If you happen to be among the one-third of Americans having a credit score between 300 and 669, then you might know how difficult it can be to land a personal loan. There are also no guarantees that you will get approved for an online loan for any personal loan, especially when you have poor credit. However, there are a few steps you can take to increase your odds of getting the most trusted online loans for bad credit.
First, use UnityLoan to connect with a high-approval bad credit lender offering competitively-low interest rates and borrower-friendly terms. You can also apply with a cosigner who has good credit. A cosigner usually promises to repay the loan if you can’t, which only makes you less of a risk in the eyes of a lender. You can also secure your loan with collateral such as your car or home.
Finally, ensure that you apply with multiple lenders. When you apply with many lenders, you increase your chances of finding a lender who will approve you. When you use a credit broker such as UnityLoan, you don’t have to move from one lender to another. In one application, you usually connect with multiple lenders for the most trusted online loans for bad credit.
What to Consider for a Trusted Platform for Loans for Bad Credit Online
It is only natural to get stuck looking for a platform you can trust for loans for bad credit. Some lenders may charge extremely high-interest rates or tuck on origination and other fees. Here’s what you should consider when comparing lenders:
Any loan comes at a cost, which includes an interest rate and other fees, such as origination fees. Annual Percentage Rate (APR) reflects the yearly cost of a loan. When you’re comparing bad credit loan lenders, it’s essential to evaluate their APR, which covers the total costs you will pay for a loan.
You can check whether a lender has a good reputation by checking consumer review sites for customer feedback or by looking at government sources, such as the Consumer Financial Protection Bureau’s Consumer Complaint database. This lets you pick a reputable lender.
Ease of Application
Some lenders let you apply for a loan without hurting your credit score since they perform soft credit checks instead of hard credit checks. Others offer online applications which only take minutes to complete.
The repayment term usually affects the size of your loan payment, which makes it essential for you to consider it when comparing lenders. When you choose the shortest possible repayment term, you get the lowest overall borrowing costs (APR) because you will pay less interest over the life of the loan. However, that may lead to a larger monthly payment. Ensure you pick a lender with a repayment option that fits your needs and budget.
Can I Prequalify Without Hurting My Credit Score?
Various lenders allow you to prequalify for a personal loan without causing a dip in your credit score. For example, UnityLoan is a credit broker that allows you to get a quote without impacting your score. Click to visit and get started. You may need to perform some research before you can apply. Also, read reviews to determine what to consider before signing up for a loan. To ensure that you don’t hurt your credit score too much when you are ready to apply for a loan, be sure to follow these steps:
- Shop around for a suitable rate: When you know your credit score before submitting a formal request, you might know what you might qualify for. This lets you avoid hard inquiries that hurt your credit score. You can also consider using a lending platform such as UnityLoan to view multiple loans in one application.
- Choose the best offer: Ensure that you pick a loan whose monthly payment and interest rate suit your budget. By looking at how much the loan will charge you over the loan length, you can decide whether the cost is worth it.
- Submit a formal loan request: when submitting your loan request, ensure that you also give out supporting documents, such as bank statements and paystubs. Don’t forget your social security number.
- Wait for final approval: The final approval can take just a few minutes, an hour, or up to 7 days. You can facilitate a speedier approval by applying during normal business hours, or submitting the required documents right away.
Use UnityLoan When You Want to Access Loans for Bad Credit Without Hurting Your Credit Score
A hard credit check hurts your credit score further when seeking a personal loan. When you submit your loan request for loans for bad credit via UnityLoan, you can always avoid these types of checks in some ways. For example, in one application, you usually get to compare offers from multiple lenders – this allows you to avoid moving from one lender to another in several applications, which can hurt your credit score.
Also, their network of reputable lenders usually performs soft inquiries rather than hard inquiries. A soft inquiry doesn’t count negatively towards your credit score, which is useful when you have bad credit and don’t wish your score to be negatively affected.
Anyone who performs a soft inquiry check checks your credit report as a background check. That is similar to when you would apply for a lease or personal loan.
Note that Background checks are a mandatory part of any loan application process. The law requires all lenders to perform a credit check before granting loans. That makes it impossible to avoid them totally. Therefore, these lenders only do soft credit checks instead of the usual hard checks.
How Much Money Can You Borrow with Bad Credit Through UnityLoan?
UnityLoan is one of the few platforms whose network of lenders offers competitively low rates and looks at factors beyond your credit score when determining your eligibility. Such factors include your education, employment, and work experience. This means that even with an insufficient credit history, you can qualify for a bad credit loan.
Now the amount that you may borrow will depend on the lender and their evaluation of your profile. In some instances, state laws can play a significant role in determining how much you can access. Typically lenders you connect via UnityLoan can loan $ 500, $ 1000, and up to $ 5000 bad credit loans.
You can get your money in as soon as the same day of applying if you apply during the morning hours or the next business day if you sign up for the loan offer before 5 p.m. EST Monday through Friday.
What part of applying for online loans for bad credit do you dread the most? Is it their higher fees than those for traditional loans, disreputable lenders, etc.? Let UnityLoan change your borrowing experience, visit them today for an unforgettable lending experience, including borrower-friendly terms and competitive interest rates.