If you’re not keen to shout out your FICO score from the rooftops, the chances are that it’s less-than-perfect! And thousands of Americans are in the same boat, making the demand for bad credit loans skyrocket in recent years.
Loans for bad credit borrowers are not given out without caution. For a borrower with a low or no credit score to get a loan, they have to meet certain criteria. When using a loan-finder, you can find bad credit loans online easily and if all goes smoothly with your application, get the cash on the same day. Here is an overview of bad credit loans in 2022.
Best bad credit loans 2022 – Quick overview
- Heart Paydays – Best overall for bad credit loans
- Credit Clock – Best for speedy applications for bad credit loans
- Low Credit Finance – Best for same day bad credit loans
What are the best bad credit loans? Full overview on Heart Paydays
Heart Paydays is one of the best picks among personal loans for bad credit available in the US. Here’s why:
What is there to like about Heart Paydays’ Loans with bad credit:
- Loan amounts range from as low as $100 to $5,000.
- The repayment schedules are flexible.
- Borrowers aren’t kept waiting to find out if they’ve been approved or denied.
- Low credit and no credit borrowers are welcome to apply.
- Payouts typically happen within 60 minutes or by the next business day.
What is there to dislike about installment loans for bad credit:
- Interest can climb to 35.99%.
What does Heart Paydays offer?
Heart Paydays offers personal loans for bad credit as follows:
- Loan Amounts: $100 to $5,000
- Loan Terms: 3 to 24 Months
- Interest Rates: 5.99% to 35.99%
Eligibility criteria for online loans for bad credit:
- Only applicants over 18 are allowed to apply.
- Applicants must earn $1k+ per month.
- Borrowers must have an American bank account that supports direct deposit.
- Valid social security number.
- Supporting documents: A copy of your ID, proof of address (utility bill), latest three months’ pay slips, and 3 months’ bank statements.
Heart Paydays is not just another online lender. Heart Paydays catches our eye because the platform offers a well-rounded service that fully takes care of the process of getting installment loans for bad credit. This loan-finder gives applicants a quick and easy process to apply for loans with bad credit. While Heart Paydays doesn’t offer bad credit loans guaranteed approval because all loan approvals are subject to further checks by the lender, they do offer borrowers the best chance of getting online loans for bad credit with minimal red tape.
Simply complete the application form on the Heart Paydays website, and you will be advised if a lender can assist you with personal loans for bad credit. You will discuss interest rates and repayment schedules directly with the lender or broker offering the finance. Once there’s a loan agreement in place, you will need to repay the loan plus interest in the predetermined time. Late and missed payments can result in further negative implications for your credit history.
The lenders on the Heart Paydays panel do carry out credit checks but can still offer financial assistance to low-credit borrowers who meet certain criteria. For example, lenders look at more than just the credit score but also your current financial status, income vs. expenditure, and how you’re handling existing credit.
Online loans for bad credit via Heart Paydays
To conclude on Heart Paydays, they are an essential free service to borrowers looking for the best possible loans for bad credit for their specific financial situation. The platform offers an easy, hassle-free application process that connects you with lenders most likely to consider your loan. This saves time and frustration. Here’s an overview on Heart Paydays:
- Application process: 10/10, as the process takes just a few minutes to complete.
- Fees and range of options: 10/10, as interest starts as low as 5.99% and many lenders try to remain competitive by keeping interest rates low.
- Customer support: 10/10, as borrowers are in direct contact with the lender/broker once the loan is finalized.
- Loan amount and repayment period flexibility: 10/10, as borrowers can choose from $100 to $50,000 loans with 3 to 24 months to pay.
- Speed of service: 9/10 as most borrowers report getting their cash within 60 minutes of their loan being approved, but in some instances, payouts can take up to 24 hours.
How to get bad credit loans?
Step 1: Visit the Heart Paydays website
Hop onto the HeartPaydays.com website to start the application process for personal loans with bad credit.
2: Select the required loan amount and terms
Heart Paydays has a quick and easy loan amount and term selection feature on their website, front, and center, to select personal loans with bad credit that best suit your needs. Simply select how much you need to borrow and how long you require to pay the amount back.
Step 3: Complete the quick application form
Click on the red ‘Apply’ button on your screen’s top right-hand side. A digital application form will appear. Simply fill in your details and submit it.
: Get your loan when a decision has been reached
After finalizing your loan details with the lender, a loan offer will be extended to you. Read through it carefully, ask questions if needed, and sign the agreement. Then, return it to the lender, and if all is in order, the cash will be paid into your bank account.
Alternatives to the top-rated bad credit loans providers
- Viva Payday Loans – Best for quick and easy bad credit loans applications
- Very Merry Loans – Best for speedy decisions on bad credit loans applications
What is the easiest loan to get with bad credit?
If you have a less-than-stellar credit score, you will find online loans for bad credit, payday loans, and credit builder loans the easiest to get. This is because the credit score isn’t the only factor considered when determining if your loan application should be approved or not.
What companies will grant installment loans for bad credit?
Companies offering payday loans and short-term loans will often be able to assist bad credit borrowers if they meet certain mitigating requirements. Having a bad credit score doesn’t automatically mean that you won’t be able to get a personal loan. It may mean that you can only loan a small amount or that you’re faced with high interest.
How do loans for bad credit work?
Bad credit loans work the same as regular cash advances and payday loans. They are small cash advances that must be paid back over a set period of time plus interest. Borrowers are required to pay their installments each month on time and in full, or else it could have a negative impact on their credit score. Of course, according to US regulations, lenders must carry out a credit check on borrowers. But the good news is that a low credit score doesn’t always mean that you can’t get a loan.
Taking the above information into account, the free loan-finding service made available by Heart Paydays is undoubtedly worthwhile for borrowers looking for their best bet at getting approval for personal loans with bad credit. Using a loan-finder can help save time and frustration. And while bad credit loans guaranteed approval aren’t promised as each loan approval is subject to further checks by the lender, when applying through Heart Paydays, you stand the best chance of your application reaching lenders most likely to seriously consider your application.
Disclaimer – The above content is non-editorial, and Economic Times hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of the content. The loan websites reviewed are loan-matching services, not direct lenders, therefore, do not have direct involvement in the acceptance of your loan request. Requesting a loan with the websites does not guarantee any acceptance of a loan. This article does not provide financial advice. Please seek help from a financial advisor if you need financial assistance. Loans available to U.S residents only.