Bad Credit Loans in Kansas

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Every now and then we need to borrow money for an unplanned financial emergency, like car repairs.

However, loans in Kansas can be pretty tough to get if you have a bad credit score. 

One type of loan that you can get with a low credit score is a bad credit loan. Picture this as a kind of personal loan. You borrow money (which you can spend on anything) and make repayments in the form of monthly installments which includes interest. 

Are there any requirements for bad credit loans? How difficult is the application process? What is a credit score and is it really not important? Below is all the information you need to apply for bad credit loans in Kansas. 

What Are the Bad Credit Loan Options?

There are a couple of loans that you are qualified to apply for if you have poor credit. These are the most popular bad credit loans in Kansas:

  • Personal Loans: A bad credit personal loan can be used to pay for anything, even other loans. 
  • Payday loans: A payday loan is a short-term loan that is usually repayable within a week. (There are laws that govern payday lending in Kansas)
  • Title Loans: A title loan is secured. By offering up an asset as collateral, you qualify for lower interest rates than unsecured bad credit loans.
  • Installment Loans: An installment loan is like your typical bank loan. You borrow a certain amount of money and then pay it back in monthly installments. 

Who Qualifies For a Bad Credit Loan?

Bad credit loans are available to anyone living in the state of Kansas. Installment loans, personal loans, and payday loans are available directly from banks and credit unions. Online bad credit loans offer a laid-back alternative to storefront lenders. 

What are the requirements for online loans:

  • You need to be the minimum age for borrowing money in Kansas (18 years old). 
  • You need verifiable income. 
  • You need a valid email address.
  • You need to show your bad credit history.
  • You need to provide personal details like contact information, birthday, social security number, etc.
  • You need a copy of your ID.

Is the Application Process Difficult?

The application process for online installment loans is simple. Firstly, you will need to fill out an easy online web form. This includes submitting all the above-mentioned required information. Once the first step is complete, the maximum loan amount will be calculated. 

Choose how much money you would like to borrow, and then your loan request is complete. Your loan will then be approved, which can take a few business days. Although, with some online lenders, this can be as fast as one business day.

If your loan is approved, you will be contacted by a loan representative to sign the loan agreement. This document contains all the particulars of your online contract (annual percentage rate, prepayment penalties, repayment schedule, etc.). 

If you are happy with the fine print, then you can e-sign and send it back. The loan amounts should appear in your bank account within hours of signing the loan contract. 

Is Your Credit Score Important?

A credit score is important when you want to apply for a loan. It is a calculated score out of 1,000, and a low-interest loan from a bank or storefront lender will typically require a FICO score of 670 and above. Credit bureaus typically use one of two credit measurements: the FICO score or the Vantage Score. 

Every action surrounding debt has an impact on your credit score. A hard credit check will leave a mark on your credit history, but a soft credit check does not. Lenders that offer bad credit loans check your credit, but it counts as a soft credit check. 

Does your poor credit score impact your ability to get a bad credit loan? The simple answer is no. It does, however, affect the maximum amount that you are eligible to lend. 

What Is a Bad Credit Score?

In Kansas, the average FICO score is 700. This score is considered excellent and will get you the best loan with the lowest interest rates. A credit score of 670 and above is classified as excellent, while 600-670 is fair.

A FICO/Vantage score below 600 is poor. If you find yourself in this range, don’t worry. You can still improve your bad credit score with some smart planning. 

Popular Ways to Utilize Your Bad Credit Loan

There are many ways to choose to use your loan funds, all the lenders want is their money back. Here are some of the many ways Kansas residents are using their bad credit loans:

  • Buying groceries
  • Paying medical expenses
  • Paying for vacations
  • Buying holiday gifts 
  • Paying Rent 

The point is that you can spend your loan money on anything. The only thing that you need to remember is to borrow within your budget. Do not apply for a loan that you cannot afford to pay back.

Loan Lending Tips

If a bad credit loan is your only option, you may want to start planning for the future. Here are some ways you can utilize your loan money to make the most of it:

  • Debt Consolidation – This is an option if you have multiple debts. By taking out a bad credit loan to pay those debts, you consolidate them into one single monthly payment that’s easier to manage.
  • Boost Credit Scores – Your credit rating will improve by making regular, on-time payments. This will allow you to get a low-interest loan in the future.
  • Choose a Reliable Lender – It is important to borrow money from someone who respects your budget. 

All Credit Types Are Invited to Apply

Whether you have low credit or no credit, you can apply for a bad credit personal loan online at Montana Capital Bad Credit Loans. You can use their easy online loan calculator to see how much money you qualify for and go from there.

Now you don’t have to worry about your poor credit, if you are in a financial crisis, then you will always have access to bad credit loans. 

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