depends on:
- How much you need to borrow.
- How fast you are prepared to repay the loan.
- Whether lower interest rates or lower interest dollar-totals are more important to you.
Both types of fast cash loans will land the cash in your bank account within a business day or two of approval. And either one can meet your needs in a particular situation. Weigh the factors and decide which one is best for you, or if you need help, talk to a Bonsai staff member and he or she will help you understand the differences more clearly and make a wise, informed decision.
Why Choose Bonsai Finance?
Bonsai Finance exists to fill a void we saw in the loan market: an organization that can efficiently bring prospective borrowers and reputable lenders together in a way that benefits both parties. We are the “match makers” of the lending industry, and we truly do have it down to a science.
Our concern first and foremost is with the consumer. We want to help people find their ideal loan without wasting hours or even days on the search, hitting numerous dead ends and having to start over again, having their credit scores hurt when numerous credit checks are run on them, and ending up with a less than satisfactory result.
With Bonsai, the opposite is the case. The information we provide, our helpful, consistently available staff, and our second to none search engines empower you to locate your best loan offer in only minutes’ time. We can steer you towards lenders who accept bad credit and no credit and who won’t run a credit check on you. We can ensure you apply only with lenders where you have the highest probability of acceptance. And, our customer satisfaction rate is much higher than when people use hit and miss methods in choosing a lender and loan.
Here are some of our highest values at Bonsai Finance:
- Always upholding the highest degree of honesty, integrity, and professionalism.
- Putting the needs of each and every customer first, no exceptions.
- Providing you with the tools, resources, and assistance you need to make an informed decision you won’t regret.
- Making the process as fast, simple, and convenient as possible.
- Being ready to answer your question in chat sessions at our website 24/7.
- Ensuring you are 100% satisfied with all of our services.
- Never pressuring you to make a particular decision but always being ready to offer the voice of experience.
- Helping you understand how to manage your money wisely and how to use loans to help rebuild damaged credit.
- Educating people about how different types of loans work and on the details of their particular loan.
- Encouraging those with bad credit by showing them that there are many lenders actively competing for their business.
At Bonsai Finance, we have well seasoned expertise in carefully but quickly matching loan applicants with the best possible online loans for bad credit. We can help you find your best loan!