Bad Credit Loans

Bad credit is the most difficult problem one can face when getting a loan. People with bad credit are classified as high risk borrowers since there is a good chance they are not going to be able to repay a loan on time. The good news is that there are financing options available for bad credit borrowers.

The first step to get approved for a loan with bad credit is getting and analyzing your credit report and score. Credit ratings determine your credit worthiness - the likelihood of you paying back your loans. Credit scores are calculated from the data in your credit report. This data can be categorized into the following groups:

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Once you receive your credit report, analyze it for errors. Errors, which might not be even caused by you, can lead to bad credit history. Look for outdated and incorrect information of your name, social security number, your address and bank accounts. If you find an error, contact the credit bureaus. Request a correction in writing and explain as much as you can. Follow up on your request regularly.

You can apply for a loan without knowing your credit situation. But keep in mind that the lower your credit score is the higher interest rates you will be paying. That’s why we suggest improving your credit score first before getting a loan.

If getting a loan is absolutely crucial, shop around to get the best interest rates and repayment terms. If you own assets, such as a house, interest rates could be lower as they could be considered as collateral.

Fill out our 100% free, no obligation application to get started. Review all the lender terms, finance charges and pick the best one. Good Luck!

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