Payday Loans Bad Credit | Online Cash For Poor Credit Scores
You probably have bad credit due to one reason or another. If this is the case, then you are not alone. A report by the Federal Reserve Board indicates that almost half of the American population has a bad credit score (generally, this is a credit score of below 680).
With such a score, chances of getting approved for a loan at a traditional financial institution are minimal. So if you need instant cash, the only option is to find an alternative source of funding.
In most cases, people who search for online loans end up applying for cash advances.
Almost every state in the US has lenders who provide payday loans. These lenders can be handy when you are in a financial crisis. The best part of it is that you can qualify for the loans even when you have bad credit.
Consolidationnow is one of the lenders that don’t perform a hard credit check. This means that you can qualify for an online loan even when you have bad credit. Before filling out your application it is prudent to go through the pros and cons associated with these loan terms.
What does it mean to have bad credit?
Fico uses the following information to come up with individual credit scores;
- Credit mix 10%
- New credit 10%
- Credit history length 15%
- Your debts 30%
- Your payments are 35%
Based on the information, it is clear that your payment history matters more than anything when it comes to calculating the fico score. So if you keep missing or making late payments, your credit score will continuously drop. If you applied for a car loan recently, your credit score will be temporarily reduced.
The more you continue applying for credit the more your credit score will reduce, and this will lower your chances of qualifying for affordable advances in the future.
It is true that emergencies do happen and this can hinder you from getting a good credit score.
It is also true that with low credit, you may not qualify for better financing. But this does not mean that you are completely out of options. Some lenders offer credit and if you pay back on time, your credit score will also improve.
Consolidation now is dedicated to safe and affordable payday loans that you can easily apply online using your mobile phone, tablet, or PC.
Can I get other types of personal loans with bad credit?
If you are willing to take out an installment loan for many months that is an option. The loan amounts are larger and these types of loan offers can be useful if the repayment period is 6 months or more. In general short-term loans are meant to be paid back by your next paycheck.
What should I know before applying for a loan?
- Ensure that the lender is licensed to provide bad credit loans online. Check the reviews of the company online and if possible, you can even inquire about the company’s reputation from friends and family. Consolidation now only offers loans in states where we are licensed to operate.
- The lender should be able to approve the funds quickly. When you are applying for a payday loan, chances are that you have an issue that needs to be sorted out fast. Consolidation now provides instant decision after applying. Our application process can be done online and it can take as little as five minutes to apply. If you qualify, the funds are directly deposited into your bank account and you can get it on the same or next business day.
- The lender should also reward you by reducing the interest rate after consistent full and timely payments. Some lenders will always offer cash with the same rates even when you behave responsibly with the loans.
- Lastly, ensure that the lender has clear terms. Some lenders have the reputation of hitting clients with hidden fee charges. At Consolidationnow, we will ensure that you understand the contract before signing the dotted lines.
Requirements for applying for bad credit loans online
You can qualify for an online loan for bad credit from Consolidationnow if you;
- Live in the state where Consolidationnow operates
- Are at least 18 years old
- Have a reliable source of income
- Have an active checking account
You also should provide your telephone number, and email address when applying for our bad credit loans online.
Too many bad credit loans?
If you have multiple bad credit loans you should be careful and think about consolidating rather than taking out more. We can provide payday loan debt help with our consolidation loans. If you are in this situation do not delay as debt has a habit of spiraling out of control.
Tom Harold is a personal finance and insurance writer who has more than 10 years of experience in covering commercial and personal insurance options. He is also determined to beat her brother, who is a financial advisor with intimate knowledge of the field of personal finance. He devotes time researching the latest rates and rules.