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Q & A - Bad Credit Finance
1) What credit scores are considered to be in the bad credit range?
Credit scores can range from the 300's to the 900's. Normally, a credit score below 619 is considered bad credit. Regardless of your bad credit, you should not have real difficulty in obtaining loans unless your score is less than 500. The good news is that if your credit score is between 501 and 619, you have a chance to rebuild your credit by making responsible finance decisions.
2) What types of bad credit loans are available to people with a credit score of less than 500? Generally speaking, payday loans would be a good option for people in this category. Payday loans are higher priced, but your options may be limited.
3) Will I need to have a co-signor to get an approval for a payday loan? No, getting a payday loan does not require a co-signor.
4) What is the maximum amount that I can get with a payday loan? Most lenders will lend up to $2,000 on a payday loan. If you need a larger amount, you can apply for a personal loan.
5) Are there restrictions on how I can use my personal loan? No, you can use the loan for any reason that you wish. Personal loans are popular for people who are looking to pay for a family vacation, going back to school, or even doing some remodeling to their home.
6) What types of personal loans can I qualify for with bad credit? With personal loans there are generally two options. The first option is an unsecured personal loan. What this is, is a loan that requires no collateral to secure the loan. For example, you could borrow $5,000 for the purpose of buying new household appliances but you would not have to put any type of personal property up as collateral. The second option, is a secured personal loan. In this type of loan, you would have to use some type of personal property as collateral in order to secure the loan. Using the same example above, say you own a diamond ring that is appraised at $7,000. You would need to use the diamond ring as collateral in order to get the loan. If you default on the loan, you would lose your diamond ring so that the lender could re-coup the loan by selling the ring.
7) How do I apply for a car loan online with bad credit? Although there are hundreds of websites online that offer auto loans, it is essential to do a background check on each lender to ensure you can trust them with your money. With unquestionable experience in auto loan finance, we are trustable and professional. You only have to complete a simple application form on our website and our team will respond as soon as possible. It is however essential to double check your application thoroughly before you submit it to correct any discrepancy.
8) Is bankruptcy my only option to eliminate debt that seems impossible to pay back? Absolutely not, bankruptcy is certainly an option to eliminate some types of debt, but it should only be used as a last resort. Our experienced network of debt experts can discuss your options further. Maybe you qualify for a debt consolidation loan, or perhaps they can help you decide upon another debt reduction route. It is advisable that you consider ALL of your options when it comes to eliminating your debt.
9) I am hesitant to send my personal information over the internet, how do I know your site is safe to use? We use the most up-to-date SSL encryption technology. This means that any data is secured from your device to the server. On our site and any other site that uses SSL, you will see a lock icon in the corner of your browser window. Additionally, on a webpage, such as our loan application page that is secure, you will notice the url address begins with HTTPS://
10) How long does it take to be approved for a loan? Your application is submitted to a lender immediately when you press the submit button. In most cases, it takes just minutes, but usually not more than a few hours. There are rare occasions when your application might be delayed in case there were errors in your submission. Maybe you misspelled something or your account number was incorrect. Do not get distressed when this happens because usually we have experts to review the application manually. Although this may delay the procedure considerably, it is not a common thing. You therefore need to ensure you are careful when applying for loans online. Kindly double check the information you have input in the forms before you sign the dotted line so that your application is approved without any delay.
11) I found a car I wish to buy from an individual, can I get financing for that automobile through your lender network? No, unfortunately our lenders will not finance a car that is bought from an individual. You must go through our network of lenders order to be approved for an auto loan.
12) What interest rate do you offer? When applying for online loans you will notice that the interest rates are different from what most banks charge. Banks typically offer competitive interest rate and your likelihood of qualifying for a loan is very slim especially if you have bad credit. This is where we come in, to provide a flexible way out. Getting financing online is hassle-free and you can get amazing rates if you have good negotiation skills.
13) Do you have flexible payment terms? You also need to consider how you intend to pay the loan. Do I pay the loan with cash or is it possible to pay regular monthly installments? We have flexible interest rates so you are rest assured you can repay your loan without difficulty. As a suggestion, it is important to find the best mode of payment that you can stick to because late payments typically attract penalties. Our team of experts will help you choose the best mode payment tailored to your budget.
14) What happens when I default on my payments? Keep in mind that in addition to getting the money you need now, your goal is to also improve your credit rating. It is advisable to make your payments regularly and timely to avoid penalties. You do not need to worry because we have experts to assist you choose the best repayment plan tailored to your budget.
15) What states are your services available in? Our services are available in every state that it is legal. If you live in a state in which payday loans are not legal, then of course you would not be able to get a payday loan. However, you might still qualify for a bad credit personal loan, or a bad credit car loan.
16) When I get approved for the loan, how do I receive the funds? Funds are deposited directly to your checking or savings account.