The Easiest Loan To Get With Bad Credit
Bad credit and loans don't usually go hand-in-hand. After all, traditional banks often require a near-perfect credit score to even consider lending to a poor credit borrower. So, that begs the question, what loans can a person with bad credit get?
Thankfully, there are three quick and easy loans that you can get your hands on as somebody with bad credit. Keep reading to discover how you can get an emergency money loan--even with bad credit.
Simple Steps To Get A Loan With Bad Credit
Understanding Bad Credit
Bad credit can mean different things, depending on the credit score ranking model used. However, the most common is FICO, which works like this:
- A poor credit score is 300 to 579.
- A fair credit rating is 580 to 669.
- A good credit score is 670 to 739.
- An excellent credit rating is 740 to 799.
- An exceptional credit score is 800 to 850.
Naturally, bad credit is anything under the "good" credit score.
While you won't qualify for traditional bank loans with a bad score, loan options are available for people in your situation.
What Loans Can A Person With Bad Credit Get?
Contrary to popular belief, several lousy credit loans are on the market. But to answer "what loans can a person with bad credit get? ", we will look at the top three types here:
1. Title Loans
Title loans allow you to borrow money based on the value of your vehicle. You don't need a good credit score, making them one of the best answers to the question "what loans can a person with bad credit get?".
The loan provider examines your vehicle to decide how much you can qualify for. They will look at the following factors when doing so:
- Car's age — The older your vehicle, the less it's worth. Although, there are exceptions. Often, classic cars are worth more than their younger counterparts.
- Car's odometer reading — Higher mileage means decreased worth. Although, title loan lenders consider your vehicle's age alongside the reading to establish whether it's high. The average yearly mileage is between 10,000 and 12,000 miles per year, meaning a two-year-old car with 9,000 miles on the clock is deemed low mileage. Therefore, the value may not be affected too much.
- Car's condition — Lenders look at the mechanical and cosmetic condition of the vehicle. Everything from unchanged oil to stained interiors can affect the price.
- Car's make and model — Some models are pricier than others. Owning a luxury car is one of the best ways to gain higher loan amounts.
- Car modifications — The worth may decrease if you have attached a spoiler, applied for a custom paint job, or added decals to your vehicle.
Title loan lenders use your paid-off, lien-free vehicle title as collateral to secure the loan. But you can continue utilizing it while repaying.
2. Joint Personal Loans
You can get a joint personal loan from a traditional bank or credit union if you have a low credit score. This works on the assumption that your loved one has a better credit score, allowing them to become the "guarantor" of your loan. In other words, they will be responsible for repaying it if you fail.
Joint personal loans make it easier for you to borrow, even with bad credit. It's one of the most common answers to the day's question — what loans can a person with bad credit get?
3. Payday Loans
Finally, payday loans are the most straightforward answer to the question, what loans can a person with bad credit get? They are small-dollar loans, allowing you to borrow between $100 and $1,000 without a good credit history.
Here at Fast Payday Loans Florida, Inc., we offer our customers online and in-store payday loans. The best part? You can avoid a long requirements list.
Let's look at our simple requirements now.
- A driver's license or a different kind of government-issued identification (must be 18 years or older)
- Your most recent pay stub
- A blank check from an active checking account in your name
If you have everything you need to qualify, here's how to get a payday loan from us online:
- Complete our online inquiry form.
- We'll give you a call. The entire process is conducted over the phone, so ensure you have the required items ready.
- We'll verify your documents and guide you through the final steps of the process.
- Finally, you get the money that day or the following business day.
Get Payday Loans For Bad Credit With Fast Payday Loans Florida, Inc.
What loans can a person with bad credit get? Title loans, joint personal loans, and payday loans. However, the latter is, by far, the easiest option.
When unexpected expenses and financial emergencies occur, a payday loan can be your quickest option to address these urgent needs.
If you're facing financial difficulties, complete our online inquiry form today, and you can get up to $1,000 in emergency money within 24 hours.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.