Personal Loans for Bad Credit

In a perfect world, there wouldn't be any bad credit ratings, financial difficulties would never come, and no one would ever need to resort to financing. In the real world, however, even good people with the best of intentions can suffer setbacks that damage their credit scores for years to come. And people with bad credit get into financial straits just like everyone else. It could be you need a student loan, a home improvement loan, an emergency car/home repair loan, need to buy a new car for work or school, or a host of other reasons. Personal loans for bad credit make it possible to get through a short-term cash flow short-fall without long-term or permanent financial damage. But how do personal loans work? and why choose a personal loan over a payday or title loan?

How Do Personal Loans for Bad Credit Work?

A personal loan is also known as an "installment loan," and for good reason: it must be repaid in regular monthly installments over a specified period of time. In theory, a personal loan could be for any amount and with any length of loan term. In practice, personal loans are normally short-term and involve relatively small amounts borrowed. Fees and interest on a personal loan will be higher than with a traditional bank loan, but oftentimes, they are as low or lower than rates on credit cards and other bad credit loan providers. At Bonsai Finance, we offer affordable personal loans at highly competitive rates and with flexible terms.

How Do Personal Loans for Bad Credit Compare to Other Loan Options?

Personal Loans for Bad CreditAnyone with less than perfect credit looking for a loan will immediately notice the difficulty and time-consuming nature of getting a bank loan. But they will also notice that there are two other major online fast cash loan options out there: payday loans and title loans. Title loans are only feasible if you own a car free and clear and can produce (surrender) the title. There can be no lien on the title and no joint owners who do not also approve of the loan. Such stipulations bar many from title loans and always require you risk what may be your only means of transportation as collateral. Payday loans often require you to show up in person, but some are done online. They only tide you over till the next paycheck, usually 2 or 4 weeks, which is not always enough time for you to get back on your financial feet. Plus, the amount you can borrow is lower than with personal loans and the rates are often higher. Personal installment loans have many advantages that recommend them to those with bad credit:
  • No collateral is needed.
  • There is no minimum credit score.
  • Approval is extremely likely.
  • Applications are short and simple.
  • You get greater flexibility in loan terms.
  • Personal loans can be done 100% at home.
  • You get cash direct to your account in as little as one business day.
  • You can use the borrowed money as you see fit.
  • Making regular on-time payments builds back your credit score.
  • Rates and fees are lower than with many credit cards and other fast-cash lenders.
  • Early repayment is not penalized.
Clearly, there are many distinct benefits of online personal loans, making them a viable option for many with damaged credit. But how do you choose the best lending partner from which to borrow your cash?

Why Bonsai Finance?

At Bonsai Finance, we strive to make ourselves the best options for everyone in need of personal loans for bad credit. We put a premium on both affordable, flexible services and on courteous, helpful customer service. The whole purpose in the founding of our company was to fill a gap in the fast-cash loans market. That gap was a lending company with easy approvals, quick cash deposits, simple terms and conditions, affordable rates, and high standards of integrity. Bonsai Finance is making waves in the no credit check personal loans industry because we are truly serving our customers by providing a "financial product" that meets their needs. We always treat you with respect and strive to be as flexible and lenient as possible with you. We want you to succeed in getting approved for your loan, repaying your loan on time, and improving your credit score and your financial situation!