Bad Credit Loans in Alabama

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Applying for a loan can be a stressful experience. Especially when your credit rating isn’t the best. Things happen in life, and sometimes you need access to a loan, and you don’t want a credit check to be the deciding factor.

If you are looking for an installment loan that won’t worry about your credit check, then a bad credit loan is your best bet. If you are in Alabama, then read on for further information about the interest rates and bad credit personal loan or payday loan terms that you could come to expect.

What Are Bad Credit Loans?

A bad credit loan is the umbrella term for any loans offered to those with a bad credit rating. They come in the form of a personal loan, payday loan, title loan, or car loan. 

These loans are tailored to individuals with a bad credit history and a credit rating/score from 350 to 579.

A score between those ranges is considered by FICO as a bad credit score. These scores would make them ineligible for a loan unless they had a co-signer. 

Bad credit loans are generally short-term loans but can be adapted to the individual applicant. These loans are also helpful to those who have a partial or no credit history but need access to a loan. 

Secured or Unsecured Personal Loans

It is worth knowing that this phrase of “bad credit loans” is the unofficial name given to this type of loans that can either be secured or unsecured personal loans. A bad credit loan is a type of installment loan where you will borrow money from the lender and repay it with equal monthly installments at a fixed interest rate. 

An unsecured loan is a loan that does not generally need some form of collateral to receive a loan offer, while a secured loan requires collateral.   

It is worth remembering that you will have to pay interest. Still, your interest rates will vary depending on your current credit score and additional requirements or qualifications that you may be subject to.  

Advantages of a Bad Credit Personal Loan

When life throws a few curveballs your way with some major unforeseen expenses, like home repairs, some extra cash is a great help. If you need the funds in a relatively effective short period, an Alabama installment loan of this nature is your best option.

The turnaround times differ between lenders, but times can range from one business day to a few before the loan amount is deposited in your bank account. This is a lot faster than the more traditional loan process.

The loan amount is not limited to a specific use. You can use your loan for almost anything except any illegal activities. 

Your chances of being accepted for a bad credit loan are higher than regular loans.

Loans for bad credit are also a good way to increase your credit score by making on-time payments. This shows your preferred credit unions that you are able to repay loans in a timely manner. This can help you by starting to repair your credit history in the eyes of the credit bureaus. 

What Are the Requirements of Loans for Bad Credit?

A few things will be required of you when applying for bad credit loans in Alabama from a direct lender, bank, or online lender. These are usually less stringent than applying for a mortgage or vehicle loan. 

  • Some form of collateral is needed for a secured loan. Otherwise, no collateral is required for an unsecured personal or payday loan.
  • Personal details
  • Complete the required form with your information.
  • Disclose your employment status.
  • Disclose your level of verifiable income and other sources if applicable.
  • Be a minimum of 18 years of age or older. 
  • Your bank details. The bank account must be in your name to send funds and make repayments. 
  • Alabama residents must have an address in the state where the lender can contact them. 

Process of Applying for Bad Credit Loans in Alabama

You can either go to direct lenders or use an online lender. 

An informal credit check will be carried out to determine your credit history and the maximum sum you can apply for. This check will not reflect on your credit history either. You won’t have to endure a more stringent and formal credit history check. 

The loan rates and loan repayment schedule are disclosed and discussed with the direct lender and published within the loan agreement. 

Each of the direct lenders will have different loan options and loan amounts. Overall, once you meet all the requirements, applying for your bad credit loan is a simple process. Using online applications is the easiest and will not take long with steps to guide you through the online payday loans process.

You may need to visit a local branch of your lender to provide physical copies of any documents. 

How to Get Approved for Bad Credit Loans

Here are just a few tips that could help you get your loan amount or build-up towards it.

  • Keep digital copies of all your income and personal details to verify any information you provide.
  • If your credit rating is particularly bad, take a small loan amount first that you know you can repay quickly under the repayment terms. This will help build your credit score, and then you can apply for a higher loan amount.

Final Thoughts on Bad Credit Loans in Alabama

If you need that little helping hand, there are options for online installment loans that won’t hurt you just because of your credit score.  In Alabama, bad credit loans are a pretty straightforward process and can help you in a pinch.

Apply for a loan in Alabama at Montana Capital Bad Credit Loans. We offer different online installment loans at different loan rates for those who are worried about their credit check and need funds in their bank account in a timely manner.

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