What do payday loans and bad credit loans have in common?
Both payday loans and bad credit loans are given out every single day to Americans and mostly apply to borrowers with low credit scores or no collateral. Loans for bad credit can be used as emergency loans, among other prompt financial needs.
Nowadays, the market is filled with uncountable loan providers which might make getting an ideal one to be quite a tussle. If you have a bad credit score, please do not be afraid. In this in depth review we are going to be talking about one of America’s leading bad credit loan providers. This company is a prominent loan provider and has served numerous borrowers across the country.
Now let’s get right into it and let’s discuss how you can get a bad credit loan .
The Best Bad Credit Loans With Guaranteed Approval Online
Did you know that Money Mutual is the company with the best bad credit loans with guaranteed approval online?
#1. MoneyMutual :
Yes, it is true! Money Mutual is indeed one of the best bad credit loans companies with guaranteed approval online.
MoneyMutual is a leader in the industry. They have been around for a long time and many Americans have obtained bad credit loans from them.
Did you know that the award winning and well known daytime talk show host Montel Williams has been a spokesperson for MoneyMutual for years?
He has been such a successful personality, that it makes perfect sense that a company like MoneyMutual would want to partner with him.
Someone of his fame is a perfect choice as the ‘frontman’ for MoneyMutual.
If you need a bad credit loan with guaranteed approval, this is the company for you. MoneyMutual’s team works tirelessly to ensure that consumers receive loans for bad credit in less than 24 hours. Thanks to this feature, MoneyMutual is convenient because you can use their loan financing to cater for urgent financial needs.
Getting the loan is an easy and straightforward process as you are required to fill out some online forms on the MoneyMutual website to begin the application process.
These forms will take no more than five minutes to complete because they are simple and require basic information. The maximum amount that borrowers can get at MoneyMutual is $5,000. Sometimes. However, depending on your creditworthiness among other parameters, your application can be considered for a higher amount.
We advise all borrowers to only apply for the size of loan that you require. We recommend this because you don’t want to take on more than you can handle. This is due to the fact that payday loans and bad credit loans are short term loans that have a higher interest rate than other loan variations. As such, a higher loan amount can lead to huge debts which make repayment to be a difficult task especially if the loan is not directed to its intended purpose.
Loans for bad credit applications have been made easier by MoneyMutual as you may now apply for loans and receive them from the comfort of your own home. For as long as you have an internet connection and a digital device, you can access the company’s website and get an emergency loan even if your have poor credit.
MoneyMutual’s interest rates are determined by the loan amount, your financial status, and the period you have to return the loan. Similarly, the terms of the loans differ. This is why you should read the terms and conditions carefully before proceeding.
Major Things To Know About Bad Credit Loans
Very Easy To Find A Loan
MoneyMutual makes it very easy for a borrower to be connected immediately to a lender. In addition, there is no fee that MoneyMutual take from the applicant. This is a completely FREE process. That is why MoneyMutual has so much value to the consumer. Anyone looking for loans for bad credit should consider using MoneyMutual because of this feature.
Are You Sure You Qualify For A Bad Credit Loan?
Are you 100% confident that you will be approved for a bad credit loan? MoneyMutual requires that you be at least 18 years old, a US citizen, earn at least $800 a month and have a bank checking account. Even if you’ve bounced a check or had other credit issues, MoneyMutual can help you acquire a short-term loan.
The Positives Aspects Of MoneyMutual And Bad Credit Loans
A simplistic application
Monthly payments make it easy to repay
Privacy is important to MoneyMutual
You can borrow up to $5000 as long as you qualify
24 hour approvals – amazing!
The Negative Aspects of MoneyMutual And Bad Credit Loans
Unfortunately – MoneyMutual is not allowed to operate in some US states
How Is MoneyMutual’s Customer Service?
There are thousands of happy customers who have taken a bad credit loan through MoneyMutual . The company constantly goes above and beyond to deliver excellent customer experiences. This is why we are such a huge fan of them…
Applying for a bad credit loan with MoneyMutual has been made so easy. Their quick 5 minute loan application is one of the fastest in the industry. Within just 5 minutes you can be matched with lenders and be well on your way to getting the emergency loan that you need.
DO YOU NEED A GUARANTEED APPROVAL ONLINE? HERE ARE SOME OF THE BEST BAD CREDIT LOANS
What Are The Typical Interest Rates For Bad Credit Loans?
Just because an interest rate is low on a bad credit loan, does not make it the best loan for you. There are many variables that you should consider when you are selecting a bad credit loan lender and when you are taking your emergency loan.
Some lenders will offer loans with mixed interest rates. Make sure you understand whether the loan is offered at a fixed interest rate or on a declining balance basis. Loans with a fixed interest rate are often offered at significantly cheaper interest rates. This does not, however, imply that you will pay less.
How Much Does A Bad Credit Loan Really Cost?
Interest payments are not the only payments you must make when you take out a bad credit loan. Read below to find out some of these other costs for bad credit loans:
The Processing Fee – how much is it?
It is often that lenders will add on a charge that is 1 to 2 percent of the loan amount. These fees are added to the loan’s overall cost. The lower the processing fee, the better. After all – who wants to pay unnecessary fees?
The Prepayment Fee – what is it and how does it work?
On occasion, and depending on your lender, you might be able to pre pay your bad credit loan. There will also be times where you are not allowed to prepay your loan. Doing a pre-payment ultimately is beneficial to you as it can lower your overall interest cost.
You should include prepayment penalty fees when calculating the all-in cost. Lenders utilize prepayment penalties to compel borrowers to remain in the loan and pay the entire interest cost. Lower penalties for prepayment will ensure that you get the best on your payday loans and loans for bad credit.
The Late Payment Fee – how much is it and when is it payable?
Don’t be late with your payments. That is the best advice we can give you! Remember when you got into this arrangement, the lender expected you to pay your bad credit loan back on time, so make sure that you are able to in order to avoid any further difficulties with the lender. This is because they have entrusted you with the loan financing even after being classified as a bad credit borrower.
Do You Actually Need A Bad Credit Loan?
Its advisable that you only take what you are able to pay back. Lenders will often try to get you to borrow more of a bad credit loan. However, you may not actually need the money, but you take it. We strongly recommend that you do not do this. Only take what you need. Make sure that you are able to pay back that amount.
Bad credit loans have high interest rates – remember that. They are often the most costly form of debt. Why would you want to pay interest on money that you don’t require? Avoid succumbing to the ego-massaging sales pitch. Borrow only what you require.
Always Look For The Best Interest Rates
You do not have to pick the first lender that offers you a bad credit loan. It is okay to decline the first offer you get. In fact, you can decline as many as you see fit. Only take the bad credit loan with the term and conditions that are favorable to you. You can get the best bad credit loan lender by shopping around and researching. In addition, real time customer reviews can help you evaluate and get the best deals in the market.
What Is An Add-On Offer And Should You Avoid it?
These lenders can sometimes be sneaky little tricksters as they are aware that you are in need of an emergency loan. Often you are informed that there will be no upfront costs. However, they might add your insurance cost to your monthly payment. Be careful that they don’t do this to you. Have an eye out and read all of the fine details of the loan offer before committing to it.
The reason they do this is because they want to up the interest payment portion on your loan, thus increasing the interest payment you owe to them. Don’t be tricked. Look carefully at the loan details before you agree to them. Remember, the lender is looking out for themselves. You have to look out for your own best interest.
If you are in a tough spot, you may not have any other choice. You may have to take out a bad credit loan. However, there is no justification if you begin to fall for such add-on offers. You alone are responsible. There could be a plethora of such add-on offers. Decline these loan offers and only take ones that are favorable to you.
If You Have A Bad Credit Score What Types Of Loans Can You Get?
Why are Payday Loans So Popular?
Payday loans are so popular. Why is this? Here are a few reasons why:
Loan amounts are usually hundreds of dollars or less.
Payday loans are short-term.
It is also important to note that they are high-interest loans that carry a significant chance of default.
When borrowers cannot repay their initial loan, they frequently take out more loans, locking them in a debt cycle. As a result, interest costs accumulate rapidly, and loans with annual percentage rates in the triple digits are not unusual.
The Ever Popular Student Loans – What Are They And Why Do Students Take Them?
Let’s face it – the cost of education is so high. Students rack up tens of thousands of dollars in student debt as they try to pay their way through school.
Students may use this loan to cover the cost of a laptop, textbooks, and other educational expenditures, allowing them to escape the burden of working a part-time job while they study.
Don’t Become A Victim Of A Bad Credit Loan Fraud
Will A Lender Reach Out To You Directly?
A lender will call you only when you have applied for a bad credit loan. On the other hand, personal loan scammers frequently contact victims via phone, email, or in-person and request relevant data to get access to their bank accounts.
You will get calls directly from lenders after you apply, however – be aware that you might also get unsolicited calls. If you have not applied for a bad credit loan yet, if you have any doubts about the authenticity of a loan offer, you can check the lender’s certification on the site of your state attorney general to see whether the lender is operating legally.
Sometimes it is hard to tell the difference between a genuine lender and a fraudster lender. If the lender has guaranteed acceptance, is vague about costs and lending conditions, or implies that your credit score is irrelevant, this is undoubtedly a bad credit loan fraud.
What If A Lender Does Not Tell You Their Fees?
Scammers of bad credit loans are frequently purposefully ambiguous regarding costs, refusing to reveal them upfront or release them upon request. Bad lenders, or fraudsters as we like to call them, will not disclose everything to the buyer.
In comparison, legitimate lenders often disclose all applicable fees on their sites and are clear about loan prices throughout the application process. Additionally, expenses associated with typical loans are paid at the time of closing, not after approval. If your lender does not reveal all application and origination fees beforehand, you may be a victim of personal loan fraud.
Do You Have To Pay Any Fees?
If a lender requests payment of costs before or soon after approval, you are most certainly the victim of fraud. Not only are loan origination costs usually paid at closing, but they are also typically deducted from the money borrowed. Such information is essential in enhancing your know-how when applying for bad credit loans.
Here Are The Pros Of Bad Credit Loans
No Credit History Check Is Required
One of the greatest aspects of bad credit loans is that the lender will not look much into your credit report. This implies that when the lender reviews your application, they will disregard your credit score because prior defaults or listings may have had no impact on your loan application.
The lender really cares about whether or not you have a good paying and stable job. Additionally, you should have sufficient assets to cover the requested loans. It would be preferable if you have stable work for one year to increase your chances of approval.
Can You Improve Your Credit If You Pay On Time?
Bad credit loans provide you with fast access to loan financing essential to repay your debt or cater for emergency expenses. Second, you have the opportunity to manage your finances wisely and make timely payments. Budgeting and prudent debt management will increase your likelihood of improving your credit score. Your prospective lender or employer will trust you more.
You Can Borrow A Lot If You Need It
If you are considering a bad credit loan , please know that you could borrow a large amount of funds if you need it. Yes, even with poor credit, it is possible to apply for something pretty big. The critical factor is to pay it off and maintain an income sufficient to afford the monthly payments.
Another factor that individuals should examine when applying for a loan is the loan’s hidden costs and fees. Always inquire about additional fees from lenders to avoid unexpected costs during the payment.
Flexibility With All Of The Offers
Bad credit loans can be tailored to your specific scenario and financial needs at the time. The correct lender will provide you with a loan that is customized to your circumstances. They may consider the loan amount, repayment options, period, flexibility, and interest rates, among other things.
When you pick the best bad credit loan, be sure you are picking it carefully. Explain your financial condition to your lender accurately and make sure they are fully aware of your financial situation. Additionally, do not rush and take your time selecting the best offer for your needs, or you risk additional deterioration of your poor credit history.
Get Your Emergency Funds Right Away
Are you in desperate need of cash fast? Are you short on savings and accumulating other debts? When combined with a low credit score, it may appear as though all hope is lost. Thankfully, you can still obtain a loan. Indeed, you can receive a bad credit loan relatively quickly.
Bad credit loans by far are the easiest to get. For instance, a payday loan, an unsecured loan, can be obtained within a few hours of application. While you should not wait until your financial situation to get worse before taking action, bad credit loans may be an option if you ever find yourself in this circumstance.
FAQ About Loans For Bad Credit
What is an Annual Percentage Rate (APR) And Why Is This Important To Know?
Annual Percentage Rates, or APRs, are another type of rate that you may encounter while applying for a personal loan. This rate is the total amount of interest you will pay over a year, including any additional expenses associated with the loan.
Generally, the APR will be 0.1% to 0.5% greater than the interest rate. If the APR is higher, anticipate additional expenses. Many borrowers compare APRs while comparing loan choices. Remember that the APR can be negotiated directly with the lender. As such, be sure to talk to them about this and do not take the first APR that is provided by the lender. See if you can get the rate down.
Secured Versus Unsecured Which Is Better?
When you are applying for a secured loan, the lender will take your personal items like your car or house as collateral. They keep this collateral in the event that you do not pay back the loan. If you do not pay it back, then they can keep your personal items.
Secured loans are used to borrow much larger amounts of money. A lender will only lend a considerable sum with the assurance that you will repay it. Placing your home on the line ensures that you will do everything possible to repay the debt.
Why are credit reports so darn important?
Lenders will be eager to look at your credit report first if you are searching for a bad credit loan. If you have a good credit score, you may utilize this excellent credit score to obtain favorable terms on loans, credit cards, insurance premiums, rentals, and mobile phone contracts.
We recommend that you alway monitor your credit very carefully. Know if there are any late payments showing up on your report. If there are any problems on your credit report, you can deal with them before they become a major issue.
Our Closing Summary On Bad Credit Loans
This concludes our in depth review on loans for bad credit. If you have a bad credit report, you know everything there is to know about getting an emergency loan. Remember to chose bad credit loans over payday loans. Payday loans will come with higher interest rates and less favorable terms.
Companies like MoneyMutual are the industry leaders and offer the best bad credit loans out there! However, please remember to always pay back your bad credit loan on time. Never miss a payment, and always make sure to negotiate the terms of your bad credit loan directly with your lender before you agree to the loan. Negotiation is very important with the lender directly as you want to ensure that you are getting a good interest rate and favorable terms and conditions.
The companies outlined in this review article are at the top of their game. They are well known for their professionalism, great customer service, and excellent consumer reviews. Be confident when you are applying for your bad credit loan and be confident when choosing MoneyMutual.