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Having poor credit may not disqualify you from getting approved for a loan. Plenty of online lenders offer loans for borrowers with a wide range of credit scores, so you can still get approved with poor or fair credit. While no credit check loans may be difficult to find, many lenders have more lenient credit score requirements. Here are a few loans that can help poor-credit borrowers get the funds they need as soon as the same day they apply:
Cash advances are short-term, small dollar loans that can give you some extra funds to cover expenses before your payday. You’ll typically repay this type of loan in two to four weeks, depending on when you get your next paycheck.
Many cash advance lenders offer online applications, so you may be able to apply from the comfort of your home. Cash advance lenders often require information like a government issued ID, your bank account information, and proof of employment in the form of recent paystubs. Better yet, you may not need good credit to get approved. But these loans can come with high interest rates, so make sure you have a repayment plan ready before you take one out.
Installment loans give you a lump sum of money that you’ll pay back over time, in monthly installments. These loans can be a good option if you need a larger amount of money, like if you need to pay for a home repair or cover an unexpected medical bill.
You can still get an installment loan with a poor or fair credit score. Just keep in mind that you may have to pay a higher interest rate.
A line of credit is a flexible loan that lets you withdraw funds up to your credit limit. If approved for this type of loan, the lender will give you access to money up to a certain amount. Then, you can spend the funds as needed, and repay them all at once or over time. You’ll only pay interest on the amount you borrow.
Many lenders have less strict credit score requirements and will consider additional factors like your income and employment history when deciding whether to approve you. So, you may not need a good credit score to get a line of credit.
A title loan is a secured loan that lets you borrow money using your vehicle’s title as collateral. After you fill out an application, the lender will appraise your car and offer a loan amount based on its value. Then, you can receive the funds and keep driving your vehicle as you repay the loan. Just remember that the lender can repossess your car if you default, so make sure you can pay back a title loan before applying.
There are plenty of options for borrowers with poor credit. To choose the right loan for you, consider loan options, your financial needs, and budget. Whether you choose a cash advance, installment loan, line of credit, or title loan, make sure you have a good repayment plan ready. Once you choose the option that works for you, you can receive the funds you need to cover expenses right away.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.
