Bad Credit Loans in Ohio

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Everyone knows that life can be unpredictable. Sometimes you need a personal loan to pay urgent bills or take your family on that vacation you have been promising them. However, what happens if you have a bad credit history?

Many financial institutions do not want to grant affordable loans to anyone with a bad credit score. Luckily bad credit loans exist for those of us with less than perfect credit. 

Ohio installment loans for people with bad credit are widely available. But what is the approval process for a bad credit installment loan? And who can apply for them? Find all the information you need about reputable lenders below. 

Is Your Credit Score Important? 

Credit bureaus collect, calculate and sell your credit score to loan providers. They compile a credit report and are in charge of updating and maintaining your credit record.

The loan application for a traditional loan requires a credit check. If you have a low credit score, you are unlikely to receive the loan amount. However, with bad credit loans, you don’t need great credit to make a loan request. 

You will still be required to submit your credit score, but direct lenders do what is called a ‘soft credit check’. This means that your credit history will show as a hard inquiry instead of an official credit check. Your credit history is only used to determine the maximum amount you can lend, as you can still be granted a loan with poor credit scores.

Are Bad Credit Loans the Same as Payday Loans in Ohio?

The short answer is yes and no. ‘Bad credit loans’ is an umbrella term for all types of loans you can get with bad credit:

  • Personal Loan
  • Payday Loan
  • Title loan 
  • Car title loan

Bad credit loans can come in the form of secured or unsecured loans. Unsecured personal loans are the most popular kind of bad credit loan in Ohio. Bad credit personal loans allow you to spend the money on anything you need, from car repairs to airplane tickets to medical expenses, it’s up to you. 

A bad credit personal loan is also a kind of installment loan where you make monthly payments for roughly 1-5 years. On the other hand, a payday loan is a short term loan that has a loan term of a few weeks. 

Auto loans and title loans are a type of secured loan by nature. Auto loans use the vehicle in question as collateral. Title loans have better interest rates because you offer an asset up as collateral. 

What Are the Requirements for a Bad Credit Loan?

Bad credit installment loans are available from an online lender. This makes the process of getting a loan much easier because you can apply from the comfort of your home or on your phone if you are somewhere else.

All you need to apply for online installment loans:

  • A valid email address
  • Personal information like name and surname, ID number, social security number, date of birth, etc.
  • Proof of income (i.e. payslips or bank details)
  • Credit Score

Advantages of Bad Credit Score Loans in Ohio

There are many reasons why a bad credit loan is good for you, whether it be urgent bills or just a little help towards the end of the month.

  • Easy Application Process: You can submit your information, sign the loan agreement, and apply for a loan online, making the whole process easier.
  • Spend It On Anything: The loan amounts can be spent on anything, even to pay off other debts. 
  • Debt Consolidation: Use a bad credit loan to merge all your debts into one monthly payment. 
  • Don’t Need To Have A Good Credit Score: This is perhaps the most important advantage of a bad credit loan. Regardless of your credit score, you can be granted an online cash advance from a certified lender.
  • Better Your Credit Score: If you have a poor credit rating then this is your opportunity to get it higher. By making repayments on time, you can use your bad credit personal loan to get a better credit rating to save money on loan fees in the future.

The Application Process:

To apply for bad credit installment loans in Ohio is a simple process. First, you need to find a reliable lender. Then you apply for the loan online and submit all the necessary personal information (federal law concerning personal information protects this). 

From there, you will have to wait for approval (sometimes this can be as fast as one business day). Once you have received approval from the direct lender, you will get a loan agreement sent to you with the terms. Read through this carefully before you sign as it contains important information like the annual percentage rate and any hidden fees, as well as the total cost.

Once you have placed your online signature on the agreement, you will receive a direct deposit straight into your bank account soon after. Remember that the approval process is not an instant decision, you may have to wait a few days. 

Which One is Better If You Live in Ohio: Payday Loans or Personal Loans? 

While bad credit payday loans in Ohio are easy to get, the interest rates are quite high. Online payday loans are due within 2-3 weeks sometimes. The application for a payday loan online is very similar to personal loans. 

Personal loans have better interest rates than payday loans. They are also easier to pay off because the repayment term is longer (1-5 years). These types of loans are more manageable than payday loans.

Personal loans are the most popular choice of the two for Ohio residents, and it’s easy to see why. 

Inflate Your Bank Account With a Bad Credit Loan

By now, you should have enough information to deal with bad credit loans. Remember that you should only borrow money according to your budget and what you can manage to repay. That being said, the right lenders will grant you a loan that fits your income.

If you are strapped for cash, don’t hesitate to apply for a bad credit personal loan with Montana Capital. It’s a great solution for filling the gap in your income and is available to all Ohio residents. 

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