Personal Loans For Bad Credit

Personal Loans For Bad Credit

Many lenders are reluctant to hand out loans, even if you have a decent credit score. If your credit score is poor, this can make it seem as though getting a loan is impossible without having a home or car to put on the line. Fortunately, you do have options. One of the best ways to get the cash that you need from a lender is to apply for a personal loan for bad credit.

What is so great about personal loans for bad credit?

A personal loan for bad credit is not like most other types of loans. They have unique features that make them attainable for many people. Here is why:

With a personal loan for bad credit, you won’t be working with a bank

It can be hard to get a loan from a bank — even if your credit score is good! A personal loan for bad credit allows you to apply and receive a lone without the help of a bank. Instead, they are offered by private lenders who understand your financial situation a lot better than a bank.

With a personal loan for bad credit, your credit score is not a factor

The most important thing that makes this such a great solution for those with bad credit is that your credit score is not even a consideration. Here is what private lenders look at instead:

You have a full-time job

The lender will require that you have worked at your current job for a minimum amount of time — usually at least 6 months.

You make a minimum amount of money

The only way that a lender can make sure that you are capable of paying them back is for you to make enough money in the first place. As such, many lenders have minimum hourly wage or salary requirements. If you do not make a lot of money, do not let this requirement discourage you, because the minimum wage requirement is usually very reasonable.

You have a checking account

Many lenders who supply personal loans for bad credit will want to make sure that they will have easy access to monthly payments. This often means signing up for automatic payments via a direct deposit system. This requires a checking account, so you need to have one before applying for a loan.

You live within the region that the lender services

In order to manage their business, many lenders will only work within a specific region. This means that if you happen to live outside of the covered area of a personal loan for bad credit lender, then you are automatically disqualified. Fortunately, there are lenders out there that serve areas as large as then entire province of Ontario.

You are old enough

None of the above matters if you do not meet a lender’s minimum age requirements. As with everything else, this is not particularly stringent. They usually require you to be at least 21 years of age.

You aren’t participating in a debt management program

If you are currently participating in a debt management program, then chances are that a personal loan for bad credit lender will not accept you, so be careful before you sign up for one.

Where do I sign up?

If you have bad credit and are in need of a loan fast, Fast Access Finance can help. We offer a bad credit lending solution and are willing to work with you to find a loan product that meets your needs. Give us a call at 416.367.9191 or your can drop by our website at www.fastaccess.ca