In recent days, Info Credit Free received a lot of inquiries from our readers about the personal loans. However, most readers have the same situation “I have bad credit and need a loan “. So for those with bad credit, whether owning a loan is difficult or not? How can own a loan with bad credit? 

I have bad credit and need a loan
I have bad credit and need a loan

You have bad credit and need a loan for personal loans for bad credit in the US. It is not difficult because there are more and more personal loans suit people who have bad credit, poor credit or no credit history. In the US, there are more 60% of Americans have bad credit, there are more and more banks, credit institutions… which offer loans to people who have poor credit.

I HAVE BAD CREDIT AND NEED A LOAN

Like a lot of the articles before, in this post, the readers/people can get a variety of information about the loans suiting people have poor credit. This post includes the four parts: “What types of the loans suit people have poor credit?”, “Where and when can I get the bad credit loans?”, “The interest rate on the loans for people who have poor credit?” and “The advantages and disadvantages of the loans for people who have poor credit”

1. I have bad credit and need a loan. What types of the loans suit people have poor credit?

When your credit score falls between 300 and 630, you have bad credit. People usually say that: “The lower the score, the worse a borrower’s credit”. But even have bad credit, you still get the personal loans without having to worry too much. Some lenders only provide loans to people who do not have good credit history. 

The personal loans for people who do not have good credit history are personal loans available in any branches of the US. However, these loans have some notable disadvantages. People need to read carefully before deciding to borrow or not. In order to receive loans bad credit, people must meet the following basic conditions:

  • They have a credit score (bad or poor score is not a problem),
  • They need to provide your bank documents to verify your source of regular income
  • They reside in the United States
  • They are between 18 and 65 years old
  • They need to supply the debit or credit card as the backup payment for the loan they want to get

2. I have bad credit and need a loan. Where and when can I get the bad credit loans?

2.1. Get a loan from national banks

The Advantages:

  • They give customers tons of options (fees, incentives, and more)
  • They are set up for convenient features when customers get loans online as well as online bill pay;
  • They have 24/7 customer service to assist their customers.

The disadvantages:

  • People talk to an inexperienced bank agent;

2.2. Get a loan from credit unions

With a simple and secure application process from any device, first-time customers can have $500 – $2,600 cash in their pocket as soon as the next business day.

The Advantages:
  • Shop smarter with personalized loan rates
  • The huge plus is the location
  • The degree of flexibility when making loans.
  • Easy compare custom personal loan rates
  • All without affecting the credit score.
  • The credit unions have lower rates than banks.

The disadvantages:

  • Be limits to services and products offered by smaller credit institutions
I have bad credit and need a loan
I have bad credit and need a loan

2.3. Get a loan from online fast-money lenders

The advantages:

  • It’s fast, it is easy
  • People need to put in their information and wait for approval.
  • The online fast-money lenders are set up to work with bad or poor credit.

The disadvantages:

  • People maybe charge insane interest rates.
  • People could find paying 400.00% APR or more.

3. The interest rate on the loans for people who have poor credit?

  • Loans: from $1,500 to $10,000
  • APR: from 9.99% to 35.99%
  • Typical term: 24, 36, 38, up to 60 months.

If you don’t repay on time there will be extra costs:

  • The missed payment fee
  • The late interest

4. The advantages and disadvantages of the loans for people who have poor credit

4.1. The advantages

  • Quick loan approval
  • These loans can help people in improving their credit
  • Customers are not worried about their credit history
  • Customers can get large amounts of money

4.2. The disadvantages 

  • The high-interest rate
  • The stringent terms and conditions
  • Easy to land on unscrupulous lenders
  • Easy to cripple individuals without financial discipline

The best loans for bad credit have been born to meet the need of a lot of residents in the US – who have a poor credit history. In many articles before, the readers of the Info Credit Free are understood total personal loans such as  Low-interest personal loans, Payday loans bad credit, Unsecured personal loans bad credit…

If you also have a bad credit history and want to get any personal loans in the US, you can get more information in each post such as Small loans for bad credit, Low-interest personal loans, Loans for people with poor credit, Online loans for bad credit or installment loans for bad credit.

Hillary (Team Content) – Info Credit Free