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Your credit score often determines how easy or not it will be for you to get financing. However, if you‘ve had issues in the past that caused you to miss payments or default on debts and other financial obligations, expect that this can have a huge impact on your credit rating. 

Back in the day, lenders are not going to take too kindly to that fact and will often disapprove loan applications of borrowers with really bad credit score. These days, there are lenders that will be happy to give a chance to bad credit borrowers. However, the kind of financing they offer comes with a price and that is often in the form of very high interest rates. 

Bad Credit Direct lenders

These are lenders who, instead of just focusing on a borrower’s credit score, are keen on finding out whether they have the means to pay a loan back or not. They tend to look into various other aspects of the borrower’s financial and personal circumstances to decide whether to grant a loan or not. 

Bad credit lenders are direct lenders that can offer loans with quick processing time. Since their requirements are considerably more lenient compared to traditional banks, they make for the perfect destination for borrowers who are in need of cash fast.  

Are Bad Credit Loans Good?

Bad credit loans are good, provided that you will pay them on time. Taking advantage of these financing tools can be useful especially if you’re well aware that your credit score is just not going to make the cut if you’re to refer to traditional lenders. You can even use this as an opportunity to rebuild your credit score. All you have to do is manage the loan right, get your payments sent on time. This will certainly show up positively on your credit file and will be an indication to future lenders that you are trustworthy enough if you ever decide to take out another loan.

Just because you are unemployed doesn’t mean that your bills and your other financial needs are going to stop. This is why getting a loan can be such a relief sometimes when you are not regularly employed. The big question though is whether you can actually get approved for one. 

Applying for An Unemployed Loan

Lenders let you borrow money upon the assumption that you will pay them back. They expect you to do this from the money that you are bringing home from your job. If you do not have a job, most lenders might end up having second thoughts in lending you money since you do not have a stable income, to begin with. 

You’ll be glad to know though that despite the absence of a regular income, there are lenders who are willing to overlook that fact. It will take time though, for you to find the right institution who will be happy enough to assist you, but there are some available. Also, expect that the borrowing costs involved are going to be pricey.

While getting a loan when you do not have any stable income source is not a good idea, if this is the only option left for you, then it is something worth considering. You do have to understand that while lenders will not be paying that much attention about your ability to show proof of employment to show that you can afford the loan, they’ll need some alternatives. 

Loans for the Self-Employed

For instance, if you are self-employed or have a business that allows you to receive some regular form of income, this could help. You’ll just need to be ready to show the necessary paperwork to prove that you are getting some form of income. If you are getting unemployment benefits and other such kinds of financial support from the government, the lenders will consider this too.  

When taking out a loan while unemployed, remember to only borrow what you need. You’ll want to pay it back on time, based on what the loan terms are. This way, your credit rating is not going to suffer even more in the process.

Payment Method?

Once funds are available, we send it directly to your checking account that is registered during your application. You should be able to receive the funds in a just a few minutes to an hour. No need for complicated documents or extra requirements. We’ll send it right away.