Bad Credit Loans in Clearwater, FL
Looking for a personal loan but have a poor credit score?
Improving your credit score is not something you can do overnight, it takes financial discipline and consistency over months to have a desirable credit score for personal loans.
But what if you are in a dire need of money at present?
While it would be hard to get approved for traditional personal loans with a poor credit score, a bad credit loan can be your ultimate savior. With these loans, you may receive quick cash without requiring an optimal credit score or history. Below we are providing a piece of brief information on multiple aspects of bad credit loans.
What is a Bad Credit Score?
A credit score is a measure that lenders generally use to determine the credit risk associated with lending you loan products. Though there are different credit score models, the most widely used are FICO and VantageScore which range from 300-850.
Bad credit is defined as a FICO score that is below 580 or VantageScore that is less than 500. There are multiple reasons for a low credit score or poor credit history including late payments, unpaid debt, etc
When you have a poor credit score it restricts you from getting reasonable loans or other credit products from lenders.
How Can I Improve my Credit Score?
Having a low credit score or poor credit history can make it hard to apply for financial products like credit cards and personal loans. However, there are multiple measures that you can follow to improve your credit score and get better credit products in the future.
Make Timely Payments
If you want to improve your credit score you must make all the payments of existing financial products on time. Even a single missed payment can take a toll on your credit score & bring it down significantly. Moreover, a missed or late payment can stay up on your credit report for up to 7 years.
Dispute Error in your Credit Report
Reviewing your credit history regularly is a good financial practice and can boost your credit health. Make sure to scrutinize your credit report and look out for any error or mistake that could be damaging your overall credit score.
Ask for a Higher Credit limit
When you ask for a higher credit limit from your lender it keeps check on your credit utilization rate. Since credit utilization holds 30% weightage on your credit score, it can be an ultimate way to boost your credit score.
Avoid Multiple Inquiries
Applying for too many credit products is considered negative and can deplete your credit score. Since lenders run a hard credit check every time you inquire about any loan product, having too many hard checks on your credit score can have a negative impact.
Avoid Closing Old Accounts
The length of your accounts holds significant importance in your credit score. Experts recommend never closing your old accounts even after paying off the loan completely.
What are Bad Credit Loans?
Bad credit loans are types of loans that let you borrow money with suboptimal or subprime credit scores. A bad credit loan comes in handy when you don’t get approved for a traditional personal loan by credit unions, a bank or storefront lender.
Bad credit loans take many forms and can be of both secured and unsecured types. You may choose any based on what fits best with your situation. In contrast to traditional personal loans, these loans have fewer requirements and can be approved in a short time.
Types of Bad Credit Loans
To apply for bad credit loans you must understand the types of loans that you can apply for with a low credit score. There exist both secured and unsecured personal loans for people with a poor credit history that are mentioned below:
Installment Loans
Installment loans are a kind of unsecured personal loan that you may apply for without any collateral. With installment loans, you can borrow money in a lump sum and can repay in fixed monthly payments.
Payday Loans
Payday loans are short-term loans that are typically due on your next paycheck. It can be a quick solution for people looking to borrow money for a very short duration (generally 2-4 weeks). Some lenders might ask for an advance check or ACH authorization to grant your loan approval.
Auto Tile Loans
Auto title loans are secured personal loans that you can apply for with a poor credit score. These loans are secured by the vehicle’s title and can be availed in a very short time. However, it’s pivotal for approval to have a clear title of your vehicle on your name.
How to Apply for Bad Credit Loans
At Capital Bad Credit Loans in Clearwater, FL, we strive to offer you an easy and streamlined application process. With us, you don’t have to go through a tedious process and can apply for personal loans online right from your home. Just follow 3 easy steps mentioned below:
Fill Loan Application
To start your online application, you need to fill out a simple online form on our official website. Provide us with some basic information & submit the form to complete your application process.
Get Lending Decision
During this step, your application is carefully reviewed and a lending decision is provided based on the information you submitted. On approval, you will be emailed the loan agreement paper that you must carefully review before signing it off.
Receive your Funds
Once you agree with the loan agreement and sign the documents, you may receive the loan amount deposited into your bank account.
Basic Requirements for Bad Credit Personal Loan in Clearwater, FL
To get approved for bad credit loans in Clearwater, Fl you must comply with certain requirements. The basic requirements for a bad credit loan are:
- The applicants must have a legal age of 18 or older.
- You must provide some basic information about your identity, address, mobile phone number, etc.
- Must have a steady & verifiable income (not necessarily a regular job).
- An active checking account to receive loan proceeds.
What Can I Use Loan Amount For?
Bad credit loan amounts can be used for wide purposes, from dealing with the past to managing the present & planning the future.
After approval, the amount is your property so you can freely decide how you want to use it. Many Clearwater residents have used the loan amount for:
- Managing credit card debt
- Paying medical bills
- For vacation or any function
- Home or motor repairs
- Marriage or funeral cost
Reasons to choose Bad Credit Loans in Clearwater, FL
Since loans with banks and other traditional lenders come with hefty requirements, a bad credit loan could be the last resort for people with poor credit history. Some major reasons to choose bad credit loans in Clearwater, FL are:
Low Credit Scores are Accepted
At Capital Bad Credit Loans we cater to all types of credit scores and offer reasonable loans quickly. So stop worrying about your credit score and apply for personal loans with us.
Flexible Repayment Schedule
Since bad credit loans are both secured and unsecured, you can choose a loan that fits perfectly into your repayment schedule. While an installment loan allows repaying the loan amount in equal monthly payments, payday loans demand to repay the loan in one single payment.
Build your Credit Score
Bad Credit loans can additionally help you in building your credit score. Once you take a loan and stay committed to repaying it on time, you can improve your credit score significantly.
Apply For Online Bad Credit loans in Clearwater, FL Today!
Don’t let a bad credit score stop you from applying for personal loans in Clearwater, FL. With Capital Bad Credit Loans, you have the liberty to apply for online personal loans and get approved quickly.