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Loans for bad credit

We only list the best loan companies for bad credit that are available in each state. This means we have verified which loan providers lend in each individual state, and have personally vetted them so that you only see services that are active and accepting new customers. So, if you haven’t already done so, select which state you’re in (or plan to be) to see the best loan companies near you.

Credit Score Loan Recommendations

  • 580 and above: Try a personal loan because you can get a larger amount and yet still have a low monthly payment.
  • 480-580: Attempt a pre-approval for personal loan first so you can get a soft credit check (which won’t lower your credit score). If you get denied, a payday loan or small installment loan is your next option.
  • 480 and lower: Lender requirements will vary, so still attempt a pre-approval with a personal loan, but for credit scores 480 and lower, payday loans are usually the best bet for success.

As of October 2017 the two best payday loans that emerged from our research are CashUSA and HonestLoans. Submitting an application with either of them won’t hurt your credit score, and both offer payday loans and installment loans. Their installment loan options are particularly noteworthy because they offer long loan terms so you can have affordable monthly payments. Moreover, they frequently service borrowers with low credit scores.

Overall: We would say your chance of being offered a loan from one of these loan services is very high, compared to many traditional offline options.

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Payday loans and Personal loans introduction

What is a payday loan?

A Payday loan is an incredible cash advance if you are able to repay it in time. If you apply for a payday loan, your application might get an approval immediately depending on your bank. These loans are the best when it comes to meeting emergencies. Getting a payday loan is easy and quick, available for people with bad credit that want small sums of money. If you’re looking for loans with low credit score, this is it.

Qualifications of a payday loan

Banks and other financial lenders usually subject borrows to the following minimum qualifications:

  • One must be over 18 years old
  • One must prove that he/she is employed
  • One must own a legitimate bank account bearing his/her official names
  • One must have a stable income of at least $1,000

Advantages of a payday loan

Payday loans are becoming more and more popular due to the following reasons:

  • They are a fast source of money during financial emergencies
  • They do not require any credit report
  • They can guard your credit profile from damages covering late fees from other loans
  • They allow borrowers to be independent

What is a personal loan?

A unsecured loan for bad credit, is a type of financial assistance advanced to borrowers to meet their basic or pressing financial needs. They offer incredible advantages and are easy to obtain as compared to other types of loans.

What are the basic requirements for personal loans?

Most lenders will dictate that borrower meet the following basic requirements before approving their personal loans:

  • One must be 18+ years old, but more than 21 years is recommended
  • One must be earning a monthly income of at least $1,500. However, the recommended monthly income is $2,000

Advantages of a Personal Loan

Personal loans offer numerous advantages over other types of loans. They include:

  • Flexible – these loans are multipurpose
  • Personal loans do not require a lot of documentation. This makes processing quick and easy
  • Personal loans do not require collateral or security

What is a bad credit loan?

A credit score is be-all and end-all as far as the financial world is concerned. They are extensively recognized, but over and over again shrouded in mystery if you dig deep into its real meaning. They are essential in everybody’s daily life, yet, while most people know that it’s vital to strive and achieve a good credit score, they are left wondering: what is a bad credit rating?

Here is a snapshot of what you should call a bad or good credit score:

  • 800 and more: Excellent credit score
  • 750 – 800: A very good credit score
  • 700 – 750: A good credit score
  • 650 – 700: Regarded as a fair credit score
  • 600 – 650: Termed as a bad credit score
  • Below 600: Usually regarded as a very bad credit score

With a credit score under 600 it’s hard but not impossible to secure a loan. Some smaller lenders specialize in loans for people with bad credit history. CashUSA is one of them.

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