What is Bad Credit?
Payment history is crucial when it comes to borrowing money. But what if you have a bad credit score or no credit history and still need financial support? Bad credit loan options come to the rescue.
Credit scores are expressed as actual numbers. Most range from 300 to 800. Traditional lenders tend to consider anyone with a credit score of less than 620 to be a risk, though this threshold may vary. From the lender's point of view, this makes perfect sense. Why should a bank, credit union, or other financial institution take the risk of loaning money to someone who has shown they might not be able to repay it on time or at all? They naturally view a low credit score as high-risk. This stringency was reinforced by the new industry regulations and tougher internal controls adopted in the wake of the Great Recession.
Types of Fast Approval Loans for Bad Credit
1. Personal loans A personal loan is the money you borrow from a lender for a fixed period of time, paying the interest rate. Most commonly, personal loans are used for major purchases, debt consolidation, home improvement, and emergency needs. Online companies charge more interest than traditional lenders, but work faster, require less paperwork, and consider applicants with poor credit.
2. Secured VS unsecured loans Secured loans use some asset, like a car or a house, as collateral. Unsecured loans don't have such a requirement, but typically have a higher interest rate and are more difficult to qualify for. Both options are available for borrowers with less-than-perfect credit history.
3. Joint loans A joint loan includes more than one borrower. All of them have equal access to the funds and equal responsibility to repay the debt. The joint loan is a safe option for bad credit customers who want to look more reliable to the lenders.
4. Peer-to-peer loans P2P lending is managed by online platforms that connect borrowers with lenders and accelerate the vetting, transaction, and repayment process. Another alternative to traditional lenders, with potentially lower interest rates.
5. Instant cash loans Instant cash is perfect for short-term small loans. Usually, they offer quick application approval and funding, and consider even customers with poor credit. However, instant cash loans have high interest rates and short repayment periods, making them less optimal for considerable amounts of money.
Bad credit loans might offer less lucrative conditions than traditional low-cost loans for customers with a strong FICO score. However, bad credit options can save the day in case of urgent needs and may even become credit builder loans that help improve your payment history.
Why CreditCube?
CreditCube believes that even customers with bad credit history deserve a chance for financial help. Instead of checking the credit score, the company considers the stability of your income, your debt-to-income ratio, and other factors that make you eligible for online lenders. CreditCube offers personal loan options with instant loan application feedback. Loan amounts range from $200 to $5,000. The lender is transparent about the interest rates and offers a clear and flexible monthly payments schedule.
CreditCube Benefits
- CreditCube offers a flexible alternative to payday loans and other loan types. With the Installment Loans, you can pay the money back over a period of a few months instead of one full repayment.
- The application process and feedback take minutes, making CreditCube a great option for emergency loans. Fill in a simple online form, e-sign the contract, and get the money you need.
- Fast loan process: in case of approval, you will receive the funds on the same or the next business day.
- No origination fee or hidden commissions applied. With CreditCube, from day one, you will have a clear payment schedule to plan your financial future.
- No early payment penalties: CreditCube encourages you to pay back at your own pace.
- The company offers a loyalty program to build trust with customers. As your CreditCube score improves, you can apply for more money at lower interest rates.
- A credit report to the main credit bureaus helps you build a credit history with timely payments.
- CreditCube boasts an individual approach to each customer. The support team is here for any of your credit inquiries!
How to Apply
The online application process takes under 10 minutes.
- Open the CreditCube website.
- Ensure you meet the unsecured personal loan requirements: you are 18 or older, live in a state we service, have an active and valid checking account, have a job or a regular proven source of income, and provide an email and a verifiable phone number.
- Create an account or log in if you already have one.
- Fill in a simple form with your details. Don't worry, we use strict personal data protection, and your information is safe with us.
- Double-check the form and press send! You will get our feedback within a few minutes.
- In case of approval, you will receive the requested funds on the same or the next business day.
- Don't hesitate to contact us if you have any questions!
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Applying does NOT affect your FICO® Score!
Bad Credit Loans FAQs
Which loan is best for bad credit?
A secured personal loan requires a house, a car, or other asset as collateral and usually offers better conditions and is easier to get than an unsecured one. However, an unsecured online personal loan is also a relevant option, providing you with instant money for emergency needs.
Can I get a $3,000 loan with bad credit?
Yes, you can. Online personal loans provide an opportunity to borrow from $200 to $5,000, even for customers with no or bad credit history.
What is the lowest credit score I can have to get a loan?
Anything below 580-620 is considered risky for traditional lenders. However, there are secured and unsecured personal loans that have higher interest rates but provide services even to customers with bad credit history.
Can I borrow money with terrible credit?
Yes, you can, just be ready to face higher interest rates and shorter repayment periods. Secured loans are the best option for borrowers with a bad credit score. However, unsecured online personal loans are also available.
How big a loan can I get with poor credit?
It depends on the lender. Most offer up to $2,000-$5,000. However, some companies allow borrowing up to $50,000, depending on the type of loan. CreditCube, for example, offers a loyalty program, with the loan amount growing with time for repeated borrowers.
How can I get cash instantly, or in case of an emergency?
Consider borrowing from friends or family members, asking for an early paycheck at work, or using your credit card advance. If neither of these options is available, you can consider a bank or credit union loan with a good credit score. In case of bad credit history, online lenders and instant cash services charge higher interest rates, but provide a solution for emergencies.
Can a bad credit loan help my credit score?
Yes, actually, it can. If you choose an online lender that reports to the major credit bureaus, your timely repayments will count and help to build or improve your credit history.
What is the Annual Percentage Rate (APR)?
APR reflects the cost of borrowing money from a particular lender, including all the fees. Basically, it's an interest rate + the fees. You should consider APR when comparing the lenders, since this indicator gives you a clearer picture than an interest rate: a company with a lower interest but high additional fees and penalties can have a higher APR than the one with a higher interest but no additional costs.
How can I check if I have bad credit?
That’s actually easy. Federal law requires credit bureaus to enable consumers to obtain free copies of their credit scores once a year. Take advantage of that right by applying for yours. Then review it carefully. Credit bureaus are not prone to making mistakes, but they are known to happen. If you spot a mistake on your report, challenge it. You will be obliged to provide documentary evidence that contradicts the mistake you are challenging. But if you do and your challenge is accepted, your credit score may have to be adjusted up as a result.
What happens if my credit score drops?
Since credit scores are updated regularly as the data is processed, be prepared for the consequences if you are having problems paying your bills. The first sign your credit score has fallen is the receipt of a notification from the credit card company that it is raising the interest rate you pay. If you have overdraft protection on your checking account, it may suddenly be withdrawn. You may also be rejected if you apply for a cell phone from a different operator than the one you are currently using, or denied a mortgage or even a lease for an apartment. If this doesn’t happen immediately, it will eventually catch up with you sooner than you might suspect.
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Applying does NOT affect your FICO® Score!
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CreditCube is a Tribal enterprise, wholly owned and operated by the Big Valley Band of Pomo Indians, a federally-recognized American Indian tribe and sovereign government. Any Agreement entered into as a result of this Application shall be governed by applicable Tribal and federal law. Each aspect of communication and transaction with/on this site will be deemed to have occurred in CreditCube’s Big Valley Band of Pomo Indian Reservation offices, regardless of the location where you are accessing or viewing this site.
⚠ Please note: This is an expensive form of borrowing. CreditCube loans are designed to assist you in meeting your short-term borrowing needs and are not intended to be a long-term financial solution! Examples of emergency reasons why these loans might be used include unexpected emergencies, car repair bills, medical care, or essential travel expenses.
* Loan approvals are subject to underwriting. Approval may take longer if additional verification documents are requested. Not all loan requests are approved. CreditCube reviews your information in real-time to determine whether your information meets our lending criteria. You acknowledge that by completing and submitting the website application that you are applying for a Loan. We verify applicant information through national databases including, but not limited to, Clarity Services, Inc., a credit reporting agency, and we may pull your credit in order to determine your eligibility and ability to repay.
** Maximum loan amount is $500 for first-time customers. For returning CreditCube customers, rates may go down over time based on your CreditCube Loyalty Program status and your payment history with us. Please see our Loyalty Program page for more information.
*** Loan Applications processed and approved before 3pm EST Monday-Friday are typically funded on the next business day. Example: If your loan is processed and approved on Friday before 3pm EST, the loan will typically be funded on the following Monday. Deposit times may vary depending on your bank. Business Day means Monday through Friday excluding all federal banking holidays.
CreditCube does not lend to residents of Pennsylvania, Connecticut, Minnesota, New York, Vermont, Virginia, West Virginia, Illinois and Georgia. Availability of installment loans in your state is subject to change at any time with or without notice at the sole discretion of CreditCube.