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Bad Credit

10 Easy Online Loans (2020)



You can find easy online loans if you know where to look. Numerous online lenders have entered the marketplace over the last decade, and most offer great interest rates and relaxed acceptance standards to compete with the pack.

While that may mean less profit for them, it can also mean a better loan for you. Check out our recommendations below and start the research you need to find easy loan approval.

Installment Loans | Cash Loans | Credit Cards | FAQs

An installment loan is the most common type of personal loan. These loans require you to make a series of monthly payments, and they charge an annual percentage rate, otherwise known as APR.

Installment loan terms can range from three months to six years of payments, depending on the lender and the total amount borrowed. Just remember that the longer you stretch out your loan, the more interest you’ll pay to satisfy the debt.

The options below are all part of online lending networks. That means you’ll submit one application to a single network that will send your request to its partner lenders.

Those lenders will consider your application and, within minutes, you may receive one or more loan offers to choose from. The best part about these networks is that several lenders will look at your request and then compete for your business. This may yield you the best loan offer for your credit situation.

  • Loans from $500 to $10,000
  • All credit types accepted
  • Receive a loan decision in minutes
  • Get funds directly to your bank account
  • Use the loan for any purpose

You may qualify for a personal loan of up to $10,000 with In some cases, you may be offered a revolving line of credit, which works very much like a credit card. Once you make a payment on a revolving credit line, you can reuse the credit you paid off.

To qualify for a loan, you must be 18 years or older, a U.S. citizen or permanent resident, and have an active checking account, email address, and phone number in your name. Applicants must also provide proof of at least $1,000 in monthly income, after taxes.

If you meet those requirements, you can fill out a short survey that takes five minutes or less to complete. You could receive one or more offers sent to your email within minutes of applying.

Meeting the criteria to apply doesn’t guarantee loan approval. Although CashUSA has very flexible acceptance requirements, lenders may shy away from approving larger loans for applicants who have damaged or thin credit files.

  • Loans from $250 to $5,000 available
  • Cash deposited directly into your account
  • Get money as soon as tomorrow
  • Bad Credit OK
  • More than 750,000 customers since 1998 requires applicants to have an active checking or savings account. You can also only have one open loan through the network’s lenders. Once you’ve paid off your current loan, you’re free to apply for another.

CreditLoan is not an actual lender, but rather a free referral service that connects borrowers and lenders. If approved, the network will direct you to the lender’s website, where you’ll complete the application and finalize your loan.

The network and its lenders typically do not consider applications for consumers who have a pending bankruptcy case. Each lender sets its own interest rates.

If you receive multiple loan offers, be sure to study each one closely, as they likely will not offer the same terms, interest rate, or monthly payment.

  • Loan amounts range from $500 to $5,000
  • Experienced provider established in 1998
  • Compare quotes from a network of lenders
  • Flexible credit requirements
  • Easy online application & 5-minute approval
  • Funding in as few as 24 hours

Bad Credit Loans requires you to be a legal citizen of the U.S. and 18 years or older to apply for one of its loans. You’ll also need to provide a valid email address, working phone number, and bank account details of where you’d like the loan money transferred.

Providing these details doesn’t guarantee approval, but this network lives up to its name and typically provides easy loans for consumers who are in a jam and need a quick loan. And doesn’t limit itself to personal loan options — you can also apply for an auto loan or a student or business loan.

  • Loan amounts range from $500 to $35,000
  • All credit types welcome to apply
  • Lending partners in all 50 states
  • Loans can be used for anything
  • Fast online approval
  • Funding in as few as 24 hours offers the largest maximum loan amount among these options with loans of up to $35,000 available to qualified borrowers. The minimum loan amount is $500.

This network specializes in personal loan options that offer a low minimum payment and interest rate, which makes for more manageable debt repayments. And, since this network offers larger loan amounts, it isn’t only reserved for consumers who need a bad credit loan.

The PersonalLoans network is also among the largest of all the online lending networks. Although the group boasts lenders in all 50 states, you aren’t required to work with a lender in your area. The beauty of easy online loans is that you can borrow money from a lender anywhere in the U.S. and set up recurring payments from your checking account or another bank account.

Depending on the amount of your loan and the lender’s terms, you could have between three and 72 months to pay off your loan.

Easy online loans tend to offer quick payouts via a wire transfer to your linked checking account or another bank account. That may work if you have 24 hours to wait for your funds.

Sometimes, though, you need a quick loan that pays out in cash. If this sounds like you, the lenders below may offer just what you need.

Keep in mind that a cash loan often includes a higher interest rate than a traditional online lender. The loan product you receive may be a payday loan that charges astronomical fees if you don’t pay it off on time.

You may find more luck with a traditional online installment loan if you’re looking for a larger loan amount. Most cash loan options tend to cater to consumers who may not have a bank account and need quick cash before payday.

As such, you will likely have a shorter repayment time frame and your total loan amount may be due in one lump sum in as soon as two weeks.

  • Short-term loans up to $2,500
  • Online marketplace of lenders
  • Funds available in as few as 24 hours
  • Simple online form takes less than 5 minutes
  • Trusted by more than 2 million customers
  • Not available in NY or CT

MoneyMutual made its name as a next business day online installment loan option, but the network’s lenders offer in-person cash loan options as well.

You can choose to search only for local lenders when you apply through MoneyMutual. Some of these lenders offer cash pickup options if you qualify. Keep in mind there may be an added service charge for this type of transaction.

The annual percentage rate on a cash loan offer will likely be much higher than a direct-deposit loan because there’s more risk involved for the lender.

Many cash loans don’t require an active checking or savings account for approval. Installment loan providers tend to favor borrowers who have an active bank account because they use it to set up an automatic, recurring monthly payment that helps them collect their money.

If you’re applying for a loan without a bank account, the lender has little recourse if you default. Since they’re taking on added risk, you should expect to pay a little more.

  • Loan amounts range from $100 to $1,000
  • Short-term loans with flexible credit requirements
  • Compare quotes from a network of lenders
  • 5-minute approvals and 24-hour funding
  • Minimum monthly income of $1,000 required
  • Current employment with 90 days on the job required is a payday loan option that offers cash pickup locations around the country. Loan terms won’t include a monthly payment. Instead, you’re required to repay your loan in one lump sum — plus interest — within a month, sometimes sooner.

That interest rate is what can make these loans very costly. With rates as high as 2,290%, these ultra-short-term loans can ensnare you into a debt trap if you do not pay it back on time. That’s why suggests on its website that you should only use its service as a last resort and in the case of a financial emergency.

Keep in mind that some states do not legally allow payday lenders to operate within its borders. This includes Montana, Oregon, Utah, Arizona, Texas, Arkansas, Georgia, North Carolina, West Virginia, Maryland, New Jersey, Pennsylvania, New York, Connecticut, Massachusetts, Vermont, New Hampshire, and Maine.

Most people who search for easy loans online want to receive their money quickly. But if you can wait a little bit longer, you may be able to find a much better deal through a credit card.

You repay your credit card debt just as you would an installment loan, with monthly payments that slowly satisfy your balance. The best part is that a credit card provides a revolving credit line, so you can reuse your credit once you pay it off.

Best of all, you can avoid interest altogether with a credit card loan by paying your entire balance within your card’s grace period.

The catch is that most easy online loans can wire your borrowed funds to your bank account within one business day. With a credit card, you may have to wait for between seven and 10 business days for your card to arrive in the mail, although some issuers will expedite shipping by request.




  • All credit types welcome to apply!
  • Free access to your Vantage 3.0 score From TransUnion* (When you sign up for e-statements)
  • Monthly reporting to the three major credit bureaus
  • See if you’re Pre-Qualified without impacting your credit score
  • Fast and easy application process; results in seconds
  • Free online account access 24/7

See website for Details


25.90% – 29.99%

See website for Details

Bad, Poor Credit

The Surge Mastercard® doesn’t charge processing or setup fees to open your account, but you will be charged an annual fee, based on your credit history. That fee will deduct from your initial available balance.

You can prequalify for this card on the issuer’s website without accruing a hard inquiry that could hurt your credit score. If approved, you’ll receive your card in the mail in seven to 10 business days. Once it arrives, you can activate the card over the phone or online and begin using it immediately.




  • Pre-qualifying today will not affect your credit score
  • Less than perfect credit histories can qualify, even with prior bankruptcy!
  • Mobile friendly online access from anywhere
  • Fraud protection for stolen or lost cards
  • Account history is reported to the three major credit bureaus in the U.S.




$0 – $99


The Indigo® Unsecured Mastercard® – Prior Bankruptcy is Okay is easy to be approved for but may charge an annual fee based on your credit history. One potential catch with this card is its low initial credit limits, and the annual fee (if you’re charged one) will be deducted from your line of credit upon activation.

Still, if you need a small and easy online loan, this card accepts most applicants and can provide relatively quick access to a revolving credit line, among other features.




  • Prequalify for a card today and it will not impact your credit score
  • Less than perfect credit is okay
  • Mobile account access at any time
  • Protection from fraud if your card is stolen
  • Account history is reported to the three major credit bureaus in the U.S.

  • *Dependent on credit worthiness




$35 – $99

Bad, Poor Credit

The Milestone® Mastercard® – Less Than Perfect Credit Considered is part of a family of cards offered by Milestone that each has a specific credit limit and interest rate. The Milestone® Mastercard® is the most popular card it offers.

You’ll pay no security deposit or one-time fees when you apply. A variable annual fee and a competitive interest rate make this card a winner for consumers who may have a low credit score.

You can find the card that works best for you by filling out a prequalification form on the issuer’s website, after which you may receive an offer for the card that best matches your needs and credit situation.




  • Checking Account Required
  • Fast and easy application process; response provided in seconds
  • A genuine Visa credit card accepted by merchants nationwide across the USA and online
  • Manageable monthly payments
  • $300 credit limit (subject to available credit)
  • Reports monthly to all three major credit bureaus



See Terms

See Terms

Fair, Bad Credit

The Total Visa® Card can offer fast access to a line of credit, but it isn’t the most affordable option on this list thanks to the card’s one-time program fee due at the time of approval. You’ll also have to pay your first year’s annual fee upon activation before you can use your card.

Subsequently, the annual fee increases starting in year two. These charges add up fast, but if you need a bad credit loan or quick access to a small amount of cash, this card may work for you thanks to its lenient approval requirements.

Online loans may not be as intuitive as a traditional loan from a bank or credit union. There’s no need to go to the bank and fill out lengthy forms and wait days for approval.

Instead, online loans can be completed from the comfort of your home and you can receive an approval within minutes. Below we answer common questions about the process and explain how online lending networks have streamlined getting a loan for everyone and every need.

What is an Online Loan?

An online loan works like any other loan you would get from a bank or credit union, only you apply and complete the lending process online. Online loans won’t limit your money search to traditional financial institutions, either.

Thousands of online lenders exist across America. Most have an online presence that allows consumers to apply for loans in a matter of minutes.

Thanks to intelligent underwriting, the same system that allows you to apply for a loan can typically make a credit decision in a matter of seconds. Most people can complete an online loan application and have the money deposited directly into a linked checking account without ever actually speaking to a person.

And, since these independent lenders don’t have the same overhead as large banks, you may be able to find more affordable loans with better interest rates from an established online lender.

Keep in mind that not every online lender has the accreditation needed to operate in all 50 states. If you’ve chosen a lender who isn’t licensed in your state, you’ll likely receive a pop-up notice before you complete your application.

Or you can choose an online loan marketplace and not have to worry about your location because a lending network, like those listed above, will distribute your loan request to all of the partnered lenders on its network that service your area. The lenders know they’re competing against other lenders for your business, which can improve your chances of being approved for a loan with an interest rate that works for you.

What Credit Score Do I Need to Get an Online Loan?

There isn’t a magic number that serves as the dividing line that determines whether a loan will be approved or rejected. Different lenders have their individual acceptance standards — and no lender publishes its minimums for acceptance.

That said, you can follow certain guidelines that may help you apply only with lenders that give you the best chance of acceptance. Banks traditionally only want to lend to consumers who have a good or excellent credit score. On a FICO range of 300 to 850, “good” credit constitutes any credit score of 670 or higher.

FICO Score® Ranges

But that doesn’t mean you can’t receive loan approval if you have a sub-670 score. In fact, finding an online loan is easier than you think.

So many online lenders exist today that there’s simply too much competition for consumers who have good credit. Many lenders have to wander outside of their comfort zones to make a profit, which means entering the bad credit loan marketplace.

Most of these lenders partner with online lending networks, which act as a referral source that sends would-be lenders to their doorstep.

MoneyMutual, for example, partners with many bad credit lenders, some of which, according to reviews, have approved loans to applicants with credit scores below 500. lives up to its name by approving loans for applicants who may have received rejections from traditional lenders.

Just keep in mind that a bad credit loan typically features upfront costs and higher interest rates. That’s why it’s vital to understand the state of your credit score before applying for a loan. Applying for loans you won’t qualify for will only add hard inquiries to your credit report that could lower your score.

What is the Easiest Loan to Get?

There’s strength in numbers. The more options you have, the better your deal.

That’s why online loan networks provide the easiest path to a loan. If you apply for a single loan product from a direct lender, you’re putting all of your eggs in one basket. When you apply through a lending network, you’re submitting a single application to dozens of lenders throughout the U.S.

Direct Lenders vs Lending Networks

Different networks meet different needs. For example, you can consider MoneyMutual for a small personal loan, or you could turn to for a competitive auto loan or home loan offer. Most networks offer next business day funding.

Each lender has different approval requirements. Some may specialize in bad credit loans, some may give larger loan amounts, others may offer a lower monthly payment.

Many lending networks can return with a loan decision within minutes of your application, no matter what time of day or night you submit your form. It’s important to understand that every loan offer comes from a different lender.

Just as they all have different specialties, they also offer different terms. The loan with the lowest monthly payment could also be the most expensive overall. Examine your interest rate, the overall total needed to satisfy the loan, and what kinds of upfront fees or other penalties may exist during the life of your loan.

What is the Best Online Loan?

This depends on your needs. If you’re looking for a personal loan, you should consider the amount you’ll need and your credit situation.

Our top choice, MoneyMutual, offers a large network of lenders, but only offers short-term loans of up to $2,500.

  • Short-term loans up to $2,500
  • Online marketplace of lenders
  • Funds available in as few as 24 hours
  • Simple online form takes less than 5 minutes
  • Trusted by more than 2 million customers
  • Not available in NY or CT, on the other hand, offers qualified applicants up to $35,000 and 72 months to repay larger loan amounts.

  • Loan amounts range from $500 to $35,000
  • All credit types welcome to apply
  • Lending partners in all 50 states
  • Loans can be used for anything
  • Fast online approval
  • Funding in as few as 24 hours

These are unsecured loan offers, which means you won’t have to offer an item of value — such as your home or car — as collateral for approval.

Every network’s lenders offer fast approvals and funding. Most provide next business day funding to a linked checking or other bank account. Speed shouldn’t play a factor in choosing the best online loan because most move quickly.

But if the timing isn’t a critical issue, you may want to consider a credit card. A credit card offers a revolving line of credit that you can use over and over. And you can avoid paying interest if you pay the loan off within the grace period.

The only catch is that very few cards allow you to use your new line of credit as soon as you’re approved. That means you’ll have to wait five to 10 business days to receive your card and activate it before you can spend your borrowed funds.

Can I Get a Loan with No Credit Check?

Very few lenders will hand out money without some proof that you can repay the debt. That typically comes from a credit check, where the lender can see your financial history, including any late payments or past defaults.

Without that information, the lender must blindly trust that you will repay your loan. Not many businesses would last if they based their lending decisions on trust and hope.

That said, a few loan options exist that don’t require a credit check. Just be ready to pay a lot more to borrow money this way.

That’s because any lender willing to take that kind of risk wants a substantial payoff for the risk they assume. That payoff for the lender comes in the form of finance fees and high interest rates charged to the borrower.

No Credit Check Loans

The most popular type of no-credit-check loan is a payday loan, otherwise known as a cash advance. These loans are not installment loans. Instead, payday lenders base your loan approval on your verifiable income, which can be done by providing a pay stub or bank account statement.

Instead of making a monthly payment on your loan, you’re required to repay the full amount (plus interest) within a period that ranges from one week to one month.

The annual percentage rate on these loans can climb well into four-figures. And it gets even worse if you don’t pay your loan off on time. One lender once borrowed $400 on a two-week loan and ended up paying well over $12,000 to satisfy the debt.

There’s a reason these lenders often state on their websites that you should only use their services as a last resort. Proceed with caution.

What is a Loan Origination Fee?

Lenders may charge an origination fee upfront for processing a new loan application. These aren’t always standard and not every lender charges origination fees, but most bad credit lenders use them as compensation for the time it takes to process your loan.

Some lenders may charge a flat rate and others may charge you for a percentage of your overall loan total. So, for example, a lender that charges a 1% origination fee would collect $30 on a $3,000 loan.

Some lenders may require this fee in cash, but most will deduct the fee from your loan payout.

Loan Origination Fee Example

Most percentage-based origination fees range between 0.5% and 1% of the total loan amount, though you can sometimes negotiate a lower fee on a larger loan.

The U.S. government enacted several fair lending laws following the financial crisis of 2008 that limits ways in which a lender can receive compensation, including lowering origination fees and other hidden charges.

Will I Need a Checking Account to get a Loan?

Almost every online lender will require an active bank account in your name to consider your application. That’s because these lenders aren’t necessarily located in your area. If you stop making payments, they can’t come knocking on your door to chase your payment down.

But what lenders can do is schedule recurring payments from a linked bank account that will automatically deduct the amount you owe on your due date. This provides some peace of mind to the lender, who typically doesn’t want to rely on you sending in a check or scheduling your own online payment each month.

If you don’t have a checking account but still need a loan, your best bet is to shop your needs to lenders in your area. A local lender is more likely to consider this type of loan request, though you may have to settle for a secured loan.

This means you’ll have to use something of value, such as a vehicle or piece of jewelry, as collateral to secure the loan. That way if you stop making payments, the lender has full authority to liquidate the collateral to satisfy your debt.

Another option is to consider a credit card loan. A few card issuers will consider your application for credit even if you don’t have an active checking account.

If none of those options work, consider setting up a checking account at a local bank or credit union or researching one of the many online banks that make signup easy and rarely have oppressive minimum balance requirements.

The simple act of setting up a bank account can open you to a host of loan options that you otherwise couldn’t obtain.

Can I Get an Online Loan from a Credit Union?

In most cases, the answer is yes. Thanks to the competition from larger banks, most credit unions have invested heavily in technological advances that provide online banking, mobile applications, and other perks to members.

This typically includes access to an online portal where you can apply for a loan. However, these loans are only available to members of the credit union. You can fill out your application on its website, which the system forwards to a loan officer at the credit union.

While the turnaround on these loans isn’t as fast as an online lender that provides a decision in minutes, you should still hear something back within a day or so, excluding weekends and holidays.

The slower response time happens because many credit unions manually underwrite every loan application. That means someone has to look over your application and run a credit check before making a decision and notifying you, whereas most online lenders have technology that does this in a matter of seconds.

If your credit union experiences a high volume of loan applications, you could get stuck in line and have to wait to hear back. High demand could also lower your approval odds if you don’t have good credit.

What Interest Rate Can I Expect to Pay?

Interest rates rely heavily on your credit score and payment history. An interest rate is essentially the payment the lender gets for taking the risk in lending you money. The lower the risk, the lower the fee.

Average Personal Loan APR by Credit Score

If you have an excellent credit score and a history of on-time payments, you may find a personal loan with an interest rate of under 5%. On the flip side, a bad credit score and recent late payments or defaults can land you a triple-digit interest rate on a short-term loan.

Thankfully, most states have laws in place that limit the amount of interest a lender can charge. Depending on your state, you could pay as little as 5% or as much as 25%. Many payday loans operate under different laws that allow them to charge upwards of 1,200%.

Usury laws only apply to the state you live in, not where the loan originated. So, for example, if you live in Florida and accept an online loan from a lender in Delaware, you’re subject to the interest rate laws for the state of Florida.

If you’re ever offered a loan with interest rates that exceed your state’s limitations, report the lender to local government authorities and the Better Business Bureau.

Is a Payday Loan a Good Idea?

A payday loan is almost never a good idea. There are instances, though, where your financial situation may make a cash advance your only option to get out of a jam.

A payday loan is a super-short term loan that’s designed to last between one week and one month. They’re meant to provide financial relief between paydays, hence the name.

These loans often charge three-digit interest rates that could yield interest charges of a few hundred dollars on a loan that lasts only four weeks. And, best-case scenario, that’s all you’ll pay.

Payday Loan Interest Rate Map

This map shows the average interest rate charged for payday loans in each state. Gray states indicate where payday loans are illegal.

The internet is filled with payday loan horror stories from people who borrowed a few hundred dollars for an emergency and ended up paying $10,000 or more to satisfy the debt.

If you cannot pay your loan in full by the agreed-upon date, the lender will offer you a new loan to cover the costs of the old one. This will include penalty charges and a higher interest rate. If you cannot pay that loan off, you’ll have to sign a third loan that will be even more expensive.

The loans will continue to pile up until you can finally pay off the debt.

Although the average payday loan has a two-week repayment period, studies found that the average payday loan borrower carries their debt for five months and spends an average of $520 in fees to repeatedly borrow $375. The average finance fee at a payday loan storefront is $55 per two weeks.

Over the last decade, online loans have increasingly risen in popularity. These fast and accessible loans work on your schedule — you can apply at any time of the day or night and from any location you choose.

And instead of waiting for a loan officer to crunch numbers and check references, your loan decision will arrive within minutes. These easy online loans are a great way to secure a competitive interest rate and loan terms, which makes them winners in our book.

Advertiser Disclosure is a free online resource that offers valuable content and comparison services to users. To keep this resource 100% free, we receive compensation from many of the offers listed on the site. Along with key review factors, this compensation may impact how and where products appear across the site (including, for example, the order in which they appear). does not include the entire universe of available offers. Editorial opinions expressed on the site are strictly our own and are not provided, endorsed, or approved by advertisers.

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Bad Credit

Is The No Credit Check Loan The Best Option For You? | Branded Voices



If you need extra cash and have considered applying for a loan even with a bad credit score, you might have already heard about the no credit check loan.

Image by Bermix Studio 

Many people opt for a no credit check loan as their last resort. Like any other loan options, a no credit check loan has its pros and cons. Knowing if this is the best option for you allows you to go consider both its advantages and disadvantages. 

But is it your best option? Is there another way to acquire cash without looking into your credit record?

The Advantages

Here are the other advantages of a no-credit loan:

No Credit Checks

You are considering this loan option because the lender will not bother to check your credit report. It doesn’t matter whether you have a good or a bad credit score as long as you are eligible and can comply with their requirements. 

This benefit is one reason why this loan option attracts many borrowers, especially those who don’t have an impressive credit score and those who are still building their credit records.

Other loan options will require you to provide a good reason why you are acquiring the loan. 

For example, lenders will ask you how you will use the loaned money aside from knowing your capability to repay the money you owe.  But with the no credit check loan, lenders will ask you this kind of question during your application. 

The Disadvantages 

Just like any other options available out there for you, a no credit check loan also has its disadvantages. These things may be huge factors for some consumers, while to others, they’re just minor inconveniences you need to deal with. 

Higher Interest Rates

One of the most common and obvious disadvantages of a no credit check loan is its higher interest rate. Since the lenders will not bother looking at your credit history and rating, they will impose a higher interest rate on your loan. 

The higher interest rates imposed are due to risks they take in lending you their money without even knowing if you can pay it back. This is a common rule for all lenders who offer a no credit check loan. 

Required a Minimum Loan Amount 

If you only need a small amount, a no credit check loan may not be the best option for you. Lenders require a minimum loan amount when you apply for a no credit check loan. Most personal loans with no credit check will require you to loan a higher amount than other loan options such as payday loans and single-payment loans. 

May Require A Collateral

Lenders may require you to have collateral as an assurance for the money you are borrowing from them. It is also to secure their part if ever you cannot pay back the cash you borrowed from them. If you default on your loan, the lender will forfeit the collateral. Collateral can be in the form of any valuable assets such as a house, vehicles, and jewelry.

Quick Process 

Another positive thing when acquiring a personal loan with no credit check is the speedy process. You can get the money in just a few minutes or hours as long as you comply with all of their requirements and are eligible for the loan.

Reminders Before Applying for This Loan 

There are things that you should watch out for when opting for this loan type, especially if you do it online, such as:

  • Watch Out For Fake Lenders

This is the risk associated with a no credit check loan. Some criminals use this to lure their victims for phishing and identity theft. Make sure that you choose a legitimate lender and never give out personal information prematurely. It is best to ask someone you trust for a recommendation or for help with securing a loan from a trusted lender.

  • Prepare The Requirements Ahead Of Time 

It is best to prepare all the requirements before applying for the loan to help you acquire the money quickly. Check your chosen lender’s website or print ads for a list of requirements they will need. 

Even though this loan option does not require a credit check, it does not mean you are guaranteed approval. If the lender finds out that you are not eligible for a loan, your application will be denied. 


Asking yourself if a specific loan option is good for you is one of the proper ways to assess if you should apply for it or not. This practice should be observed in applying for no credit check loans and other loan types available. Remember, not all loans are suitable for you. One loan may work better for others but may not work the same for you. Hence, be prudent and choose the loan option that suits best with your financial needs.

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Bad Credit

Learn to avoid these credit card habits before you regret making costly mistakes



Picture used for illustrative purposes only. Many still decide to confront bad credit card habits only after they are thousands of dirhams in debt.
Image Credit: Reuters

Dubai: Many still decide to confront bad credit card habits only after they are thousands of dirhams in debt. Here we discuss some lessons many regretted not learning before making mistakes that proved costly.

Although credit cards offer convenience, security, and rewards, overspending with a credit card and the interest and fees can bury you financially. So it’s important to know whether you possess such habits in the first place.

Four questions to ask yourself first

If you don’t know whether you have a bad credit card habit here are four questions to ask yourself to find out. If the answer to any of the below is yes, you are inching towards a credit card debtpile.

1. Do you pay only interest fees or minimum payments when you send in your credit card payment?

2. Have you ever paid your credit card late because you didn’t have the money for the payment?

3. Do you use your credit card when you don’t have enough cash?

4. When your issuer raises your credit limit, do you spend more because you can?

Bad credit card habits

While common mistakes include habitually paying your credit card late and taking out costly cash advances on your credit card, here are some uncommon-yet-dire mistakes that may slip under any user’s radar.

Habit #1: Missing out unauthorised or fraudulent charges

Keep in mind that one of the main benefits to reading your credit card statement is, it is one of the best ways to catch unauthorised charges and billing errors.

Don’t check your credit card statement for your balance and payment information, review the entire statement to verify your account activity.

By routinely checking your online or physical statement, you can also find out well before hand if your credit limit was lowered since you last checked – as it can change because of your credit habits or your credit history.

Habit #2: Paying only the minimum can cost you dearly

It is evidently easier to make the minimum payment and this is a habit credit card companies profit from as well.

Although paying just the minimum is more convenient than to figure how much extra you can pay towards your outstanding credit card bill, keep in mind that when you’re making only the minimum payment, you’re not making much progress toward paying off your credit card bill.

Moreover, unless you have a very low balance or a zero per cent interest promotion, you’re probably paying much more in finance charges than you have to.

Habit #3: Using your credit card more than your debit card

While it’s recommended you use your credit card to amass cashback rewards or points and also pay off your credit card balance every month, you shouldn’t opt to use your credit card over your debit card, if those aren’t the reasons why you would go about using them.

Your debit card is your direct access to the funds you should use for everyday purchases, like groceries, gas, clothing, and other expenses. If you use your credit card, it should be a decision with a plan for paying off what you’re charging on the card.

Habit #4: If you are transferring balances just to avoid payments

Although promotions like balance transfers are a widely recommended strategy to pay off a high-interest rate balance on your credit card, matter experts reveal that if you’re in the habit of pursuing such promotions to avoid paying payments on your credit card, this leads to amassing long-term debts.

Financial planners reiterate that many don’t realise that balance transfers typically have fees that will increase your overall balance if you’re never making payments toward the transfer. Moreover, if you’re making purchases on the card with such a promotion, the problem gets bigger.

Expert tips to take control of these credit card habits

Lesson #1: Pay your credit card in full each month

The best way to keep your credit utilisation ratio low and avoid costly interest charges is to pay your credit card balance in full each month – which also means you also don’t incur any large due.

It’s effective to control spending by not spending more than you can comfortably pay down each month, as this helps you reduce the likelihood of developing long-running credit card debt.

If you want to take in one step further, setting a monthly spending limit that’s well within your budget increases the chances that you’ll actually be able to zero out your monthly balance and avoid interest charges.

Lesson #2: Keep your credit utilisation ratio low

What it means by ‘credit utilisation ratio’ is essentially the link between your credit card balances and your aggregate spending limit. For example, a Dh2,000 balance on a credit card with a Dh5,000 credit limit equates to a 40 per cent credit utilisation ratio.

As a rule of thumb, your credit utilisation ratio shouldn’t exceed 40 per cent, and keep in mind that high ratios may adversely impact your credit score.

Financial advisors recommend aiming for a 30 per cent credit utilisation ratio, as that gives you some leeway to cover urgent one-off expenses, which can come unexpectedly as a result of maybe losing your job during the ongoing pandemic.

Lesson #3: Setting up customised spending alerts

If controlling your credit card spending is burdening you, it has been widely advised to set up customised spending alerts.

This will let you know when you’ve made an abnormally large payment or exceed a certain balance threshold and you also can pair these data alerts with security alerts to help flag any sham spending patterns.

Lesson #4: Using credit card rewards and points to your advantage

If you have a rewards credit card, you can use it to your advantage. If you have a pure cash back credit card, use any cash rewards you receive to put toward your account balance or directly deposit it into your savings account.

Alternatively, if you have a rewards points credit card, you can use your rewards to buy discounted gift cards to the stores you know, which will help save on future purchases without having to use your credit card.

If not, you could always redeem your reward points for cash redemption to put into savings or towards your account. However, ensure you know when your rewards expire to get the most out of them financially.

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Bad Credit

When Can I Get an Auto Loan After a Repo?



There’s nothing saying you can’t apply for an auto loan immediately after a repo, but the tough part is actually being able to qualify for the loan. Since many auto lenders don’t approve borrowers with a repo that’s less than a year old, you may have to consider in-house financing.

Repossessions and Your Next Car Loan

Unfortunately, most traditional auto lenders don’t work with borrowers that have a recent repo on their credit reports. When we say traditional, we’re referring to lending institutions such as banks, credit unions, online lenders, and the captive lenders of some automakers. These lenders often require a good credit score and clean credit reports.

Where does that leave you? Well, likely in-house financing is the next logical step if you need a car loan after a repossession.

More on In-House Financing

Buy here pay here (BHPH) dealerships use in-house financing. This way of auto financing involves working with the dealer who’s also your lender. There’s no need to find a third-party lender or preapproval – the dealer takes care of all that. This setup can be convenient, and often, borrowers are able to walk away with a vehicle the same day they first set foot on the lot.

Since these dealers may not check your credit reports to determine your eligibility for auto financing, your recent repossession generally isn’t an issue. If you can meet income requirements, prove you have stable work, secure auto insurance, and prove your identity, you might get into a vehicle after a repo with in-house financing.

Here are a few more details on in-house financing:

  • Used cars only – BHPH dealers only offer used vehicles. However, used cars are a good option for bad credit borrowers. They’re almost always less expensive than a brand-new car, and affordable is a good price when you need to get back on your feet after a repo.
  • Anticipate a higher interest rate – Without a credit check, lenders are taking a risk approving a car loan without knowing much about your credit history. To make up for this, they tend to assign higher interest rates. A high interest rate may be considered a good trade-off for an auto loan with bad credit in many cases, especially if you heavily rely on a vehicle to get by.
  • Credit repair may not be an option – If you get an auto loan with a lender that doesn’t check your credit, it’s a possibility that your on-time payments aren’t going to be reported to the credit bureaus. If you want to repair your credit with a car loan, ask the lender about their credit reporting practices before you sign on the dotted line.
  • Down payments are required – Few things are certain in the auto lending world, but one thing you can count on is needing a down payment if your credit is less than perfect. BHPH dealers often require a down payment of up to 20% of the vehicle’s selling price.
  • Prepare your documents – While a BHPH dealer may not check your credit, they’re likely to ask about your income and possibly your work history. You need proof of income to qualify for a car loan, no matter what lender you work with, so prepare at least a month of computer-generated check stubs. If you don’t have W-2 income, have copies of your last two to three years of tax returns.

Looking Forward After a Repo

When Can I Get a Car After a Repo?After one year, your auto loan options open up a little bit more and you’re more likely to qualify for a subprime car loan. Subprime lenders are equipped to assist bad credit borrowers. These lenders offer you a chance for credit repair because they report their loans and work with poor credit borrowers.

If you need a vehicle quickly, a BHPH dealership could be your first step in getting back on the road. Once some time has passed, and your repossession loses some impact on your credit reports, you can try for an auto loan that has the potential to repair your credit.

Here at Auto Credit Express, we know a thing or two about bad credit auto loans, and we have a nationwide network of dealerships that assist bad credit borrowers. We aim to match consumers to dealers in their local area that help with credit challenges. If you’re in need of auto financing, start right now by filling out our free auto loan request form. We’ll look for a dealer in your local area at no cost and with no obligation.

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