Easy Loans for Bad Credit
Requesting a loan can often be a difficult and lengthy process. Wouldn’t it be great if there was a company that focused on making that process easy? Personal Money Network may be able to help. Our innovative online form simplifies the process of requesting a loan through the direct lenders working with Personal Money Network. This saves you time over considering a storefront lender. With the storefront lender, you have to arrive at the location on their schedule, not yours. Also, with online loans, there is no need to wait in line or worry about someone reading your financial details over your shoulder. If you have any questions, the answers to some of them may be below.
What is an Easy Loan for Bad Credit?
Borrowers looking for easy loans for bad credit may have an increased chance of receiving an approval with Personal Money Network’s online process. Requesting a loan from the direct lenders working with Personal Money Network is easy. Simply fill out the form. Doing this takes just a few minutes. When you have verified that all of the information that you have provided is correct and that you have filled in all of the boxes, you may submit the form. Because our process takes place entirely online, it is faster than requesting a loan with a traditional bank. There is no need to wait for a letter to arrive in the mail. Many of the lenders we work with are capable of providing an instant decision. This means you’ll have your answer fast. When you receive an approval, you will be taken to a new page where you can review your contract. It is important to review this contract carefully. If you have any questions about your contract, contact your lender to ask them these questions directly. Your interest rate, the amount you have been approved for and the repayment terms of your agreement will be contained in this contract as well so read it carefully.
What about guaranteed loans?
Other companies claim to offer “guaranteed loans.” This is simply a marketing ploy. No lender guarantees that they will approve you for a loan prior to reviewing your request. Your request must go through an approval process. This does not necessarily mean that you will not qualify for easy loans for bad credit. However, it’s dishonest to claim that an approval is guaranteed. The same is also true for the phrase ”no credit check.” All lenders do some kind of credit verification. That is how this industry works. Credit verification does not have to require that your credit history is searched through by a major credit reporting bureau. Requesting a history from one of those organizations may damage your FICO score and the lenders working with Personal Money Network are capable of running a “soft” credit check, which looks at your ability to pay back the loan now, rather than delving deeply into your past borrowing behaviors. One final term we would like you to be wary of is the phrase, “Instant approval.” Similar to the term “Guaranteed approval,” what these companies are referring to when they say “instant approval” is actually what is called an instant decision. Many of the lenders working with Personal Money Network are capable of rendering an instant decision. It is merely an indicator of the result that you may receive depending upon many factors. This is not a guarantee that you will be approved. Do not be misled into thinking any of these phrases is a guarantee.
How do I qualify for a bad credit loan?
In order to qualify for a loan for bad credit, you must have your relevant financial details, some form of identification, and proof of income. This proof of income could be a paystub. It is not necessary that you be employed, however, this can improve your chances of receiving a decision for an approval. Once you have followed these steps, Personal Money Network takes the next step. We submit your request for a loan to multiple direct lenders working with us. This increases your chances of receiving a near instant decision for an approval over requesting a loan with one lender at a time. It also saves you time because the process takes place online. You do not have to go to a store front lender at a time that may not be convenient to you.
What if I am in an emergency situation?
Often borrowers that seek easy loans for bad credit are in some kind of an emergency financial situation. We get it. Cars break down. Appliances fail. Sometimes, you just need a little extra cash until payday. These are some of the common reasons that borrowers request loans from the direct lenders working with Personal Money Network. Many of the lenders working with us do not require that you explain why you need the money. You can direct the money where you feel it needs to go. In order to obtain the fastest results, be sure that you request your loan during regular banking hours on a regular business day. Also, be careful to ensure that all of the information that you have provided is correct and accurate to the best of your knowledge. Any inaccurate information provided might require that a customer service representative contact you by phone. This may slow down the approval process dramatically.
What are some other options for easy loans for bad credit?
In addition to requesting short term loans in small dollar amounts, there is the option of requesting an installment loan. Installment loans can be given in amounts larger than $1000 by some of the lenders that work with Personal Money Network. Installment loans may also be paid back over a longer term, in a set number of predetermined payments that must be paid on a schedule. The schedule will be included with the terms of your loan contract. It is important that you review these terms carefully before you sign and ask your lender any questions that you may have prior to signing. If you have bad credit, understanding the terms of your loan agreement may help you avoid obtaining a dark mark on your credit record.
Can I use a bad credit loan to rebuild my credit?
Frankly, there are better ways to rebuild your credit. A bad credit loan is one option you can explore in an emergency financial situation. It is important to consider why you are choosing to request the loan if you have bad credit. Be sure you are borrowing the money for a good reason. For best results, make sure that you repay the entire loan amount within the term of your agreement.