Bad Credit Loans in Utah

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Life is unpredictable and unfortunate things do happen. Sometimes, you need a little extra cash to tide you over, or a dip into your bank account for a significant but unexpected expense. Loans in Utah can be pretty hard to come by if your credit score isn’t looking so great. That’s where we come in. 

You may be considering a bad credit loan, which is a suitable fix for anyone with a low credit score. Like a standard loan, a bad credit loan from Montana Capital allows you to get the cash you need. You can spend it as you see fit while repaying it in monthly installments that cover the interest rates and the loan amount. 

Unlike a standard loan, we offer bad credit loans even if you don’t have  a perfect credit score. 

Read here to learn more about whether you’re a good fit for bad credit loans, as well as the process and requirements that go with it. 

What Is a Bad Credit Score?

A fixed scale determines your credit score, known as a FICO or Vantage Score. After a credit check has been run, your institution will provide you with a score of up to 1000. Anything below 600 is considered fairly bad. A low credit score usually makes it difficult to secure a personal loan in a financial emergency. 

A credit score is determined by your payment history, outstanding balances, credit history, and the type of credit you have (read this article to learn more about credit scores). The kind of loans in Utah may vary depending on what you need the money for and when you need it.

Anyone can end up with a low credit score, and this is why we offer bad credit loans. These loans provide cash in your bank account so that you can work your way to being debt-free or making necessary payments. 

Why It Can Be Hard to Get a Loan With a Bad Credit Score

Credit unions see a bad credit score as a way to gauge just how risky a loan contract will be. Your credit score suggests that you’ve perhaps missed payments on past credit card debt or other loan agreements. It shows the credit provider that you might not have made the best lending decisions. 

Certain institutions may only feel comfortable lending money quickly to Utah residents with a good credit score. Nonetheless, you still need the cash, and loans for bad credit are available on reasonable terms. 

Requirements of a Bad Credit Loan

You’ll need a few things to get approved for a bad credit loan in Utah:

  • Personal information like your phone number, social security number, a valid ID, and email address.
  • A steady, verifiable income with the declaration of your net and gross pay and income information.
  • Access to your banking information, like account numbers. 
  • You need an internet connection to fill out an application and sign the loan agreement in just a few minutes. 

What Bad Credit Loans Are Available?

There are various loan products available. It may be best to check what you need the money for, peruse the products, and make the best choice before continuing with your online loans or signing a loan contract. 

  • Secured loans are like a Car title and other Title loans where you have to put either your home or vehicle up for collateral. 
  • Unsecured loans are like payday loans, personal loans, or installment loans. With these types of loans, you do not need any kind of collateral as you’ll be paying off your loan with a single monthly payment plan stretched over a designated period. 

The central draw point with a bad credit loan is that you don’t need a perfect credit score to obtain the loan, and there is a range of loan products available, like payday loans or personal loans.  

Payday Loans

A payday loan is another quick fix option, whereby you’ll get a relatively easy secured loan for a smaller amount of money. Instead of paying off installments each month, this loan amount will get deducted from your bank account after payday, which doesn’t necessarily help your cash flow but is a great way to get money fast.

Personal Loans

Personal loans are another way to borrow money, but in most cases, you’ll be turned away once institutions catch a glimpse of your low credit score. With a reasonable bad credit personal loan, you can catch up with some immediate payments so that you can save money in the long run. 

The Process of Making a Bad Credit Loan

Securing a personal loan has its benefits, especially if you’re applying for a bad credit personal loan online. Here’s a step-by-step process of how you can borrow money to help you out of a financial emergency. 

  • Easy application process: With Montana Capital, you can easily apply online for a bad credit loan. You answer a few questions, upload a few documents, and your application will be sent through to be reviewed. 
  • Review: You’ll be considered based on how much money you require. Your loan is further reviewed by lenders. The applicable amount is determined by your state of residence and creditworthiness. 
  • Quick cash: After review, if your application is approved, your loan will be sent to you via direct deposit. 
  • Payment plan: Once your loan is approved and you’ve received your cash deposit, you can pay back the loan from your debit card or as a direct deposit from your bank account. 

All Credit Types Are Invited to Apply

Regardless of the outcome of your credit checks, you can start your loan application and apply online to be approved for a personal loan. The loan amount will vary depending on what you are pre-approved for, and we won’t ask where the money goes. What you choose to spend your lump sum on is completely up to you. 

You can try the online loan calculator to help you see what you qualify for and continue from there. There is no more need to be concerned about your poor credit, especially in a financial crisis; we can help give you access to money fast.  

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