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Are Bad Credit Loans an Option?

Getting a loan can be stressful, especially for people with less than perfect credit. If you’re going through a time where you need financial help, bad credit loans may be an option for you. Even if your credit score is not so great, and lenders have denied you.

If you’re concerned that you won’t qualify for a loan due to poor credit, our short-term loan options may be for you!

What Does ‘Bad Credit’ Mean?

If you have a credit card, needed to pay a bill over time, or have taken out a loan you have a credit history. Your credit history score determines if you will be a high-risk or low-risk borrower.

bad credit loans, using credit card on a computerFICO’s 5 credit score factors:

  1. Bill payment history
  2. Credit use
  3. Length of credit history
  4. New credit
  5. Credit mix

These five factors will contribute to whether you have good or bad credit.  A score below 500 is a bad score according to lenders. Additionally, many lenders view no credit history as “bad credit” making it difficult for new borrowers to find a loan.

Unfortunately, poor credit can affect your ability to get a loan in the future. It can also increase existing and future credit rates.

What Causes Bad Credit?

Having a better understanding of what could lower your score is one of the best ways to avoid poor credit. Here are some of the most common situations that contribute to bad credit:

  • Making late payments on credit cards
  • Filing for bankruptcy
  • Unpaid judgments
  • Defaulting on a loan
  • Foreclosure

If you have experienced any of the above factors, there are options to get bad credit loans when you need it most.

Loan at Last lends to people with all types of credit backgrounds.

Getting a Loan with Bad Credit

Our goal at Loan at Last is to get help to those who need it the most.

While we serve customers with all types of credit, including  those with no credit history, you must meet certain requirements to apply for an online tribal loan.

Loan at Last will verify income, banking history, and your ability to repay the debt.

When you apply, you will be required to share your contact information, current income, and checking account information.

In addition to this, we require that all customers must be 18 years old and not currently enrolled in Credit Counseling or  a debtor in a bankruptcy case or presently filing for bankruptcy.

Is an Installment Loan the Right Option for You?

If you need help with expenses like rent, home repair, hospital bills, vet bills, a lost or broken cell phone, utility bills, moving costs, or even owed taxes an online installment loan is a great option!

One of the most significant advantages of installment loans for people with bad credit is that these short-term loans will not negatively affect your credit score as long as you pay on time. If you pay your loan on schedule, you may help your credit score in the future as it gives lenders a chance to see that you are a responsible borrower.

Do you meet the above requirements? Great! Here’s what you can expect.

After completing the online loan application, we will review your information. Within minutes, you’ll receive your loan approval or denial.two men shaking hands in agreement

If approved, we will call you to verify your phone and banking information.

We will ask that you review your loan agreement. If you agree, then you may electronically sign. Most of the time we’re able to deposit your money as soon as the next business day. If you need quicker funding, please contact our customer service team at (844) 676-8550.

Installment loans are convenient, transparent, and great options for people who need cash quickly and looking to repay early. Loan at Last does not enforce penalties to our borrowers for paying ahead of  the loan schedule or paying off the loan early.

Loan at Last is Here to Help

You can learn more about Loan at Last, our mission, and our principles here.

Ready to fill out your loan application? Apply now!

Get in touch with our customer service team Monday-Friday 7AM-7PM CST and Saturday 8 AM-4:30 PM CST by calling us at (844) 676-8550 or send a message to customerservice@loanatlast.com.

 

 

 

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