Almost half of Americans believe that the current economy is hurting their financial situation. 69% sat that it is only positively impacting the rich. Because of the economy’s volatility and instability, many are seeking quick loans to help them pay for emergency expenses.
Next day loans for bad credit are a great tool for any person or family looking to get back on their feet. Here, we’re going to talk about these loans and how to take them out. Read on to pay off your bills and improve your financial situation ASAP.
If you gave a low credit score beneath 580, you would never be able to access traditional personal loans. This is because banks will view you as a risky borrower. They’ll think that you’re less likely than the average American to pay off your loans.
The same is true if you haven’t had the chance to build credit yet. If you don’t have a credit score at all, lenders won’t know that you’re a trustworthy and dependable borrower. Most of them won’t want to take a chance on you until you build up some credit.
You’ll need a credit score above 580 to get any loans from banks or credit unions. Many traditional lenders won’t even accept you unless you fall into the ‘good’ credit category above 669.
Unfortunately, about 16% of consumers have a ‘bad’ credit score. Another 18% fall into the unstable ‘fair’ category. An additional 19 million adults lack a credit score altogether.
That’s where next day loans for bad credit come in!
Also called ‘payday loans,’ bad credit loans are those that give you money without going through a banking institution or credit union. Because they’re not centralized, the lender won’t check your FICO credit score. This means that you can access a loan regardless of how bad your credit is.
A payday loan is a short-term loan that you’ll pay off within 72 months. Some of them have repayment periods as short as 91 days. The loans come in quantities of anywhere between $100 and $35,000 when you work with FastLoanDirect.
In other words, there’s a lot of diversity when it comes to quick loans. Contrary to popular belief, many of them also have reasonable interest rates. They start as low as 5.99%, which is lower than many regular credit card APRs.
There are a few simple qualifications for next day bad credit loans:
Many lenders will also require a valid source of income. Some don’t, but your prospects will be severely limited.
There are many reasons why people secure quick loans. The primary one is that they need emergency money.
As their name implies, next day loans for bad credit get you money within a single day. They’re immediate, and you could have a direct deposit within 24 hours of filling out a simple online application. This is great for people who need to quickly make rent or pay bills before the utilities go off.
Other people use them to ensure that they have enough income to buy groceries and other necessities. Some even use them to take vacations or pay for weddings. What you do with the money is up to you.
When you take out a payday loan, you’re essentially getting an advance on your next paycheck. The idea is that you need money now and will pay it off as soon as you get the cash later. You can therefore spend it however you want.
The application for quick loans with FastLoanDirect is simple. All you need to do is fill out a simple online form.
The first thing to enter is how much you want to take out. $500, $1000, and $5000 are common sums that lenders accept quickly. You can go up to $35,000, but this may take a slightly longer time since many lenders won’t give borrowers that much at once.
Know how much you need to take out and be careful to get the sum right. Borrowing too little won’t improve your situation. Borrowing too much will slap you with unnecessarily high interest rates.
Then, you’ll be prompted to answer some questions about yourself. You’ll put in basic information like your name, address, contact information, and checking account information.
At this point, FastLoanDirect will pair you with a lender within just one day. Sometimes it will only take a few hours!
Once you’re paired with a pre-vetted and legitimate lender that we’ve partnered with, you’ll work directly with them to negotiate your loan’s terms. Note that the lender we pair you with will have pre-approved you. You don’t need to worry about being rejected for the amount that you asked for.
All you need to do is talk about your APR and payback period.
You probably won’t have much wiggle room to haggle about your APR (interest rate). This figure will depend on:
Those with shorter payback periods will usually have lower APRs. This is because you’re not taking out as long of a loan and won’t be working with the lender for long. If you have a higher payback period, your APR will be higher since you’re working with the lender for an extended period of time.
Luckily, your payback period is usually negotiable! You can ask for a longer time to pay the loan back in full to lessen the monthly burden on yourself. This is ideal for those who don’t make a lot of money and need time to gather their funds.
You could also pay it back within just a few months if keeping interest low is a priority. It’s all about your needs.
At this point, you’ll secure your quick loans by signing the documentation the lender requires. You should read it over thoroughly. Ask any lingering questions that you have so there isn’t any confusion about paying back the loan.
Once you secure your loan, you’ll get the sum deposited into your checking account the next day. The sum will come in full. It’s up to you to budget appropriately and spend it as you choose.
The immediate and simple nature of bad credit loans makes them a good choice for anyone regardless of their FICO score. However, there are also many more benefits, including:
Many people use payday loans to consolidate their debt. If you have multiple credit cards, that’s several payments each month that you need to remember to make. You’ll need to go through the process of several payments and stay organized so you don’t miss anything.
If you take out one loan and pay off all your credit cards, you’ll only be left with one bill to pay off. This is much easier because you won’t need to keep track of many different bills. Automating payments will be easier.
Plus, personal loans are fixed while credit cards are variable. You’ll be able to budget more easily when your monthly payment amount doesn’t fluctuate with how much you spend.
Payday loans also help you to build credit in the long term. Many people think that they hurt your credit score a lot, but this is untrue in most cases. They only hurt you if you fail to make your monthly payments.
If you’re vigilant and pay back your loan in a timely manner, they’ll help your credit score a lot. This is because lenders will see that you’re a reliable borrower that pays things back right away. Your score will steadily go up and diversify when you miss no payments.
While having a poor credit score can make borrowing money hard, it doesn’t have to stand in your way. Next day loans for bad credit will get you the funds you need quickly and easily.
FastLoanDirect is committed to pairing you with reliable and reputable lenders. We only work with those that have a proven track record of trustworthiness to ensure that you don’t need to worry about your loan’s terms or security. Start an online application to secure your quick loans ASAP.