A low credit score or no credit history must not stand in your way of getting a loan. You can select from different loans that suit your needs with the bad credit loans from Finance One. The loan is provided after assessing an individual’s financial circumstances and tailoring a personalised approach to meet the needs. Hence, it can be the most viable alternative for finance when you have exhausted other avenues.
So, if banks have rejected your loan application because of a poor credit score, you can go for bad credit loans. Here are some essential facts you might want to know before applying for a loan.
Credit history check
Bad credit loans from Finance One will not take into consideration the credit history of the applicant. It means that your application will not be evaluated based on the records of your credit history. The loan will be given if you have a steady income to pay your bills. Also, if you have assets, they can cover the requested loan. The chances of your approval will be high if you have already been employed for at least one year.
Improve credit score
With bad credit loans, you get immediate access to the necessary funds to manage your financial situation or pay off the debt. Moreover, you can improve your credit score by making loan repayments on time. The evaluation of the score is done based on the track record of credit card and loan payments. By paying the dues on time, your credit score will gear up faster. It is also helpful to pay the total amount within the billing cycle. However, if you cannot make the whole payment, paying at least more than the minimum amount will positively impact your credit score.
Borrow large amounts and get the flexibility
You can request a large amount of money while applying for bad credit loans from Finance One. However, you need to ensure that you can cover the monthly instalments. You must also be aware of hidden costs or fees associated with the loan amount while applying for a loan. So, don’t forget to inquire lenders about the inclusion of additional fees.
Bad credit loans are personalised according to specific needs and problems of people. It is done by factoring in the loan amount, terms and conditions, repayment plans, interest rates, and flexibility. The flexible approach will help you acquire a specific amount of loan which you can pay timely without adversely affecting your credit history.
Each lender has specific rate ranger and borrower requirements, so avail the best option by comparing multiple lenders. So, check for the ones that offer rates you can afford with other important features like fast funding, credit-building tools, or phone applications to manage loan payments. Also, if you have an urgent need for cash or are low on savings, you can choose the lender accordingly.
You can apply for specific kinds of bad credit loans that are the fastest to secure and can help you recover quickly from a critical circumstance. For example, you can opt for a payday loan, a type of unsecured loan from your lender that can be availed within a few hours of application.
Bad credit loans enable you to take that leap towards fulfilling your plans and desires. But, before applying for one, don’t forget to conduct thorough research and understand its implications.