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Everyone has those months where they land in a financial emergency. However, a bank loan, or decent loans from credit unions, is only available if you have good credit.
If you have poor or bad credit scores, you are still eligible for a bad credit loan. Bad credit loans are loans that people with a low credit score can apply for. Most of them are unsecured, but you get secured loans that give you better interest rates because you offer collateral.
Let’s dive into the finer details about bad credit loans. This post will discuss the requirements, benefits, application process, and general information.
What Are Bad Credit Loans?
As mentioned above, they are any kind of loan that you can get with bad credit. What are the types of bad credit loans available to Idaho citizens?
- Title Loans: A title loan is a secured bad credit loan. You offer up something of yours to the lender, and that collateral typically gets you better interest rates than unsecured bad credit loans.
- Personal Loans: A personal loan can be used for anything, from medical bills to vacations with the family. They are repayable in monthly installments over a period of 1-5 years.
- Payday Loans: A payday loan, like a personal loan, can be spent on anything you need. It is usually taken out when you are strapped for cash before your next salary. Commonly, it is repayable within 1-2 weeks and comes with higher interest rates than personal loans.
Is Your Credit Score Important?
Generally, your credit score is important when you’re applying for a loan. All loans require a credit check, and if you have a bad credit score, you are unlikely to get it.
However, borrowers that offer bad credit loans do not care about your poor credit history. They are likely to grant you an unsecured bad credit personal loan up to a certain maximum (according to your Vantage/FICO score).
Normally a credit check is done through a credit bureau because they have access to your credit report. This reflects as a hard credit check on your report.
But the way bad credit loans work is that when lenders check your credit, it shows as a soft credit check. This does not affect your credit score because it does not count as a formal check.
How Can One Improve Their Credit Score?
You cannot change the past when it comes to your credit history. However, you can make some alterations to the way you approach loans in the future.
In the eyes of credit bureaus and lenders, a bad credit loan is still debt that you have to repay. This means that your bad credit loan will affect your ensuing credit score. Therefore, you can improve your credit by making regular, on-time payments.
It is very important to assess your financial needs and capabilities when applying for a loan. You do not want to get a loan outside of your budget or risk getting yourself into deeper debt.
Bad Credit Loan Requirements
Financial institutions have certain requirements for people trying to get bad credit loans. You must meet all the following conditions in order to apply:
- You must meet the minimum age restriction (18 years old) for borrowing in the state of Idaho
- ID document verifying your age
- Valid email address
- Valid proof of income
- You will need to submit basic personal information like your name and surname, birthday, contact numbers, and social security number
Application Procedure of Bad Credit Loans
To start, you can approach direct lenders or apply online. Online loans are much simpler, and there are many reputable lenders that operate through websites.
Once you have found a reliable lender, you can apply for a bad credit personal loan online. First, submit the required information using the online portal. You will be able to use the website tools like the loan calculator to see how much money you qualify for.
The next part is a waiting game. You can expect a reply as soon as the next business day but it can take up to a week for your loan to be approved. There is no such thing as instant approval when applying for a new loan.
When your loan is approved, you will be sent a loan agreement to e-sign. This document contains all your loan details, like loan payments, the due date of payment, the annual percentage rate, and more.
If you are happy with the agreement, you can sign and return the documents. The cash should be directly deposited into your bank account soon after.
What Is an Installment Loan?
An installment loan is a type of loan that is repayable in fixed monthly portions. Installment loans can be bad credit loans.
A personal loan is a type of loan paid in installments. By fixing the repayment amounts and paying off the interest over a longer period of time, lenders are able to keep the interest rates lower than that of payday loans.
Popular Ways to Use the Loan Money
You have full discretion over the funds when you borrow cash from a lender through a bad credit loan. That means you can spend it however you like. Below is a list of some of the popular ways people like to use bad credit loans in Idaho:
- To pay urgent medical expenses
- To upgrade their home
- To buy plane tickets
- To pay off other loans or interest from other debts
- To buy a new vehicle
- To buy groceries
- To pay kids school fees
Idaho Loans for People with Bad Credit
There are many loan options for people living in Idaho. Even if you have poor credit, you can still get a bad credit loan from a reliable online lender. Make your lending decisions carefully to avoid getting stuck paying high interest rates.
Don’t get caught asking your family or friends for quick cash when it is so easy to apply for an unsecured personal loan from Montana Capital Bad Credit Lonans.
Our Locations in Idaho:
- Bad Credit Loans in Boise
- Bad Credit Loans in Caldwell
- Bad Credit Loans in Coeur d’Alene
- Bad Credit Loans in Idaho Falls
- Bad Credit Loans in Meridian
- Bad Credit Loans in Pocatello
- Bad Credit Loans in Twin Falls
Don’t wait another minute!
Take the first step today for your quick loan!