Personal Loans for Bad Credit
Looking for personal loans for bad credit? Personal Money Network works with direct lenders that may be able to help! Many companies claim to provide personal loans for bad credit borrowers, but what makes them better than any other company?
Let’s begin by explaining how personal loans work and how you go about requesting a personal loan.
What is a personal loan?
A personal loan is a type of loan that is given to an individual. This is in contrast with a corporate loan or a business loan, which is extended to organizations.
There are many types of personal loans. One type of personal loan is also referred to as a payday loan, or a short-term loan. These loans are typically offered in amounts of less than $1,000 and are expected to be repaid on or before your next paycheck.
Can you get personal loans for bad credit?
It’s possible! The many lenders working with Personal Money Network are capable of offering approvals to a broad range of borrowers because they work in small dollar amounts. This means there is less risk involved in lending money and gives them the ability to be more flexible when considering the types of borrowers, they are willing to work with.
This means that your odds of receiving an approval are better than with a traditional lender. Also, because Personal Money Network works with many lenders and puts your loan request in front of multiple lenders at once, your odds of receiving a decision increase over applying with one lender at a time.
So, even if you have bad credit, you may still qualify for a personal loan. Don’t wait! Request a loan today!
How do I apply?
Use the online form to get started, and complete the requested details. Since the application form is online, there is no need to go out and look for a payday store.
You won’t have to rush to get to a payday store before they close or try to find time to apply during their business hours. Instead, you can request a loan in your own time, on your own schedule. This means it will not be necessary to go through the stress of leaving work.
You can request a loan on your lunch break, without ever leaving the workplace. If you’re at home, stay in your pajamas. Don’t bother looking for your shoes, or your keys or asking someone for a ride. You already have everything you need to apply with you.
Simply provide your relevant financial details, like your identification and proof of current employment or another type of proof of income, such as a paystub.
Once this information is provided and you have ensured that it’s accurate and there are no mistakes, you may submit the form. Then, you just wait to see if you receive an approval.
Many of the lenders we work with are able to render decisions instantly. Should you receive an approval, you will be sent to a new page where you can look over your contract.
Your contract will contain all of the information about your particular loan product, including the repayment schedule and the interest rates. Be sure to carefully read the entire contract and all of the fine print before you sign.
This will ensure that there are no surprises when it comes time to repay your loan.
Loan types for bad credit
There are a couple of different types of loans available to bad credit borrowers. One type is the personal loan, or payday loan, which is expected to be repaid on or before your next paycheck.
Another option is an installment loan. These are useful if you wish to borrow more than $1,000 or if you wish to repay the loan over a longer term. Ask your lender about your loan options for more details.
No credit check loans
Some lending companies claim to offer “no credit check loans.” The claim is that they can provide you a small dollar, short term loan, without doing any type of credit check at all.
This claim entices bad credit borrowers into applying with those companies over other companies because they believe that they will be approved. Unfortunately, this claim is false. There is no such thing as a “no credit check loan.” Even reviewing your employment history is a kind of credit check.
What these companies mean when they say “no credit check” is actually that they provide a “soft” or less invasive credit check that does not review your deep credit history through a major credit reporting bureau. They will still review your employment and your ability to repay the loan based on your current income and outgoing bills.
This kind of credit check offers the capacity for a bad credit borrower to have an improved chance at receiving personal loans for bad credit, because it focuses on what they are capable of doing at the time of requesting a loan. Many of the direct lenders working with Personal Money Network offer this less invasive type of credit check, increasing chances of a decision for bad credit borrowers.
Why choose Personal Money Network?
Personal Money Network values your privacy. Because of this, we use industry standard best practices for internet security. This means that when you provide your financial details to be reviewed by the lenders working with PMN, your data is protected. There’s no need to concern yourself about someone reading your form over your shoulder because you control where you fill it out. You don’t have to worry about your form becoming lost in a filing cabinet by a clerk behind a glass wall. Your form is forwarded to direct lenders working with Personal Money Network once the information you provide has been verified to be accurate and correct.
Lenders working with Personal Money Network are capable of providing a direct deposit of your loan amount, which means no waiting for a check in the mail. The process is fast, simple and convenient.
Do I need collateral for a personal loan?
In many cases, it is not necessary to provide collateral for a personal loan. Often, traditional banks will ask for collateral to secure a loan. Some common examples of collateral include a home or a car, as with a mortgage or car loan. These are often not necessary for the direct lenders working with Personal Money Network because our lenders work in amounts less than $1,000. This means that you will not need to provide any personal property to secure the loan because these loans are often unsecured, meaning without collateral requirements.