Having a bad credit score in the United States can be due to multiple reasons, although it is usually due to the fact that you have borrowed too much and have not been able to meet your commitments with creditors, such as credit entities and banks, on time.
Getting below 600 credit points can be a problem when you need to apply for new loans or credit cards, since most financial companies will deny your request, entering a loop in which you cannot get more money but neither return what you owe, damaging your score even more.
Luckily, there are credit entities that allow you to obtain fast bad credit loans, even if your score is low you can receive money that will help you repay outstanding debts and improve your history.
How can I get bad credit loans?
On this page we show you a selection of the best lenders with which you can get fast money even with a bad score. These are entities that offer their services both online and through physical stores that some of them have throughout the United States.
In order to apply online, you must follow these steps:
- Click on the red Apply button on the list above to access the website of the lender of your choice.
- Once on their website you will have to look for a button to request or a small form that can ask you for the amount you need, an email, your telephone number, your name and the state in which you receive it.
- By clicking on the request button you will access a registration form in which you must provide more personal data, those that the entity needs to be able to study your request.
- In most cases, in a few minutes you will receive a response and, if it is affirmative, you must provide some identification documentation and your employment, which you can send digitally scanned or in a photograph with your cell phone.
And that's it, if there is no problem with the documentation provided, the money will be sent immediately to your checking account and may even arrive the same day, although it depends on many factors, if it is a holiday, if you have the same bank as the financial entity that lends you the money, etc. At most it will take a maximum of 48 hours.
What requirements do bad credit loans ask for?
In order to access one of these products to obtain quick money even with a bad credit score, you must meet a series of conditions that the financial institution will ask you for. However, these requirements are more flexible than those of traditional personal loans.
Below we list the most common conditions that these online lenders usually require:
- Be of age. Depending on the state, this minimum limit may be set at 18 or 21 years. There are some entities that even raise the age from which you can apply for a loan with bad credit to even 25 years.
- Have a source of income. Either because you are working for a company, because you work for yourself or have a business, or because you have income from a pension or some kind of government aid.
- Reside in one of the states in which the entity offers services. Many of the lenders listed here do not offer service in all US states, so you should make sure that the one where you reside can lend you money. In addition, it is likely that you will be asked to provide some proof of address.
- As for the credit score, you are allowed to have a score below 600.
- Have some identification document, such as a car driving license, passport or state identification.
- Have a checking account in a bank, an email address and a cell phone number.
Although some fast loan entities in the USA may request some other condition, it is not usual for them to ask you for all of the above. These are financial companies that offer small amounts of urgent money with few conditions.
What types of bad credit loans can you get?
Within the financing that you can find, which offers you money even if you have a low score, you have various possibilities. These will depend on your situation and the needs you have. Here we list the main ones:
These are small credits that are granted quickly and with very low requirements. They are widely used to obtain urgent money for unforeseen events or various needs. There are hundreds of lenders that offer their services online, with which you can get up to $1,000 USD with a bad credit score.
The terms to repay these fast online loans do not usually exceed 30 days, although you can find one that allows you to pay over several months.
Payday loans are expensive products, which apply a high percentage of interest, so you should use them with caution and never use them as a regular source of financing.
Secured Personal Loans
It is a type of loan in which a guarantee is provided in the form of a bank deposit, which will cover 100% of the amount borrowed and will serve as a guarantee for the bank in case you cannot afford to return the money.
This deposit provides security to the bank, which allows it to apply much less restrictive requirements, allowing customers who have a low score to access these loans. It is even possible to get one of them even with no credit check, when you have not started your credit history yet.
These secured loans are very useful when you need to improve your credit score or start it if you do not have it yet.
Home Equity Loans
It is a type of mortgage that is granted to obtain liquidity, which you can use in whatever you want, with very good conditions, since you will pay much lower interest than with personal loans, you will be able to get more money and return it within a period much longer.
In this case, as a guarantee you have to put a home or other type of property that you own, which will be used as collateral for the bank, just like with a mortgage to buy a house.
Secured credit cards
Like secured personal loans, with these cards you will also have to deposit the same amount that you obtain as a credit limit. Thus, you can use it like any other plastic, to buy in any physical and online store or to withdraw cash at ATMs.
These secured credit cards can also be requested by any client, even if they have bad credit or do not yet have a score started. Very useful also to improve your score or to start your history.
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