Personal Loans with Bad Credit
Many people operate under the incorrect assumption that, if they have bad credit, they’ll never be able to receive a loan. They believe that their bad credit score will have lenders instantly turning them away. At Loans Now, our teams of lending experts are here to show you that this isn’t true and help you discover the best personal loans available to get what you want in life.
Why is my Bad Credit Impacting My Ability to Find a Loan?
There are many variables that lead to a poor credit score. In many cases, it’s not really that person’s fault; in others, there’s clear indication that a person is a risk from a financial standpoint. Either way, poor credit is a warning sign for many lenders that this person could be a risky investment. There are several perceived reasons for this:
This Person is Unreliable
Many people with bad credit have numerous missed or late payments in their credit history. To a lender, this indicates that they can’t be trusted to pay their debts on time, and the lender may have trouble getting their money back in the timeframe that both parties agreed to.
This Person is Irresponsible
A poor credit score can translate to being irresponsible with money. Spending too much money; not managing payments schedules; accruing high interest and other debts – these are all common symptoms that tell a lender a person may not manage their money well.
This Person Doesn’t Care About Their Credit
If your score is low, depending on what factors are contributing to your poor score, some lenders will take it as an indicator that you haven’t taken the time to research your credit. If you don’t care enough to research and manage your credit, then why would you care enough to manage a loan?
Does This Mean I’ll Never Be Able to Get a Loan?
Absolutely not. Loans Now understands that everyone’s circumstances are different, and a poor credit score doesn’t automatically indicate that any of the above is true for you. We know that bads things can happen in life, and leave people in dire straits, despite their best efforts to do the right thing. We believe that everyone deserves access to funds to help achieve their goals. If you have bad credit, Loans Now is here to help you realize your vision of a better life, without your poor credit getting in the way.
How Can I Find the Best Personal Loans?
Using our Loan Discovery program, Loans Now will help you find, compare, and navigate different lending options, based on what you want to achieve. We’ve made the process easy for you, so that you avoid the hassle of shopping from hundreds of lenders, with many different lending terms, interest rates, and timelines, on your own. We only worked with credible, professional lenders, and we’ll never present you with a potential scammer, or those looking to take advantage of your situation.
We’ve had years of experience helping people just like you find a loan that was exactly what they’re looking for, and we always give our 100% best for every customer, every time.
What is the Process to Get a Small Personal Loan?
What You’ll Need to Provide
At Loans Now, we begin our Loans Discovery process by having you complete a simple questionnaire, so that we can learn more about you and what you what you want your loan to do for you. You’ll need to provide:
- Your legal name
- Phone number, email, and state
- The loan amount you’re requesting
- Your income
- Your credit score
When it comes to your credit score, most lenders will make a hard inquiry against your score before they will approve your application. This will result in your score dropping even further, and you may not even be approved after the fact. Checking your own score will never cause it to drop further, so at Loans Now, we provide you with the tools you need to check your credit score for yourself, and then tell us what your score is.
Once your questionnaire is complete, you’ll be assigned a consultant, who will work with you directly throughout the process, answer your questions, and help you find the perfect small personal loan for you.
The Lending Process
The approval process and time to get approval will vary for each lender. Most of the time, the process will generally work like this:
- You discuss with the lender what your financial situation is like, how much you want to borrow, and what your goals are with the loan.
- You fill out your application.
- If you are approved, the lender sets the loan limit, interest rate, and time to repay the loan. You sign the documents agreeing to the terms.
- The loan is underwritten, and the money is either deposited into your account, or you’re given a check or money order.
- You start your repayments until the loan is paid back, with interest.
Loans Now is here to help you navigate this process, answer your questions
What Determines How Much Money I Can Borrow?
There are three primary factors that lenders will use to determine how money you can borrow:
- Your gross annual income (after taxes and other obligated expenses)
- Your debt-to-income ratio. Use our DTI calculator to determine what yours is.
- Your credit score.
Does the Interest Work the Same as a Credit Card?
With loans, interest rates are calculated and applied differently than those on a credit card. Credit cards apply interest to any balance that you have outstanding at the end of the billing cycle. This means that the amount of interest you pay each month will vary based on how much of the total balance you’ve paid off.
With these loans, the interest is applied up front, and already calculated into your minimum monthly payment, so you’ll never have to worry about compiling more interest.
Will I Have to Give Up Anything to Receive a Personal Bad Credit Loan?
Loans Now specializes in unsecured loans, meaning that you’ll never have to commit collateral of any kind to receive any of the options that we will provide for you to consider. Because the option of collateral can help improve the odds of getting a loan, especially for people with bad credit, it can be tempting.
However, promising collateral in a loan carries great risk. If you default on your loan, your lender has the ability to take your collateral to pay off your remaining balance. With an unsecured loan, even if you default on your payments, you’ll never have to fear losing your house, car, or other cherished items.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K