Unsecured Loans for Bad Credit
Unsecured loans are a type of loan typically offered to borrowers with credit in good standing. These loans do not require any collateral up front. This is different from a secured loan, which requires some sort of collateral. A mortgage is a common example of a secured loan because the home is used as collateral. Using collateral reduces the amount of risk for the lender, because they are able to claim ownership of the property if the borrower defaults on their loan. This is why unsecured loans are riskier for lenders and are typically offered to borrowers with credit in good standing.
How do I get an unsecured loan with bad credit?
Requesting unsecured loans for bad credit is simple with Personal Money Network. Just fill out our online form. The form only takes a few minutes to complete. Once you have verified that your information is accurate and that you have completely filled in the form, submit it and wait to hear if you have received an approval. Personal Money Network will submit your request to the direct lenders working with us. Should you receive an approval, you will be directed to a page where you can review the terms of your contract. Be sure to read these terms carefully. Your interest rate and payment schedule will be contained in the contract and you should also make sure that you read all of the fine print in your loan agreement. If you have bad credit, it’s important to be sure that you avoid any surprises that might cause you problems.
What kind of loan can I get with bad credit?
The lenders working with Personal Money Network offer a variety of lending products. What kind of loan you can get, depends on what kind of loan you qualify for. Some of the options for unsecured loans for bad credit include:
Payday Loans: This is a type of loan that is expected to be repaid on or before you next paycheck. This loan is typically for an amount less than $1,000 and could often be accessible to bad credit borrowers because of a reduced risk involved for the lender.
Installment Loans: This type of loan allows the borrower to repay a loan in payments on a payment schedule that is determined when the loan agreement is signed. The amounts available for installment loans vary. Speak with your lender to see what amounts and terms you qualify for.
Other lending products may be available from your lender. Be sure to speak with them to see if they have lending products that are customized for your particular situation. This is one way of ensuring that you request the product that is going to be a good fit for your circumstance.
What can I use an unsecured loan for?
A better question might be, what do you need an unsecured loan for? Did your car break down? Maybe you need to pay a bill or are considering using it for some debt consolidation. It doesn’t really matter. Many of the lenders working with Personal Money Network do not require that you tell them why you are borrowing the money. You can use it how you see fit. You should still think about why you are borrowing the money before you do it though. If you have bad credit, now might not be the right time to consider requesting an unsecured loan. Bad credit borrowers should take steps to determine whether their decisions will cause further damage to their credit. Some common reasons borrowers consider requesting an unsecured loan include: Making a home or car payment on time to avoid late fees, a home or appliance repair that cannot wait until your next paycheck or paying for an unexpected medical bill.
Installment Loan or Payday Loan, which is better?
That depends on your situation. If you need to borrow more than $1,000 or you need a longer term on the repayment of your loan, you might consider an installment loan because a payday loan is intended to be repaid on or before your next payday. Payday loans are much shorter term than an installment loan. So, this is something to consider when you are requesting a loan. Your lender may have other loan products for you to consider so be sure to contact them directly once you have received an approval if you would like to explore other lending options through them.
Why should I choose Personal Money Network?
Personal Money Network works with direct lenders. When you fill out an application, your request for a loan is sent to multiple lenders, giving you an increased chance of receiving a near instant decision, even if you have bad credit. The lenders working with Personal Money Network can work in amounts of $1,000 or less. This means that they take on less risk when considering lending to borrowers with bad credit, which allows them to be more flexible when considering who they should lend money to. What that means for you, is another layer that improves your chances of receiving an approval for your requested loan. Also, privacy matters to Personal Money Network. That is why we use industry standard best practices for internet security. This means that you can feel confident that your data is protected and no one that doesn’t need to see your financial details will be looking at them. One last thing, with Personal Money Network, the process of requesting a loan happens online. This means that you don’t have to go find a store front lender. There’s no need to go out in bad weather or find a ride or even take time off work so that you can arrive at the location before they close. You can fill out the form when it’s convenient for you.
Another company says they offer “no credit check loans.” Why shouldn’t I use them instead?
It’s easy to make promises, but not all promises are actually true. No lender will offers a “no credit check loan.” There’s a reason for that. They may offer a minimally invasive credit check that simply verifies your income and compares it with the amount of monthly expenses you have currently, but even doing this is still a type of credit verification. It just means they won’t be running your credit past a major credit reporting bureau. Many of the lenders working with Personal Money Network offer what is called a “soft” credit verification. The part that is dishonest, is advertising this as not being a true credit check. Beware of companies that make this claim, they may make other claims that are dishonest just to get your business.