If your loan application is turned down because of bad credit history, you’ll have to turn to sub-prime lenders. Private bad credit lenders have created loans especially for people with bad credit history.
Getting a loan from a private bad credit lender is easy. Even people who’ve filed bankruptcy can get a loan; still, percentage rates are very high in such loans. To get a loan from a private bad credit lender, you need to be employed. Permanent employment will be an advantage. Some lenders won’t give you a loan if you don’t have a regular job.
Private lenders can be found on the Internet, but you must be very cautious. If you find a trusted lender, you will get a fast loan, with minimal paperwork required. Before you choose a lender, find out more about different private lenders and see what they have to offer you.
A personal loan is an unsecured loan (small, in most cases), and the amount goes from 100 USD to 1,500 USD. These loans are called short-term loans, cash advances, fast loans, fast cash, etc. They are designed to get you through a temporary financial crisis. There are many companies specialized to help people find private bad credit lenders.
What Are the Requirements?
- You need to be at least 18.
- An active bank account
- You need to have a job
You have to meet these requirements. The lender may use his own criteria to determine whether you are eligible or not. Factors like your state of residence, your loan history, and your income can affect the loan approval. The lender may contact you to ask for more information.
To improve your chances of getting a loan, make sure to be honest when filling out your application form. Most lenders will not accept applications if these contain unverifiable information.
If you are using a company to match you with a private lender, you can ask for some advice before you accept the loan. If you don’t like the terms of the loan, apply again, and the company will find another lender.
The entire process of getting the money usually takes one business day. You can choose the payment option.
When the loan is due, you have several options:
- You can pay off the loan
- Renew your loan and pay fees and interest (or pay one part of the principal)
- Auto-finance is another option
High Risk Personal Loans
These loans are used in emergencies. It is important to have a good reason for taking it! Lenders take considerable risk when lending money to people with bad credit, which is exactly why these loans are called “high risk loans”.
What Are the Advantages?
You don’t need a co-signer
This can help you rebuild your credit
Contracts are simple
You will get your money fast
It is easy to get
You can get a loan even if you have bad credit
What Are the Disadvantages?
Low loan amounts
This can damage your credit even more, if you don’t repay it in time