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 help you find the right affordable personal loans at highly competitive rates and with flexible terms.
Bonsai FinanceOur take: Online marketplace that searches through lenders to find the best offer for your personal situation Show more
Credit Score Loan Size/Amount Loan Term APR Origination Fee All can apply $100 - $15,000 1 - 60 4.99% - 1,386% Varies by lenderCredit ScoreAll can applyLoan Size/Amount$100 - $15,000Loan Term1 - 60APR4.99% - 1,386%Origination FeeVaries by lender
How Do Personal Loans for Bad Credit Compare to Other Loan Options?
Anyone 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.
- Request forms 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!
While many loans come with conditions on how they can be spent, personal installment loans give you a wide array of flexibility. In emergency situations, there are a lot of reasons why you may need money. Whether you need to buy a car, make a home improvement, or even just consolidate debt you already have, personal loans for bad credit offer a great opportunity to pay many of your bills at the same time.
When life comes at you fast, there isn’t time to search for a lender tailored to your specific financial situation. Instead of getting marred up in endless paperwork and frustration, let us help you. With the lenders we connect you with, you can gain access to funds that you can use whenever and however you want.
Personal Loans for Bad Credit Let You Borrow Money Wisely
At Bonsai Finance, the lenders we work with provide fixed interest rates on loans, leaving you with no surprises on how to pay them back. You have the option to pay back interest in advance, or in small equal installments each month. There are no penalties for paying back loans earlier. Our lenders work with your financial situation to figure out the best repayment scheme for you. There is no need to worry about fluctuating repayment schedules with personal loans for bad credit. The interest rate you first request is the interest rate you keep, plain and simple.
Avoid Requesting Too Many Loans
Prospective lenders can often inquire as to how many other loans you have taken out, making it difficult to secure a loan. For many with bad credit, filling out multiple request forms has become the only way to secure financing in desperate situations. Unfortunately, filling out too many loan requests can often put your credit score at even greater risk.
That’s where we come in. Rather than requesting from multiple lenders, let us do the work for you. At Bonsai Finance, our experts take your information and help pair with you a lender that best suits your needs. This way, you can have access to funds quickly, without hurting your credit score.
Getting Your Financial Stability Back
Our lenders provide low APRs, low fees, and work with you personally to set repayment schedules that work with your individual situation. Many fast-cash programs can put people in worse off financial situations, charging enormous fees and unpayable interest over time.
At Bonsai Finance, we help pair you with responsible, reliable lenders who help you get access to direct funds quickly, consolidate your debt, and restructure your payments in small, manageable quantities. There is no reason to deal with hidden costs, variable interest rates and fine print. We ensure you are paired with lenders that care about your financial well-being so that you can get back to living your life with ease.
The Repayment Process for Bad Credit Personal Loans
Even before you request and get approved for a bad credit personal loan, you need to already be thinking about the repayment process. We at Bonsai Finance can help you find a lender and obtain the precise loan terms that will make it as easy as possible during repayment.
One of the great benefits of bad credit personal loans over payday loans is that you get a lot more time to repay (besides that no collateral is needed and you can get a larger loan amount with lower APR). But it is imperative that your payments never be late to avoid late fees.
At Bonsai Finance, we help you gauge your monthly installment payment size to the size of your monthly income, so that your repayment process will be affordable.
We also help you find lenders who will set up automatic withdrawals to ensure there are no “logistical” or “timing” issues that make your payments late (or that you don’t miss a payment date out of mere forgetfulness.)
The lenders we work with will offer you flexible repayment plans, and we can help you arrange the precise plan that works best for you.
How Repaying Bad Credit Personal Loans Can Benefit You
No one plans to be in situation where he or she needs to take out a loan, and no one wants to have a bad credit rating. But when financial hardships hurt your credit score and then unexpected expenses pop up, bad credit personal loans may be your best way to get through a financial storm.
Provided you have a reliable, verifiable income of sufficient size, and you meet other basic requirements like being 18 or older and having a valid, active US bank account, getting approved for the personal loan shouldn’t be an issue (regardless of your credit history and without any credit check being run.)
Looking at repayment and beyond, however, there are potential benefits to taking out a personal loan. First of all, it pays for your emergency or other urgent and important expense. But then, as you make your installment payments on time, you gradually build back your credit score.
And once you’ve shown you can take out a personal loan and repay it, you might be approved for a bigger loan next time you need one. And if you build your credit score back enough, you’ll be approvable for a “non-bad-credit” loan.
Also, the discipline of making your payments on time will help you in the future as you pay on other loans or just pay your regular bills. It may make it necessary to stick to a planned-out budget, which will be a discipline that can help you rise financially in the years ahead.