Around one out of every three U.S. adults (on whom a credit report exists) have a credit score of 600 or less. And that's the line of demarcation between "bad" credit and "fair" credit. That's an amazing statistic. It means that a huge market exists for lenders willing to approve loans for people with less than perfect credit. And the truth is, many people with below-average credit ratings are fully able to repay short-term cash loans. A financial rough spot in their past may still be hampering their credit score, but that doesn't mean they cannot or will not make good on their monthly installments. At Bonsai Finance, we provide a critical service to millions of Americans who need fast cash for short-term emergency expenses. Our personal loans for people with bad credit help you avoid late fees on other monthly bills when you have a short-term cash flow problem. Personal loans can also assist with emergency home or car repairs, buying a new car, paying college tuition and related expenses, and much more.
Personal Loans for People With Bad Credit
What Are Personal Loans for People With Bad Credit?A personal loan is simply a no-collateral monthly installment loan. It is typically a small, short-term loan as well. We do not require any specific credit score for you to get approved for one of our personal loans. A final key distinction to note about personal loans is that the cash is delivered directly to your bank account. And you can use it as you see fit. This is unlike certain other loans where a bank pays, say, a contractor to fix your leaking roof but you never actually have the borrowed money in hand, or at least, are not allowed to spend it anyway except as stipulated.
8 Key Benefits of Personal Loans for People with Bad CreditWhen you have subprime credit, it is often nearly impossible to qualify for a traditional bank loan. Instead, you are left with various types of "alternative" financing to choose from. Many people resort to payday loans, but this is almost never the best option. Personal loans, also called installment loans, have many benefits, including some that payday or title loans do not. Benefits of personal loans include:
- No collateral is needed to secure the loan.
- You can borrow more and get more time to repay.
- No credit rating is required and no credit check is run.
- You can process the loan entirely online, or at most, you might have to fax a document or two.
- The loan applications are simple and ask only for basic and relevant information.
- You can get your cash deposited to your account in as little as one business day.
- With direct debit, you need not worry about any payments being late.
- Paying your monthly installments on time can help your rebuild damaged credit.
How Do I Qualify for a Personal Loan With Bonsai Finance?Most people who apply for a personal loan with Bonsai Finance are approved without delay. However, there are a number of very basic minimal requirements that must be met, including:
- You must be an adult (18 or older)
- You cannot be in bankruptcy.
- You must have an active U.S. bank account.
- You must have an active mobile phone on which you can be called or texted.
- Your monthly payment cannot exceed 15% of your estimated monthly income.
- You must submit proof of income and must make at least $500 per month.
- Your bank balance minimum over the last 3 months must not be lower than what your monthly installment would be.