Charlotte, NC, (GLOBE NEWSWIRE) — TransformanceUSA now offers a free service to match customers with bad credit loans based on a 10 question assessment.
You may be matched with any of the following types of loans: bad credit loans, no credit loans, low-interest rate loans, cash advances, sofi, rocket loans, or more. Each of these are explained in more detail below.
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Bad Credit LoansIt’s possible to get a loan with a bad credit score. A bad credit loan is meant to cater for individuals with a credit score below 575 or short credit history. They come at a higher interest rate than traditional loans, but they can be used to meet urgent financial needs and improve your credit score. These loans can either be secured (backed by collateral such as a car or home) or unsecured.
The quiz will ask you questions about the size of the loan you need, what you need the loan for, your credit score, and how quick you need your loan
There are many online lenders who specialize in providing bad credit loans. Various credit unions, banks, and online lenders offer bad credit loans to people with poor credit, but their threshold for what they call “creditworthy borrower” varies from one institution to another. Some lenders are stricter than others, differ when it comes to accrued interest rates, and have different fees and terms of engagement. It’s thus essential to shop around for the most favorable terms and requirements before making a decision.
How To Get A Bad-Credit LoanSecuring a personal loan with bad credit requires diligent research to find the most suitable and affordable loan possible. Bad credit means you have limited options, but that doesn’t mean you’re completely helpless. Here are tips to ease the process of getting a bad credit loan:
Check your credit score: It’ll be best if you start by learning where your credit score stands. This can be done by requesting a free report from Experian (Everyone is entitled to one free credit report every year from each of the credit reporting agencies)
Have a reasonable repayment plan: When taking a loan, it’s vital to ensure that you can manage your home budget and still support an additional loan payment each month.
Compare bad-credit loans: If you already have an existing relationship with a bank or financial institution or your account is in good standing, they might have a loan option for you. You can also take your research online and check lenders’ independent reviews to ensure you’re getting the best deal.
Look into secured loans: Secured loans are easier to get if you have a below-average credit score. These loans require you to back them with collateral but have lower APRs.
The answers are then used to calculate a list of lenders that offer the best bad credit and no credit loans for your situation
Take advantage of prequalification: Many lenders will allow you to check whether you qualify for a loan before doing a hard credit check.
Add a co-signer if necessary: Adding a co-signer with a good credit history will increase your chances of qualifying for a loan and may also net you a lower interest. However, being a co-signer means assuming the responsibility to pay the loan if a borrower falls behind on payments.
Be prepared for hard credit checks: As mentioned earlier, many lenders will allow you to get prequalified without initiating a hard credit check. However, the actual application results in a credit inquiry that temporarily damages your credit, although you’ll eventually recover these points once you start paying the loan.
