Getting a personal loan approved can be challenging if you have a poor credit score.
However, you’ll still find loan companies that can give you a loan even with a poor credit score but with higher interest rates.
If you need a personal loan, consider taking out a “bad credit loan” because these kinds of loans will help you build your credit score.
That said, below are some of the best bad credit loans you can access:
1. Viva Payday Loans
The annual percentage rates on personal loans from Viva Paydays financiers and lenders fall within the range of 5.99 and 35.99%, with loan amounts as high as $10,000, with no application fees charged.
As a middleman, Viva Payday Loans connects borrowers with credible loan companies that can offer no credit check loans guaranteed Australia to individuals with bad credit. According to the company, the application process is designed to qualify even those unlikely to get their requests approved elsewhere.
In itself, Viva Payday Loans isn’t a loan provider; it only brings together loan companies ready to offer loans to borrowers. Therefore, you will have to go over a series of lenders, checking their terms, charges, and other prerequisites as the information will vary.
- Fund transfer is fast
- Secure platform
- A large number of reliable lenders
- Educational resources are available.
- Some lenders need plenty of private details
2. Ameri Cash
Ameri Cash was launched in 1997 as a platform where individuals could get cash in advance, with the company rebranding itself within the past seven years. Currently, the company gives out installment loans ranging from $50 to $4000, dependent on your state.
The platform is available in 12 states, and clients can get their loans approved in 24 hours after filling out the application form online or in person. Ensure that you go through the loan agreement before agreeing to the terms, as these could differ depending on the state.
Even though Ameri Cash is not a cash advance or payday lender, you can still get short-term installment loans. However, these loans can be risky as they have triple-digit annual percentage rates. Furthermore, these interest rates are outrageous compared to traditional loans from banks or credit unions.
- You can qualify even with a poor credit score
- It takes approximately 24 business hours for the loan to be approved and be disbursed
- The application process is fast and straightforward
- It is regulated by U.S federal and state laws.
- Expensive mode of borrowing
- Lack of transparency—interest rates and APR information are revealed after you finish the application.
3. Lend Up
Lend Up operates the same way as payday loan platforms.
With this platform, applicants can get immediate loans and repay their loans using their next paycheck, making it an excellent option for those who have financial emergencies and are assured of repaying by their next paycheck.
The company uses a ladder system to determine the lending rates. In other words, borrowers who have at one point borrowed and paid in time will climb the ladder, thus attracting better interest rate loans.
The ladder system includes three stages: Platinum, Silver, and Gold. Platinum is at the top level, and it gets you prime rates, and you can report to credit bureaus when you make punctual payments, with Silver being the lowest tier after Gold.
- You don’t need an excellent credit score to get a LendUp loan
- The LendUp ladder system allows loyal customers to access larger loans and better interest rates
- LendUp loans target clients needing urgent cash to sort out their financial emergencies.
- LendUp first-time borrowers are ranked at the bottom of the ladder—they can only apply for small amounts
- Reporting to the credit bureau is inconsistent
This online lending platform connects borrowers with a web of no credit check lenders, giving borrowers a few of the most competitive loan rates available on the market.
CashUSA is a service provider that links borrowers to lenders who can deal with you instead of directly servicing or funding the loan.
The platform has an extensive lenders network providing unsecured credit services, meaning you don’t have to put your house or vehicle up as collateral.
- Personal data security
- Straightforward and fast
- No credit check
- Opportunity to improve credit score
- Flexible repayment terms.
- High interest-rates.
Borrowers with bad credit can obtain no credit loans up to 5,000 dollars from different lenders through the help of CreditLoan.
Applicants can review the loan offer terms and conditions before giving in the loan application as you’re not obligated to accept any loan offer if you don’t want to.
CreditLoan has assisted over 750,000 consumers in finding lenders that offer no credit check loans of varying amounts and fair interest rates.
This platform makes it simpler to get various loan options that may give you a good amount of cash in a short time.
- Reputable business
- Educational resources
- Safe and secure site
- No monthly requirement
- Loans range from 250 to 35,000 dollars.
- Unavailable in Connecticut and New York
ALSO CHECK: Installment Loan and Line of Credit, What’s the Difference?
Financial hitches are unforeseen occurrences; however, nearly everybody faces setbacks at one point despite their financial background.
However, the good news is that these loans have gotten people out of financial mishaps.
Many bad credit loans firms include fixed rates to guarantee that they’ll stay constant for your loan period.
To this end, you’ve gathered the details of the top five loan platforms providing no credit check loans to aid you during a financial crisis.
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