Finding a fast online personal loan if you have a low credit score can be difficult. Sadly, this is a reality for many Americans searching for lending products. Approximately 108 million consumers struggle with low credit scores, or no credit score at all. Most traditional lenders won’t offer loans to borrowers in this situation. If you’ve shopped around for an online personal loan before you may have already discovered this fact. Most banks and traditional lenders reserve their products for borrowers with good credit scores. But as difficult as it may seem, you can still get the fast personal loans you need from credible lenders—even with a low credit score.
More and more online personal loans are being offered to poor-credit borrowers since they often can’t use a bank or traditional lender. And while payday loans and title loans might have been the go-to for cash in the past, there are now more options for personal loans than ever before. The world of online lending is constantly changing and expanding. You may not be offered a prime interest rate, but you should be able to find the cash you need with a personalized rate that’s competitive for your financial situation.
Now that many lenders have moved their entire application and funding process online, it’s faster and easier to get the personal loan you need. Many lenders that offer personal loans to low-credit borrowers will now allow you to fill out the loan application, receive loan approval, get fast cash in your bank account, and repay it, all from the comfort of your home. But keep in mind that just because a loan or lending product is easy to get, does not mean that it’s right for you. You’ll want to make sure that the lending company you’re working with offers safe loans with decent APRs and no prepayment penalties.
One of the most important things to remember when shopping for your personal loan is that this process should take a lot of careful planning and thoughtful consideration. Don’t just go with the first lender or bank that you find online. Research several different lenders and lending products, read their online reviews, check out their websites, call them and ask questions. These are important steps to finding a safe and affordable loan that works within your budget. And finding the right online personal loan for your specific situation is how you avoid late fees, defaulting, and other financial trouble in the future. The lending process from start to finish may feel daunting, but if you do your research you may find an easy personal loan offering quick cash with a good interest rate.
It may not be easy to find fast cash through an online personal loan. But don’t get discouraged! It is still possible. If this is the situation you’re currently in, CreditNinja is here to provide the lending information you need to make an informed decision. Read on to learn more about online personal loans, APRs, the application process, and how to get fast cash.
How To Apply For An Easy Personal Loan
At first glance, that online personal loan you’ve been considering might seem like a great idea. But all personal loans have their pros and cons. It’s important that you understand all of the costs, fees, terms, and conditions associated with a loan before you sign for it. And that goes for any loan, whether it’s an auto loan, mortgage, business loan, or private personal loan. Now that there are so many different types of loans and lenders online, it’s more important than ever to thoroughly review your options before choosing one.
In this day and age it’s easier than ever to apply for cash through personal loans. Many lenders have moved their entire application and funding process online. Depending on the loan and the lender, you may be able to submit your entire application from the comfort of your own home. No more waiting in long lines or filling out lengthy paperwork.
It’s easy to get started. If your lender offers an online application—like CreditNinja—the process can offer speed and convenience. First you enter your personal information into the online application. The lender will likely need to know about your borrowing history, mobile banking information, and current income, among other things. Some lenders may want to also check your credit score during the application process, so make sure you know what it is.
Next the lender will decide whether or not they can provide you with an easy personal loan and what the APR, interest rate, fees, and total cost will be. Make sure you also find out whether there are prepayment penalties. Understanding the fees prior to signing the contract is crucial. What is the interest rate? Do they charge a late fee? What is the origination fee? Are there prepayment penalties? These are all questions you should be able to answer. and once you can answer these, consider using a loan calculator to determine your payments if the lender doesn’t tell you what they are. Don’t be distracted by offers of fast cash. Always make sure you understand the APRs, interest, prepayment terms, and application requirements.
If you’re offered an online personal loan, they will deposit the funds directly into your bank account and you can spend the cash with your debit card. You’ll begin to repay on the agreed upon date, and once it’s paid off the process is over. Most lenders will also allow you to set up autopay. Using autopay is a great way to always make payments on time. If they don’t offer autopay, consider setting reminders for yourself so you don’t forget. Or consider finding a lender that offers autopay. Most consumer loans and private loans will offer it.
If a borrower isn’t able to pay their loans, the lender may offer to “roll them over.”. This means extending the repayment term and adding more fees and interest. You could also consider applying for a debt consolidation loan if you have multiple debts and you’re having a difficult time repaying them all. This can combine several debt payments into one, making your monthly finances more manageable.
CreditNinja’s safe and secure process allows borrowers to apply and get a personal loan online. Plus, there’s no prepayment penalties. You can also use our online personal loan calculator to calculate the costs associated with different lending products like a line of credit, mortgages, and more. A calculator is a great way to make sure you can afford the APR and fees for any loan. You can find plenty of loan calculators online, including on the CreditNinja website.
Personal Loans with Online Approval
Any given personal loan will come with its own specific requirements, terms, and conditions. This applies to online cash advances, private personal loans, payday loans, and pretty much any financial products or loans. Oftentimes, the type of loan and terms that you get will be based on your credit history, credit report, and credit score. But as we’ve mentioned, there are lenders that will still offer a personal loan to a borrower with a less-than-perfect credit score. And many of these lenders can be found online.
Back in the day, you’d have to get in your car, drive to a storefront location, wait in line, and fill out an application and lengthy paperwork. Now, you can research lenders, find out about qualifications, fill out an application, receive loan approval, and get funded, all without having to leave the couch. Things are much easier, but that doesn’t mean you should spend less time researching which loan is right for you. Just because you can get approved for an easy personal loan fast doesn’t mean you should.
Even though it’s easier to apply and get funded, it’s also easier for predatory lenders to take advantage of borrowers in need. Knowing the red flags to look for when shopping for any financial product will be the key to avoiding these types of lenders. Once you know what to look out for, it should be fairly easy to rule certain lenders out just by researching them online. Unreasonable interest rates and APRs are one of the main factors to watch out for. It’s also wise to make sure they don’t charge prepayment penalties. If your credit score is low you likely won’t be approved for a traditional bank loan, but you might still find a decent interest rate through an online lender.
Low Credit Score Loans
There are a number of different types of fast loans out there specifically designed for borrowers with low credit scores. You may not be familiar with all of your options if you have a low credit score. You may not even be familiar with what your credit score really is and how it affects your financial life.
When people talk about a credit score, they’re referring to a three-digit number that represents how trustworthy you are with money. The most common credit score model is called a FICO score. FICO is one of a handful of companies that track your financial behavior and provide you with a score. The other common credit score companies are Experian, Equifax, and TransUnion.
But what kind of information are these companies tracking? Great question! The main financial behaviors that they monitor would be late/missed payments, how many credit/loan accounts you have open, the types of accounts you have, how much overall debt you have, and how long you’ve been using credit. They use this information to create a three-digit number (between 300–850 for a FICO score) that tells lenders how well you manage your money.
If you have a low credit score it means your credit usage, credit history, debt to income ratio, and overall money management is poor. And for folks with low credit scores, they have to find lenders that cater to their needs. And it probably won’t be a bank or traditional lender.
Bad Credit History Options
Anyone with a less-than-perfect credit history has probably already discovered that many lenders have minimum credit score requirements. A low credit score can keep you from getting approved for mortgages, auto loans, business loans, and even affect your personal loan interest rates and loan amount. Lenders tend to trust that borrowers with a higher minimum credit score will be more trustworthy. This is because these borrowers have exhibited good money management in the past, leading to a better credit history. If you’ve been denied by a lender with a higher minimum credit score requirement, there are still options out there for you, like certain bad credit loans. Rest assured, you can still get the cash you need and the loan payment terms you deserve.
So you have a less-than-perfect credit score. Well, nobody is perfect. And the good news is that this can be fixed. Repairing your credit score means investing in your financial future. With proper personal finance habits and money management knowledge, anyone can turn a bad credit history into a good one over time. But what if you don’t have time, and you need a loan right away? Well here are some of the more common bad credit loans that may be available to you:
Payday Loans
Payday loans are short-term, small-dollar loans that borrowers with low credit typically use to make it to their next payday. They don’t usually allow you to take out more than a few hundred dollars, and you’re typically expected to repay the loan and fees by your next payday—usually about two weeks from when you get the loan.
Payday loans may be easy to secure if you have a poor credit history, but they are very risky. A payday loan will typically carry extremely high interest rates and APRs. This, combined with a short repayment period, makes them difficult to repay on time. And if you fail to repay on time, you’ll likely be hit with additional fees and interest charges. Be very careful about using payday loans. They can cause borrowers to quickly rack up high amounts of debt that’s difficult to repay.
Title Loans
A title loan is a secured loan, meaning you’ll need to offer up collateral in order to be approved for one. Collateral is a valuable asset that you give to the lender, which they would then keep in the event that you do not pay back the loan. It adds a layer of protection for the lender. The collateral for a title loan would be the title to your vehicle. Which would mean you’ll lose your vehicle if you fail to repay your loan.
This bad credit option might be easy to get if you own a car. But the risk of losing it will probably usually outweigh the immediate need for cash. Especially if it’s your only vehicle that you rely on to get to work and take the kids to school.
Title loans can also come with very high interest rates and short repayment periods. And while you might be able to get more cash than other fast solutions, it’s still very risky. If you’re looking for a personal loan and you have no other options, make sure you can repay the loan by the due date before you sign on the dotted line.
Personal Installment Loans
Personal installment loans are considered by many to be a safer and more affordable option than many other bad credit loans. This is an unsecured loan that a borrower pays off over the course of several monthly payments. They’re known for offering credit approval even if the applicant has bad credit.
You don’t need to have a perfect credit score to qualify for many personal installment loans. And oftentimes the APR will be lower than many payday and title loans. But one of the best parts is that you won’t have to repay it in only a couple of weeks. Personal installment loans have a longer loan term, allowing borrowers to repay their loans over the course of several months, or even a couple of years in some cases. And making monthly payments is much easier than paying off a personal loan in one lump sum. And many of these lenders won’t charge a prepayment penalty if you pay off your loan early.
The other benefit to these personal loans is that they tend to come in larger amounts than some other personal loan options. Depending on the lender and your qualifications, you may be able to get anywhere from several hundred dollars to several thousand. Which is why some borrowers even use these as debt consolidation loans. A debt consolidation loan is when you take out one larger loan to pay off several other small ones.
How CreditNinja Online Personal Loans Are Different
CreditNinja offers safe and affordable personal loans for borrowers struggling with financial emergencies or a low credit score. If you’re looking for fast cash online with a monthly payment that fits your budget and schedule, then CreditNinja may be the solution for you.
CreditNinja also offers a fully-online experience. You can apply, get approved, and get your cash deposited, all from the comfort of your home. No more waiting in long lines or filling out lengthy paperwork. And if you’re approved, you may even receive your money by the next business day!
Receiving Loan Approval
Getting approved for a loan from CreditNinja is quick and easy! There’s just a few simple steps you need to complete before your application is sent to our team for review.
The first step is to fill out the fast online loan application. You can find it on our website, and it will only take a few minutes. We’ll ask for some basic personal and financial information like your name, address, income information, and banking information. Once you complete all of the information and submit your application, our dedicated team will review your application to determine whether or not you qualify for a personal loan.
While you don’t need to have exceptional credit to qualify for our personal loans, there are still certain requirements you would need to meet. One of the most important things we consider is a borrower’s ability to repay a loan. This is as much for the borrower’s benefit as it is for our own. If a borrower isn’t able to repay a loan it can get them deeper into debt. And our top priority is our borrowers getting the cash they need without adding any more financial stress to their situation.
If you’re approved for a personal loan, you’ll see your loan term, interest rate, APR, monthly payment, and all other loan terms. If this is all agreeable for you, then you would sign for your personal loan so that you can receive your money.
At CreditNinja we will deposit your funds directly into your bank account. No need to cash a check, as the money will show up right in your checking account. In most cases, the money will arrive fast, in only one business day after approval.
Flexible Monthly Payment
We all know how tough it can be to pay bills when your paycheck is running low. That’s why CreditNinja will work with you to find a recurring payment date that works for you and your payment schedule. Do you want your auto pay to be deducted right after your payday? We can help you set that up. At CreditNinja, we can offer a more flexible repayment schedule to meet your needs.
No Need For An Excellent Credit Score
At CreditNinja, we pride ourselves on being able to help borrowers struggling with a low credit score. You might not be approved at a bank, but that doesn’t mean you can’t get the money you need. Just because your financial history isn’t perfect doesn’t mean you shouldn’t have access to fast and safe personal loans.
While traditional lenders like banks may not work with borrowers below a certain credit score, CreditNinja makes decisions based on more than just your score. And while it’s always a good idea to do what you can to improve your credit score, sometimes you need cash immediately. In situations like this, CreditNinja is here to help.
How CreditNinja Compares
With competitive APR and interest rates, direct deposit, and more personal service, applying online through CreditNinja is the right choice for safe, fast, and affordable borrowing. Opt for a personal online lending solution that meets your needs.
CreditNinja Installment Loans Offer:
- Competitive APR and interest rates
- Cash by the next business day*
- Fully online application
- Shorter or longer loan terms may be available
- Flexible payoff dates
- Excellent customer service
- No prepayment penalties
- No hidden fees
