How to Get Immediate Loans with Bad Credit

If you’re among the 108 million Americans with a bad credit score, you likely are struggling to take out the loans you need to thrive. However, there are still options available to you so that you can get immediate loans from top-notch lenders.

This is an exciting prospect, but how does it work? Is there a specific process for accessing loans with bad or no credit? Read on to answer these questions and begin the process of getting instant cash.

Understand How Immediate Loans Work

It’s important that you know how immediate loans work before requesting them. These loans serve the purpose of providing struggling individuals and families with the cash they need to get back on their feet. They’re also called “payday loans” because they give you an immediate cash advance.

These loans are generally a good idea for those who need to pay rent, afford necessities, or perform much-needed home renovations.

However, they usually come with fairly high interest rates and associated fees. You may need to pay an origination fee, which is an upfront cost of processing your application. This fee will come out of the loan itself.

High interest rates are a staple of payday loans as well. You could find yourself paying 40-50% interest with some lenders. We strive to pair you with lenders that offer more desirable rates, though, and can in some cases get you as low as a 5.99% APR.

Still, they get you the instant cash that you desperately need. This means that despite the interest rates, they’re worth taking out.

Learn Information About Your Credit

The next step in the process of taking out a loan is to access your credit score and similar information. Even those that offer loans to those with a bad credit history are going to check your credit score.

This lets them determine your interest rates and any up-front fees when they give you a loan. You can figure out what to expect by checking on your own credit information before applying.

Go to your credit card website where you pay your monthly bill. There should be a tab labeled FICO score– click it. You’ll see a number on the page, which is your credit score. 

The ranges for credit scores are:

• 300-579 (poor)
• 580-669 (fair)
• 670-739 (good)
• 740-799 (very good)
• 800-850 (excellent)

Those with better credit scores will need to pay less when they work with most lenders. 

Fill Out an Online Application

The next step of the process is to fill out an online loan application with FastLoanDirect.

Click the desired amount that you want to take out. You can enter any sum between $100-$35,000. You then will be prompted to enter more information like your name, contact information, and current credit score.

At this point, we’ll pair you with a lender as soon as possible. You’ll then have the opportunity to work with them to come up with a loan plan that mutually works. The terms of the loan are not something that we can negotiate but rather something to work out directly with your lender.

Communicate With Your Lender

Once we pair you with a lender, you can begin the process of getting instant cash. Google the lender to learn more about their expectations and the things that they’re known for.

Look over the paperwork that they offer you thoroughly. You’re likely going to get digital documents that outline the terms of your loan. This will detail not just how much you’ll get but also your interest rates, payment schedule, and additional terms and conditions.

If you have any questions after a careful read-through, call or DM the lender. They likely will be happy to help answer your inquiries to help you understand what you’re signing. In some cases, you also may be able to negotiate a different interest rate or payment plan at this point.

However, don’t get too hung up on these factors. There are ways that you can make paying off the loan easier for yourself in the future. While things may feel shaky and uncertain now, you have options.

Consider a Co-Signer

Co-signers on loans are those who apply for the loan alongside you. They can be family members or close friends. Any third party who trusts you is able to sign off on a loan with you assuming that they have a better credit score than you do.

These individuals don’t get any money from co-signing. However, because of their help, you will likely get a better interest rate than you otherwise would. The point of a co-signer is to make it easier for you to get back on your feet with less debt.

However, it’s even more important that you pay your loan back on time if someone co-signs with you. The person that helped you is legally obligated to pay back the loan if you do not. You don’t want to cause difficulties for both yourself and your loved one.

Still, since these payments will be lower, co-signing decreases the burden of payback. They make payday loans easier and more accessible to those with bad credit.

Fill Out All Required Paperwork

At this point, you’ve completed the loan application process. Dot your i’s, cross your t’s, and sign the document that you’ve agreed upon with your lender.

That’s it! All there’s left to do is wait for your loan to appear in your bank account. This simple last step in the process of getting a quick loan pays off.

Get Instant Cash With FastLoanDirect

Getting a quick loan with bad credit can be a challenge. So can taking out money with no credit score. Luckily, modern online loans make it much easier to get the cash you need as quickly and smoothly as possible.

Now that you know how to get immediate loans from reputable lenders, it’s time to get started. FastLoanDirect offers personal loans between $100-$35,000, even for those with a bad credit history. Fill out our online form to be quickly paired with a lending agency that will work with you to meet your needs.