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Loans For Bad Credit

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What Are Loans For Bad Credit?

Having a bad credit score is often a big problem when you apply for a loan. So you may want to find the financing options for your situation. And loans for bad credit are designed for this purpose.

Loans for bad credit are loans that are given to people with a poor credit history, especially those who have been denied at other places. Bad credit lenders don't use credit score as the sole criteria to judge your repayment capability. These loans can be used for debt consolidation, covering urgent bills and making home improvements.

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What Is Bad Credit Exactly?

Bad credit is a term that is used to describe an individual'scredit score. A credit score is a number that is calculated based on the information in your credit report. It is a three-digit number ranging from 300 to 850. The lower the number, the worse your credit.

  • 800-850: Excellent credit
  • 740-799: Very good credit
  • 670-739: Good credit
  • 580-669: Fair credit
  • 300-579: Bad credit

A bad credit score can make it difficult for you to get loans, find housing or even get a job. It can also affect the interest rates and how much you pay for your loan or the insurance on your car or home.

Common Types of Bad Credit Loans

The following are the most frequently seen options when people search for loans for bad credit. Each of them is helpful to different types of borrowers.

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Secured/Unsecured Personal Loans

Personal loans are a popular loan option for bad credit borrowers to cover personal expenses. They can be secured, requiring collateral of valuable assets, or unsecured, but you can only borrow a smaller amount and need to pay higher interest rates.

Bad Credit Payday Loans

Payday loans are short-term loans that have to be paid back around your next payday. These loans generally have less stringent requirements but are available only for smaller amounts. Bad credit payday loans are especially helpful when you're in urgent financial need.

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Cash Advances

Cash advances can be in the form of unsecured small loans or quick loans borrowed against your credit card. These loans are probably the fastest way to get funds, but the amount is very limited, and they come with short terms and relatively high charges.

Home Equity Loans

Home equity loans may be a solution for you if you need a large sum of dollars upfront. Using your home as collateral, home equity loan lenders can offer big money that you have to return in fixed monthly payments.

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Student Loans for Bad Credit

If you're looking for bad credit student loans, the best option is the federal subsidized and unsubsidized direct student loans. You can also seek help from private lenders, but it is not easy to be qualified for their loans and if you have bad credit you'll almost certainly need a co-signer.

Installment Loans for Bad Credit

Installment loans are loans that are repaid in installments over a period of six months to five years. Installment loans for bad credit can be used for many purposes, such as consolidating high-interest credit card debt, making home improvements and paying for medical bills.

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What Should I Check When Choosing a Bad Credit Loan?

Choosing a wrong loan for bad credit can get you into trouble. You should be careful in determining if a loan is good for you. Below are some factors to consider.

Eligibility requirements

You can find this information on the lender's website or by directly contacting them. Some items worth careful inspection include minimum credit scores, minimum income levels, and maximum debt-to-income ratios.

Interest rates and additional charges

See if the lenders are totally transparent about how much they will charge you for their services. Also compare the rates and fees carefully and find the most affordable one for you.

How to Get Bad Credit Loans Online With CocoLoan?

It can be difficult and time-consuming to find a lender that gives the right offer for your situation. But don't worry! CocoLoan can help you. We can match you with reliable lenders for bad credit loans in the US. Here is how:

  • 1

    Submit your information

    Fill in our easy to complete form on our website to provide your details.

  • 2

    Wait for the lenders to approve

    Our lenders will carefully check your application, and then approve our request if they think you're eligible.

  • 3

    Choose the offer you like

    Compare the terms and rates of the offers from our lenders, and choose the right one for you.

  • 4

    Receive your money

    Your lender will deposit the money into your account and you will receive it soon.

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Basic Eligibility Requirements For Bad Credit Loans?

The lenders may not impose strict requirements on your credit score. But there are still other basic criteria you'll likely need to meet to qualify for the bad credit loans. Some of the most important ones are:

  • You must have a citizenship in the US

    You must be at least 18 years of age and a citizen of the United States. And you should have an official document to prove this.

  • Your current credit history shows no problem

    This means that you don't have any currently delinquent debt, and judgments and bankruptcies are resolved.

  • You have enough income to potentially repay the loan

    The lender will know this by looking at your employment status, income source, debt-to-income ratio.

You may also apply with a co-signer if you can't qualify by yourself. However, you have to be careful because missing payment can also hurt your co-signer's credit.

Frequently Asked Questions

  • How easy is it to get a bad credit loan?

    Getting a loan with bad credit tends to be hard from traditional lenders. But at CocoLoan, we can help you find affordable bad credit loans online easily.

  • How much can I get from a bad credit loan?

    With CocoLoan, it is possible for you to borrow $50 - 5000 for bad credit payday or title loans, and up to $35,000 for personal loans.

  • Is borrowing bad credit loans risky?

    It depends on the type of loan and the situation you are in. If you only take loans that you know you can pay back, then you can avoid getting yourself into a debt trap.

  • How can I improve my credit score?

    There are a few things you can do to improve your credit score:

    • Always pay your debt in time.
    • Lower your credit utilization rate.
    • Don't apply for new accounts too often.
    • Check your credit reports regularly.
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Get Loans Easily Even If You Have Bad Credit

CocoLoan can help ease your way out to find loans for bad credit. We have long-listing lenders that may offer just the right option for you. So, submit your loan request now and meet your potential lenders.

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