Where Can I Find Bad Credit Loans?
On an assumed loan amount of $750 over 12 months. Rate of interest 292% (fixed). Representative 171%APR. Total repayment amount $1351.20 and total interest is $601.20. 12 monthly payment of $112.60.*
A bad credit loan can help people borrow money even if that have a bad credit score. Maybe you have missed some payments in the past, but this should not define your future. If your financial position is improving and you are passionate about paying your loan on time, you can certainly apply and get the loan you need.
It is not just your credit score that is considered, our lenders will take into account various things including:
There are a range of different loan types that can be made accessible to those with very bad credit, including certain payday loans, installment loans and secured loans too.
Yes, there are a number of US lenders who are willing to offer loans for people with bad credit – and this is the foundation of their business. These lenders understand that keeping a perfect credit score is very difficult, especially with rising living costs and emergency situations which can require money fast and can easily make you fall behind on payments.
So there are a number of bad credit loan companies out there and their loan products are adjusted to suit people with poor credit histories. Perhaps the loan terms are a little longer and you can pay back in multiple installments, or maybe there is just a limit to the amount you can borrow. In some cases, the rates charged might be a little higher to reflect the potential risk of default.
But just because you have a bad credit score does not mean that you are not trying to improve or could be a good person to lend to. In fact, you may have overcome a tough situation and are now on the road to improving your credit score.
If you have a very poor credit rating, Pheabs have a number of lenders who are willing to consider your application. You just need to have a stable income and can commit to making your repayments on time each month.
Yes, you can get approved for bad credit loans for emergencies, whether you have a broken down car, medical bill or plumbing problem at home, you can borrow $1,000, $2,000 or more to fix everything and get back on your feet.
Although we always try hard to have money saved for a rainy day, you can never be sure when an emergency will arise. Whilst emergencies are always difficult and tricky to pay for, the last thing you want is to be declined because of bad credit – but fear not, there are a number of lenders who will gladly consider your application.
When it is an emergency loan, we appreciate that you will need cash quickly, so with an instant decision and fully online process, Pheabs can approve your loan on the same day and sometimes, you can receive money to your bank account in just a few hours.
Borrowers do not require a perfect credit score in order to be eligible, however, they will need to meet a basic criteria which includes:
To proceed, simply click on the ‘get started’ button below.
Yes, Pheabs can facilitate bad credit loans on the same day of applying. The entire process is online and you can apply 24 hours a day, 7 days a week, using your desktop, mobile or tablet.
Once approved and you have passed all the credit and affordability checks, you can access funds within a matter of hours, same day or next day. To boost your chances of getting a same day loan, try to apply during office hours (9am to 5pm) and on a weekday, and make sure that all your information such as income and expenses are ready and prepared – since this will only help speed things up.
Pheabs can offer quick loans for people with bad credit on the same day, next business day or sometimes within just a few hours. We have already successfully completed some loans within 1 hour of approval.
When applying for small loans for bad credit or unsecured products, these are usually processed automatically through income, credit scoring and affordability – so the process can be much faster and you can receive funds on the same day.
If you are looking to borrow a large loan or you may need to use collateral such as a car or property, this requires more checks and validation and therefore it can take a few days to process.
Yes, you can choose to repay over 1 or 2 months, or use an installment loan to repay over 3,6 or 12 months, usually in equal monthly installments.
This can certainly help people with bad credit to spread the cost of repayment into smaller amounts, making it more flexible and manageable to pay off. Plus, you always have the option to pay back early if you need to. So if the loan lasts for 24 or 36 months, you could pay back in half that time if you prefer to and you will often save money since less interest is accrued.
If you are looking for a bad credit loan with no credit checks, you will probably need to consider using some form of collateral, such as a property, car, bike, van or anything else with value. This is where you are able to borrow against something valuable, so credit scores are less important here, but ultimately you could risk losing your collateral if you do not keep up with repayments.
Pheabs offers a 100% online process, so all you need to do is click on ‘Get Started’ and you will be taken to our online application form where you can enter your details such as age, location, loan amount, loan duration, income and expenses – and you can get an instant decision on the screen.
As a loans connection service, we will match your application with the lender who is most likely to approve you and offer the best rates. If you accept the initial quote, there will be some further checks on your income and affordability, but if approved you can receive funds within an hour, the same day or next day.
We do not charge any fees for using our service – and we never will. We always work hard to find the best bad credit loan options for our customers – and you can have peace of mind that applying with Pheabs will not impact your credit score in any way.
Yes, the rates charges tend to be higher for people with bad credit histories to reflect the potential risk of default. This is across all financial products including car loans, credit cards and personal loans.
We can never offer guaranteed loans for bad credit since every application will be subject to an income and credit check – and we cannot guarantee a loan since you will need to proof that you can afford to repay on time and not fall into financial difficulty.
If you cannot pay back your loan, you will be charged late fees and this will have a negative impact on your credit score, making it harder to access finance in the future. If you are having trouble repaying, make sure you speak to your lender as soon as possible and they may be able to freeze repayments and remove late charges.
This will depend on your credit score and also the amount you are looking to borrow. If you are looking to borrow a very large amount, you may need to use some kind of security e.g a car or valuable item as collateral. If you have a very bad credit score, you may need collateral to be approved, but Pheabs is pleased to offer both secured and unsecured loan options for its customers.
Yes, you can still get a loan if you have been declined elsewhere. US lenders are always changing their criteria based on their risk appetites and funding levels – so even if you have been declined before, this can certainly change. At Pheabs, we work with a huge market of loan providers who can help, taking all credit histories into consideration.
In addition to bad credit loans, you can always consider borrowing money from family and friends since this will usually be interest-free and not subject to any credit checks. You can also consider your local bank or credit union, who may take a different view if you are a member. Plus, there is always the option to sell old things online or at a garage sale and you could bring in a few hundred dollars if you need to!