Best 5 Hardship Loans For Bad Credit

Who does not need money? Nowadays, you can’t live without it. If you have no savings and an emergency situation suddenly comes up, what can you do? Yes, apply for a loan. But what if you have bad credit, what now? True, applying for a loan is difficult but still entirely possible. This is because even if you have bad credit, you can still apply for and be approved for a loan – a bad credit loan.

Thus, we would like to present to you a discussion about the best online platform in America today for hardship loans for bad credit . You’ll be surprised as to how favored this company is right now.

Here Is Our Top Pick For Best Hardship Loans For Bad Credit

#1. MoneyMutual – Best Overall Hardship Loan For Bad Credit

#2. PersonalLoans – Top Bad Credit Loan Direct Lender

#3. MyUSA Loan – Number One All American Emergency Loan Lender

#4. Modo Loan – Best Personal Loans For All Americans

#5. BadCreditLoans – Top $255 Payday Loans Online Same Day Approval

#1. MoneyMutual : Best Bad Credit Loan Direct Lender In The USA

Money Mutual – The Best Bad Credit Loans With Guaranteed Approval Online

MoneyMutual is a well established company offering hardship loans for bad credit. Furthermore, they had with them a well known celebrity personality as their speaker. His name is Montel Williams. He is one of the key figures in MoneyMutual’s current success.

So, if you are taking out a bad credit loan, use MoneyMutual. They are one of the quickest in getting you your loan. In fact, they can get you the funds you need in 1 day! Pretty fast, wouldn’t you agree?

Can’t wait to start? Well, we will not keep you hanging. You simply need to complete the easy online application form to start the loan process and then you will be immediately connected with your lender.

Maximum allowable amount is $5000. If you want more, it can be arranged. Mostly, it is dependent on your financial situation.

The interest rate will be based on your loan amount. Hence, higher loan is equals to higher interest rates. So, if you want a lower interest rate, go for a lower loan amount.

You should also consider looking at your repayment option as it factors in how much your interest rates will be. More information should be available in your loan terms and conditions so be sure to thoroughly read it and connect with your lender if there are things you fail to understand.

Important Points For You To Review About Bad Credit Loans

• It is Easy to Find a Loan

MoneyMutual will pave a way for you to communicate with your lender. This can be done by completing the simple online application form.

• Are You Eligible For A Bad Credit Loan?

You can check if you qualify for MoneyMutual’s loan. Here are their requirements: the borrower should be 18 years old, a US citizen, have a stable monthly income of $800 and have a bank account.

Positives

• Very simple application

• Monthly payments are easy to make

• MoneyMutual respects it’s customer’s privacy

• You can borrow up to $5000

• 24 hour approvals

Negatives

• MoneyMutual is not allowed to operate in some US states

The Complete Customer Service Experience

MoneyMutual has raised the bar for customer excellence, in the hardship loans space. Their customers are raving about them. They have helped countless and helping multitudes everyday. No wonder they are successful in the money lending business.

It’s also advantageous that their online application process is very straightforward and they provide low interest rates.

=> Click here to visit the official website of MoneyMutual

Money Mutual – Top Installment Loan With Guaranteed Approval

THE BEST BAD CREDIT LOANS GUARANTEED APPROVAL ONLINE

Type of Interest Rate For Bad Credit Loans

Low interest are the best deals – if you think so too, then you are mistaken because it’s not always so.

Because aside from fixed, other lenders offer mixed interest rates on their loans. Therefore, it is imperative you discuss these with your lender before you sign your loan approval.

Assess the All-In Cost Of A Bad Credit Loan

If you are curious what others fees you should watch out for in your loan, take a look below:

• The Processing Fee

Lender charges are typically 1 to 2 percent of your loan amount. This will then be included on your overall loan costs. If you have received a lower processing fee, good for you.

• The Prepayment Fee

This is something that is up to your lender. If they do allow you to prepay your loan, then it will significantly impact your overall interest rate as prepayment can lower them over time.

To be on the safe side, you can add this fee in your total loan costs. Lenders use this to make sure you pay all the interest fees. If the prepayment fee is low, it’s great.

• The Late Payment Fee

If you do not want to be charged this fee, then do not default on your loan, always pay on time.

What Do You Need?

Take a closer look at your financial self and make an honest opinion. How much do you really need? That is how much you should apply a loan for, not more even if your lender convinces you otherwise. It’s better to borrow less to ensure loan repayment.

What’s more, as bad credit loans charge interest rates higher than traditional loans, it might be more difficult to pay with higher loan amounts.

Search Everywhere For Better Rates

This is always your option. Do not limit yourself to a single lender. Look for others to check out their loan offers and scenarios. However, make sure to go through customer service for pricing rather than having hard inquiries on your credit.

Avoid Add-On Offers At All Costs

There are other lenders out to trick you by adding upfront fees even if they had otherwise advised you in the beginning. There are also those adding your insurance fees in your total monthly costs. To avoid these, carefully read your loan terms and conditions.

For other fees that you can’t recognize, communicate these with your lender and do not accept them if they are not suitable for your situation.

The Various Loans You Can Get With A Bad Credit Score

The Famous Payday Loans

Payday loans are loans that’s generally repaid on your next pay or perhaps in installments. They are part of unsecured loans and the loan amounts are lower – usually in the hundreds of dollars or less. They are short-term loans and charged with high interest rates.

The Ever Popular Student Loans

This is the type of loan that many lending organizations thought of to help out the small-budgeted students in their financial need. This loan is used for tuition and other school fees.

What Are Title Loans?

If you own your car, then you are entitled to car title loans. Watch out though because as your car title will guarantee your loan, you face the risk of losing your vehicle for nonpayment. You can borrow as much as 25% up to 50% of your car value. You can repay your car title loans from 15 up to 30 days.

Title loans often have exorbitant annual percentage rates in the triple digits.

Cosigned Loans Are A Great Solution

A cosigned loan is one that is guaranteed by more than one person. You will need a cosigner if you have a bad credit score or your income is not enough to qualify. A cosigner can repay the loan on your behalf and it will mean higher chances of loan approval and better loan scenarios.

Whether you will be the main borrower or will be a cosigner, consider the advantages and disadvantages and think whether you need one or you will agree to be one as in the end, you are risking your relationship in case of non repayment.

How to Spot a Scam Before You Become The Victim Of A Hardship Loan Scam

Does A Lender Contact You Directly?

Definitely, but only if you have applied for a loan and your genuine lender has checked your credit. This is not the case for fraudsters as they will hound you either personally, via email, phone calls or mail in order to get information on your bank account.

If you are unsure about your lender and would like to verify their legality, you can check with your state attorney general to confirm they are legit and operating normally.

Additionally, true and bad lenders can be seen through their pitch. If a lender absolutely confirms your loan approval, has hidden fees and suggests that credit is not important, then you might be a victim of fraud.

Are You Feeling Pressured To Take A Loan?

If your lender admonishes you about limited-time deals or urgent loan application requirements- it might be a scam. A reputable lender always provides you different loan offers scenarios based on your credit and current loan rates.

Also, keep in mind that the temporary fee exemptions given by some lenders are only applicable to costs and not on your interest rates and other loan terms. So if your lender advises you otherwise, then it is fraud.

What If The Lender Won’t Disclose Their Fees?

If your lender does not disclose or hide their fees, then it is fraud.

On the other hand, legit lenders disclose fees and advise you about current pricing. Your total fees are available for you at closing.

Are You Being Required To Pay Fees Upfront?

If you do, be vigilant as genuine lenders should not ask you for any fees before or after loan approvals. Fees are paid at closing.

Pros of Bad Credit Loans

You Don’t Have To Do A Credit History Check

Yes, with bad credit loans, your credit report is not reviewed. So whether you have bad, good or excellent credit scores will not matter and it will not impact your loan.

Your lender’s main consideration will be whether you can repay your loan or not. Which is why part of the loan criteria is your stable monthly income. They should be able to see through your income whether you still have enough to pay your loan and your basic necessities. It’s favorable for you if you are employed or have a business for a year.

If Paid On Time Can Improve Your Credit

How does this work? If you use the money from your bad credit loan to pay some of your debts, then you have improved your credit. And if you always pay your loan on time, overtime, your scores will increase as well. Increased credit scores will assist in getting better deals and options with your next lender.

You Can Borrow A Large Amount Of Money If You Need It

You can absolutely borrow a high loan amount with bad credit loans.

Flexibility With Offers

You read it right, bad credit loan lenders can be flexible and get you loan offers suitable to your current financial situation. So what are their loan considerations? These are loan amount, repayment options, period, flexibility, and interest rates, among other things.

It’s best that you know where you stand financially. And share this with your lender so they are informed and can help adjust the loan if necessary.

Get Funds Right Away

This is the other important feature of a bad credit loan – the ability to get the funds instantly. It’s the ideal solution for emergency situations.

Besides, they are very obtainable. How so? Well, some can get their money mere hours after loan application and there are others able to get their money a day after loan application.

Frequently Asked Questions about Bad Credit Loans And Hardship Loans

What is an Annual Percentage Rate (APR)?

Annual Percentage Rates, or APRs, are another type of rate that you may encounter while applying for a personal loan, mortgage loan, auto loan, or credit card. This rate is the total amount of interest you will pay over a year, including any additional expenses associated with the loan.

APR is 0.1 to 0.5% greater than the interest rate. Thus, your APR will dictate whether you will pay more – if the APR is higher, then obviously, you will pay more and might need a higher loan amount. So seriously consider this whenever you take out a loan. Also, do not be afraid to discuss this with your lender and see if they can somehow lower your APR for you.

What is the difference between a secured and unsecured loan?

Both of these loans have their own advantages and disadvantages. For a secured loan, as it requires a collateral – typically your car or your home – then you face losing your assets in case of nonpayment. With these loans, you are sure to borrow a considerable loan amount as there is a guarantee of either your car or your home.

In contrast to secured loans, unsecured loans do not need any guarantee of a collateral. Naturally, as there is no collateral, loan amounts are significantly lower. Examples of these loans are credit card loans, student loans, and personal loans. And because there is no guarantee on the loan, your lender considers this as high risk as there are no possible returns for them. To offset this, lenders impose higher interest rates as compared to secured loans.

Why are credit reports important?

Because it plays a part on what loan offers you receive. If you have good or excellent credit scores, there will be more loan offers and scenarios sent over your way. More chances of reviewing which is the best for your financial situation.

Thus, consistently review your credit report and resolve any disputes or any problems with it before you take out your loan to ensure you have good credit scores and receive better deals.

Our Final Thoughts Hardship Loans For Bad Credit

Hardship Loans For Bad Credit! – Congratulations on making it until the end. We appreciate your time in reading this review. We hope we have helped you in making your decision in taking out bad credit loans. Whatever your decision might be, remember that this is also one of your choices for any urgent money situations.

MoneyMutual as presented here is a prime bad credit loan lender able to assist you in getting your loan. Whatever loan you have right now, always pay on time. And if in the end you decide to take out a bad credit loan, remember that you can directly negotiate with your lender for better rates and deals.

MoneyMutual is well known for their professionalism, great customer service, and excellent consumer reviews. Be sure to get your bad credit loan if you are in a time of need and if you have a bad credit score.

=>Visit The Official Website For MoneyMutual For More Information