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Applying for a loan can be hard, especially if you have a bad credit history. Your best option, in this case, is to get a bad credit loan. This is a type of loan that you can apply for if you don’t have a good credit score.
What are the different bad credit loan options for Arizona residents? What is the application process like for a bad credit loan? What are the requirements for a bad credit loan? Find the answers to these questions and more in the article below.
Types of Bad Credit Loans
The term ‘bad credit loans’ applies to any type of loan that you can apply for with poor credit. These are the most popular types of bad credit loans in Arizona:
- Installment Loan
- Title Loan
- Personal Loan
Bad Credit Installment loans are short- to medium-term loans. The longer the repayment term with installment loans, the better your interest rates will be.
Title loans are secured bad credit loans. Think of it like a secured personal loan. When you offer up an asset as collateral, you can use it’s equity for the loan.
Bad credit personal loans are unsecured and repayable in monthly installments. This loan type is great if you need money unexpectedly.
Personal loans are not the same as payday loans. In fact, you can’t get a payday loan in Arizona because of state law. While this law does not explicitly ban payday loans, it does set limitations on how much interest you can charge on small loans that make it nearly impossible to offer this loan type.
What Can Bad Credit Loans be Used for?
Once you have received the cash advance through your bad credit loan, it can be used for pretty much anything. There are no limitations on what you can spend the loan amount on. Here are some of the popular ways that people spend their bad credit personal loans:
- House renovations
- Car repairs
- Medical fees
- To pay off other debts
- To buy a car
- To buy groceries
- To go on vacation
What Are the Requirements for a Bad Credit Loan?
You will need to meet certain requirements to apply for a bad credit loan. You can apply online or from direct lenders. The application process for a bad credit installment loan online is much simpler.
While your personal information is protected by Federal law, the best lenders will have a secure website to prevent your privacy from being breached. You will need to disclose the following information to apply for online installment loans:
- Valid ID proving that you meet the minimum age of 18 years old.
- Verifiable income source
- Your credit information (although this does not count as an official credit check and will not affect your scores)
- An active checking account
- A valid email account
- Personal details:
- Social security number
- Contact details
How Does One Apply for a Bad Credit Loan?
To apply for a loan, you will either need to apply online or find the best direct lenders in Arizona. Installment loans, personal loans, and title loans have the same application process.
First, you will need to submit all the required information like credit history, proof of income, and other personal details. Then you will be able to calculate the maximum loan amount that you qualify for.
Once you have chosen how much money you need, you will wait for the loan to be approved. This will typically be within a business day but it can take up to a week (there is no instant approval when it comes to loans). Once your loan application has been approved, a loan agreement will be sent to you.
The loan terms will stipulate all the details of your loan like the annual percentage rate, loan rates, loan repayment period, late fees, etc. You can sign the document online and send it back to the lenders. The money can be in your bank account within hours of signing the loan agreement.
Credit Score and Why it’s (Not) Important
A credit check installment loan requires a hard credit check before it can be approved. This is the type of loan that you can only get with a good credit score.
What is great about bad credit loans is that they do a soft credit check. This does not affect your FICO score in any way because it does not count as a formal check on your report.
Your credit score is used to establish a maximum loan amount. It does not count towards the decision to accept your loan application or not. That is the main reason bad credit loans are great for people with bad credit scores.
Advantages of Bad Credit Loans
When times are tough, this is the best way to pay urgent bills. There are many benefits of bad credit loans:
- Easy Application – You can apply for a loan from the comfort of your couch or on the go with your smartphone.
- Debt Consolidation – If you have multiple outstanding loans, use a bad credit personal loan to aggregate your debt into one monthly payment. This way it is easier to keep track of repayments.
- Improve Credit Score – By repaying the loan on time, your credit score will increase.
- Spend Loan Proceeds As You Like – Unlike auto title loans, you have complete discretion in choosing what you spend the loan on.
Personal Finance Tips
Find a lender who practices responsible lending. They will only allow you to borrow money that fits your budget. Do not borrow more than you can expect to pay back. Debt consultants provide financial services that advise you on how to handle your credit.
If you have a bad credit history then try to use bad credit loans as an opportunity to save money on loans in the future. By making on-time payments, you can recover your credit score. This will allow you to get the best personal loan to fit your needs.
Arizona Personal Loans
By now you should be equipped to make a decision about bad credit loans in Arizona. Borrowing money from the right lender in the form of a personal loan is a great way to fix your end-of-the-month cash flow problems.
Save yourself from the awkwardness of having to ask friends and family for financial assistance. If you meet the requirements for a bad credit loan in Arizona, then head to Montana Capital Bad Credit Loans to apply for a personalized loan.
Our Locations in Arizona:
- Bad Credit Loans in San Tan Valley
- Bad Credit Loans in Yuma
- Bad Credit Loans in Chandler
- Bad Credit Loans in Flagstaff
- Bad Credit Loans in Mesa
- Bad Credit Loans in Phoenix
- Bad Credit Loans in Scottsdale
- Bad Credit Loans in Tucson
- Bad Credit Loans in Avondale
- Bad Credit Loans in Surprise
- Bad Credit Loans in Tempe
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