Personal loans that you can pay back over multiple installments make an easy borrowing option. Typically, you’d expect that to be an option open only to people with a healthy credit score. But now based upon your income, you can secure a personal loan of an amount up to $50,000, with monthly or bi-monthly payments, no matter what your credit scores are. You may already be aware of the fact that traditional lenders do not offer funds to those who have bad credit scores. That can make it difficult for many people to get the funds that they need. That’s because the main audience for personal loans are people with businesses and almost every business owner has a poor credit rating, not because he hasn’t paid back his loans but because he’s yet to do so over the years. Bad credit personal loans from online loan lenders make for an excellent choice when you need money but have bad credit.
Do Bad Credit Personal Loans come with Guaranteed Approvals?
That depends on your lender. Most online loan lenders offer loans to bad credit holders with guaranteed approvals. That’s because they do not depend on one’s credit rating in order to offer funds to them. They instead require one to have a stable income in order to qualify them as a trusted borrower. Apart from that, they require their borrowers to provide them with simple documents which don’t include their credit scores.
The advantage about applying with online loan lenders offering personal loans is that they do not believe that depending on a borrower’s credit score is fair, since it shows their past repayment flaws. Therefore they instead depend on their current financial status which is proven by how much income they receive on a monthly basis.
Are Bad Credit Personal Loans Unsecured?
You may already be aware of the fact that you may be asked for collateral by traditional lenders when you choose to apply with them. That’s because they choose to avoid the risk of not being repaid; they basically do not like to take the chance of not being paid back by their borrowers which is why they ask for security.
That however isn’t the case with online personal loan lenders; they do not ask their borrowers to offer collateral. This makes it easy for almost everybody to apply with them. Firstly, people who don’t have anything to put up at stake can get applying; secondly, one doesn’t have to go through the stress of having put up something as collateral.
Why Do Direct Lenders Offer Bad Credit Personal Loans?
Direct loan lenders offering loans for bad credit don’t in particular offer them because of the “bad credit” quotient. The reason why they offer loans to faulty credit holders is because they do not typically conduct credit checks. That helps avoid people’s credit score to see a reduction, since hard credit checks conducted by traditional lender cause the same.
Also, the other reason why they don’t conduct credit checks is because they believe in your present and not your past which is why they consider your current income status over your past financial record.
Why Apply for Bad Credit Loans Online?
The reason why we encourage you to apply online is because of various reasons. These loans offer benefits that store based loans/ lenders don’t.
- 24 hour access: If you choose to apply online, you have access to the application process of this loan round the clock. That’s only because these loans can be availed online.
- No paperwork: There is no need for paperwork when you apply online. You just have to fill out an application form and attach soft copies of the documents that they ask for.
- No long queues: You don’t have to wait in long queues for your turn; you can apply without wasting time at all.
- Convenience: You can apply at a time and on a day that suits you the most and you don’t have to miss out on other important activities and aspects of your life.
Get Bad Credit Personal Loans at MaxPersonalLoans
At MaxPersonalLoans, we do not look for an excellent credit score in order to fund you. We offer loans to all sorts of credit holders, making it easy for everybody to get funded when they need it the most. As long as you meet our simple eligibility terms, getting funded by us is as easy as it can be.
