Credit ratings, known as FICO scores, vary from as low as 300 to as high as 850. A score below 580 is considered a bad credit rating. Sometimes things happen in life, that cause us not to have the best credit. Maybe you didn’t pay a few bills on time, or maybe there are some bills you didn’t pay at all. Perhaps you had an account sent to collections or one that the lender charged off. Maxed-out credit cards and high credit card balances are often the culprits behind bad credit scores. Even those with bad FICO scores need funding at times. But how do you qualify for a bad credit loan?
What Counts in a Credit Score?
Different attributes factor into a person’s credit score. The most highly weighted aspect is payment history. For this reason, it’s important to pay your bills on time, whether you are just establishing credit or trying to improve or maintain it. The next item looked at is the amount that you owe. Even if you have available credit, that doesn’t mean that you should use it. The length of your credit history is the next element of your score. Finally, both new and your mix of credit are equally weighted.
Can You Get a Loan With Bad Credit?
Don’t worry. It is possible to get a loan, even if you do not have the best credit score. Just remember that since lenders are taking a greater risk, they will typically charge higher interest rates when lending to those with lower credit scores. Before you take out a loan, make sure that you can pay it back. After all, failure to pay will only harm your score. Though many lenders offer unsecured loans, you might need to get a secured loan if you have bad credit. A secured loan requires collateral on your part. Some lenders may even ask for a co-signer to attest that someone will pay on time and as promised. MaxLend offers unsecured installment loans to people with all kinds of credit histories, including bad credit.
Why Should I Apply for a Loan?
If you have some unexpected expenses such as for a car or home repairs, but you have bad credit, you can still apply for web cash loans. MaxLend has an online loan application. You can apply for cash online and potentially get Same Day Funding* of up to $3,750. That is $3,750 that you can have available to you fast.
Contact Us Today
You might be concerned about taking out a loan with bad credit, or you might be unsure whether you would even qualify to receive one. Our online loan application is a quick, easy way to find out if you qualify. Check out our frequently asked questions for more information about our speedy cash loans. Also, Customer Service is available 24/7 to answer any questions you have about how you may be able to qualify for a bad credit loan. All you need to do is call us at 877-936-4336.
Additional reading:
Most Common Reasons People Take Out a Loan
*Same Day Funding is available on business days where pre-approval, eSignature of the loan agreement and completion of the confirmation call, if a call is required, have occurred by 11:45 a.m. Eastern Time and a customer elects ACH as payment method. Customers who complete this process by 1:30 p.m. Eastern on business days may still receive funds on the same day, but some banks may not disburse the funds until the next business day. Other restrictions may apply. Certain financial institutions do not support same day funded transactions. When Same Day Funding is not available, funding will occur the next business day.