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Top Loans for Bad Credit

It’s definitely more difficult to get a good loan if you have poor credit. But safe loans for bad credit do exist, it will just take more research to find the right one. This is exactly why we’ve compiled a list of the top loans for bad credit. 

With so many different types of loans to choose from, it’s tough to know how to pick the right one. But with proper research, you can determine which ones are right for your specific financial situation. Check out our list below to get started on your path to the perfect personal loan for you. 

Top Bad Credit Loans Ranked

1. Personal Installment Loans

A personal installment loan is our recommendation for you if your credit score is less than perfect and you need money quickly. These unsecured loans won’t require any collateral, and you can usually get one very quickly in a time of need. 

The amount you can get will vary depending on your financial situation, the state where you live, and the lender that you choose. You may be able to get several hundred dollars, up to several thousand. And the repayment period is longer than other short-term personal loans. 

2. Credit Union Loans

A credit union is similar to a bank, but they tend to have better rates and terms for their members. This is because a credit union is a nonprofit organization, so they aren’t concerned with making money from their customers. 

This means that you might be able to get a better interest rate for a personal loan through a credit union. First, you’ll need to become a member of a credit union. 

Membership requirements will vary depending on the credit union in question. Oftentimes, you can qualify to be a member based on where you live, where you work, or if you have a family member that’s a part of one already. 

3. Payday Loans

A payday loan is a common choice for people in need of a small amount of fast cash. Borrowers with poor credit scores tend to choose payday loans because they may have a difficult time getting other forms of personal loans. 

A payday loan will usually be a small amount of money, maybe only a few hundred dollars. And they’re repaid within two weeks on average, or on the borrower’s next payday. These loans are difficult to repay sometimes because of the short repayment period. 

4. Title Loans

A title loan is a secured loan, meaning you’ll need to have collateral to get one. The collateral in this case would be the title to your vehicle. This means that if you can’t repay the loan, the lender can take your vehicle away and sell it. 

Title loan amounts will be based on the value of the vehicle. If you have a more expensive vehicle, you can get more money. But beware, the interest rates are high, and you may not be able to return the full amount by the due date. Risking your vehicle for quick cash isn’t usually a wise decision. 

5. Other Online Bad Credit Loans

There are a number of other options when it comes to getting cash in a hurry. Online loans have become commonplace, and it’s easier than ever to get a loan from the comfort of your home. There are three-month payday loans online, peer-to-peer loans, and more. 

Make sure you do your homework before choosing an alternative quick cash option. You should be fully aware of all the terms, conditions, and interest rates before signing for a loan. 

No Credit Check Loans

In your search for the best bad credit loan, you’ll no doubt come across the term “no credit check loans.” This means that a lender will provide you with a loan without ever checking your credit. If this sounds sketchy to you, then you have good instincts. It’s wise to steer clear of any lender offering “no credit check loan.

If a lender isn’t checking your credit, then they aren’t even sure how likely you are to return the loan on time. And if they don’t care whether you return it on time, then they may be hoping to add a lot of extra fees and interest to your total. This is a sign of predatory lending. 

Always make sure the lender you choose runs some sort of credit check. A lender that checks your income, credit score and borrowing history is more likely to be credible and trustworthy. 

What Are Guaranteed Approval Loans?

This is another example of a phrase that untrustworthy lenders may use. It simply means that no matter what, they will approve you for a loan. And this is a red flag. 

No lender should be able to guarantee that a customer will be approved for a loan. This means that the lender isn’t concerned with your income or your ability to repay the debt. Which, as we’ve just learned might mean that they’re hoping to add excessive late fees and charges to your total. 

This sort of predatory behavior can lead borrowers into debt traps that last for years. 

How to Get Emergency Cash Immediately

CreditNinja offers safe and reliable personal installment loans for borrowers dealing with financial emergencies. 

Our loans are designed for customers with less-than-perfect borrowing histories. So you won’t need to have an excellent credit score to get one. And the best part is that you can apply, get a decision, get your money, and pay it back all from the comfort of your home. 

Apply today, and get the cash you need at ninja speed!