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What is a Credit Rating?
A credit rating is the score that the major credit reporting bureaus give you. This score is higher if you have proven responsible with your finances by making timely repayment of loans and credit cards. The higher your score, the lower the risk in lending to you.
Can I get a Loan with Bad Credit?
Absolutely. We offer loans to borrowers with all types of credit history. As long as you have proof of employment and regular income, you can qualify for an installment loan. Just provide a few key personal details and you can be approved for an installment loan in just minutes.
What can I use a Bad Credit Loan for?
Anything. Once your lender approves you for a loan, based on your financial standing, you will receive your money in just a few hours. You can do whatever you like with this money—go shopping, pay bills, or, even, use it to repay your loan.
What is a Short Term Loan?
Short term loans are loans to be repaid in a limited time period, usually from a few months up to two years. Short term loans are designed to help borrowers meet an unexpected emergency like a car accident or medical crisis. Once approved, the loan funds are deposited in the borrower’s bank account in just a few hours. Often a credit check is unnecessary to obtain loan approval because loans are approved on the borrower’s ability to repay.
Is a Payday Loan the Same as a Short Term Loan?
Not exactly. While a payday loan is also meant to help with an emergency, it usually has different repayment terms from a short term loan. Most payday loans must be repaid by the next paycheck, which is usually a couple of weeks or a month. The interest on a payday loan is usually quite considerable.
If I am Out of Work, can I still get a Loan?
If you are on some type of financial assistance like Social Security, disability payments or pension, you may still be able to qualify for a quick cash loan. The size of the loan will usually depend on the amount you receive through your assistance program.
Can I do anything to Improve my Credit Score?
Yes. By getting approved for an installment loan and making punctual payments, you will be raising your credit score. If you successfully fulfill the terms of repayment, your credit rating will improve, making your next loan easier to get and cheaper to finance.
What is a Debt Consolidation Loan?
If you have one or more high interest loans, a debt consolidation loan pays them off. This leaves you with a single loan that has a lower interest rates or more comfortable repayment terms. Many debt consolidation loans allow you to use a property as collateral to make the interest rate lower and monthly payments more affordable.
What is a Car Loan?
Many car owners are willing to use their automobile as collateral for a loan. By securing the loan with property, you are improving your chances of loan approval and obtaining a loan with more generous repayment options like a lower Annual Percentage Rate, lower monthly payments or a longer period for repayment. A car loan is usually an outstanding option, if you have a poor credit rating.