Are you looking for a small loan for your bad credit ?
some people in their daily life could face a bad credit for many reasons ( their paycheck is spent, or an emergency occurred that caused an expense ) .
Well, luckily there are some small loans for your bad credit. however, taking this options could make your status even worse because there are some risks there.
so you need to be very careful if you are going to get a loan when having a bad credit .
- in this article you will read about what we think to be the best small loans for you and wich ones to be bad for you .
here are the best small lenders for those who have bad credit .
Why these lenders? : Simply because they offer loans with small interest rates with fast funding.
1- Personify :
Personify is a small emergency loans lender that operates online and providing smaller loans , however high interest rates are possible.
what is good about personify is the fast funding ( wich takes about two business days at most ) , and considers people with bad credits .
But, unfortunately it's not available in all states and its interest rates are very high !!
2- Earning app :
Earning is an app that provides money borrowing services for those who meets the eligibility requirements.
-what is good about this app is that it doesn't charge interests or fees .
this app is available on android and apple store
-what is bad about this app is the low withdrawal limits, and we could say that you may loose some privacy using it not mention the limited eligibility.
3- Possible Finance :
Possible finance offers small loans through its app. ( only small loans are available)
you can be eligible for a loan if you have a bad credits .
what is bad about possible finance is the unavailability in all states, and it has a high APRs
4- Stilt :
we can simply say that stilt is the best lender for immigrants that lives in the united states .
it offers small personal loans for those who have bad credits
- what is good about stilt is ita low interests rates, and doesn't consider your credit score only
- what is bad about stilt is that it doesn't accept co-signers and the application may take more then one day
*Some tips if you want to get a small loan when having a bad credits :
1- Make sure that you look into secured loans:
secured personal loans are easier to get if you have bad credit, there some lenders that offers this secured loans so make sure to check them out
2- get a loan only if you can repay it:
Make sure that are capable of repaying your loan before you apply for it. Work your budget and manage your savings .
3- look into pre-qualification :
There are some online lenders now that allow you to prequalify and offers the capability of checking if you are eligible or not for applying.
* How much can you borrow ? :
personal loans are from $1,000 to $50,000 .
But that does not mean that you can qualify for all amounts because some lenders now in some states are requiring minimums and maximums.
*What are the risks of bad credit loans? :
-High interest rates
-your credit may even go worse
-High insurance premiums