Bad Credit Loans in Durham, NC
Since credit scores play a crucial role in determining the approval for the majority of loans. Having a poor credit history can restrict you from availing such loans. This can be really troublesome if you are in urgent need of money with no financial backup.
So what should you do if you have a poor credit score and are in need of financial assistance?
Well, during such hard times you can still apply for bad credit loans in Durham, NC. To be eligible for bad credit personal loans all you generally need is a stable income to pay the loan back. If you are a resident of Durham and require quick personal loans online, you can choose Capital Bad Credit Loans.
What is a Bad Credit Loan?
Bad title loans are a kind of personal loan that doesn’t require a good credit history for loan approval. These loans are specifically designed for people who struggle to obtain a traditional personal loan due to bad credit scores.
If you’ve been denied a loan from your banks or credit unions and are unable to borrow from family or friends, a bad credit loan may be a viable option. It lets you obtain cash in a very short period of time without any hassle.
Process of Applying for Bad Credit Loans in Durham, NC
The process is very simple, and quick, and comes with utmost ease. All you need to do is follow the three-step process of applying for Capital Bad Credit loans in Durham, NC.
The very first step is to visit our online portal and apply for a bad credit personal loan online. Filling out the application form won’t take much of your time and will be completed in a few minutes.
Signing the Loan Agreement
Once we receive your application, we review it carefully, before making the final lending decision. Post which, if your application for the bad credit loan is successful, the agreement papers can be signed digitally using either your personal computer or a mobile device.
Receive your Money
Since we strive to offer you a seamless experience, you have the option of receiving the cash on a debit card or having it directly transferred into your bank account.
The Requirements of Bad Credit Loans in Durham, NC
As bad credit loans are meant to be quick and seamless, you don’t require a plethora of documents to get approved. All you need to get approved for this kind of installment loan are:
A Valid ID
A government-issued ID is required in order to authenticate your legality and make sure you are over 18 years of age. Though a passport would be the most optimal choice, you can also use a driving license or any other government-issued document.
Since bad title loans are kind of unsecured loans, having a steady income is compulsory to be qualified for the loan. It determines your ability to repay the loan and that the loan won’t be an additional burden on you.
A bank Account
A bank account is required at your end so we can make the deposits directly into your account. In case you don’t have a bank account yet, we advise you to get one as early as possible. It makes the process both smooth and convenient.
Proof of Residency
The last thing required is a document that could justify you being a legal resident of Durham, NC. There are multiple ways to prove your residency, including:
- Utility bill
- Vehicle registration card
- Mortgage statement
- Income tax statement
- Housing lease or contract
The Advantages of Bad Credit Loans
It might be challenging to obtain a loan when you have a poor credit score or no credit history. Prior to being authorized for a loan, borrowers must submit an application outlining their present financial situation and consent to a credit check.
Since most lenders like customers who have a good credit score, bad credit loans come like a blessing in disguise for people with poor credit history. Moreover, unlike traditional loans, a bad credit loan doesn’t require you to wait for days & can be availed within a short period of time.
Types of Bad Credit Loans
For many people, having bad credit is a major issue. Securing Car loans, mortgages, and personal loans can be difficult for people with bad credit. However, there are still various types of bad credit loans in Durham, NC that you can still apply:
Car Title Loan
Loans against the title of a car are another type of short-term loan that may be available if you are dealing with a poor credit score. Title loans are a kind of secured loan because lenders use a vehicle’s title as collateral to secure the loan.
Bad Credit Personal Loan
A personal loan for people with bad credit can be either secured or not. A secured loan requires you to put up a property, certificate of deposit, or car, that can be used as collateral for the loan. Whereas, there is no need for any collateral for the unsecured personal loan.
Payday loans are a kind of short-term loan that allows you to borrow money in exchange for your next paycheck. To obtain a payday loan, you may be required to submit a post-dated check for the full amount payable to the lender.
You can also permit the lender to deduct funds directly from your checking account via digital means.
Tips To Choose a Bad Credit Loan Lender
A bad credit personal loan is designed to help you avail cash without a good credit score or history. However, in order to get the best interest rate and repayment flexibility, you must choose the bad credit loan provider carefully.
Cost of Loan
The interest rate charged on a loan will differ depending on the lender as well as the type of loan.
Seek options from a number of different legal lenders, then compare those options to find the one that provides the most favorable interest rate and does not charge an exorbitant amount in costs.
With a longer repayment term, you’ll pay less each month, but you’ll pay more in interest over the duration of the loan. So, if you want to pay off what you owe faster and save a lot of money on interest, shorter loan terms might be better.
Several brick-and-mortar and online lenders provide bad credit loans. While some of them are genuinely there to help you, some others should be certainly avoided.
Avoid lenders who aren’t registered in your state, provide guaranteed loan approval without a credit check, or need upfront payment.
What is a Bad Credit Score?
An individual is considered to have bad credit if they have a history of not paying their bills on time, as well as a high probability that they will fail to make timely payments in the future.
An individual with poor credit may have a difficult time borrowing money, particularly at interest rates that are competitive with those offered to others, since they are viewed as riskier than other borrowers.
According to the credit bureaus like CFPB, FICO and VantageScore are the two companies that produce some of the most widely used credit ratings.
A credit score that is below 580 on the FICO scale is considered to be poor. Similarly, a score that falls below 500 on the VantageScore scale is considered to be unfavorable for a regular personal loan.
How To Improve a Bad Credit Score?
No one likes a bad credit score and looks out for ways to improve it. Having a good credit score makes it much simpler to apply for loans, credit cards, and other types of credit products at interest rates that are more flexible.
Even if you don’t have any immediate need to apply for loans, maintaining a good credit score can still help you save money in other ways, such as by allowing you to pay a reduced price for your car insurance premium.
Some Tips To Improve a Bad Credit Score
- Make your payments on time
- Lower your credit utilization
- Limit applying for new loans
- Dispute credit report errors
Apply for Bad Credit Loans Today!
Facing issues while applying for a loan due to a bad credit score? Worry not!
Now you can apply for a bad credit loan in Durham, NC with Capital Car Credit Loans to meet your financial needs. With us, you get a streamlined process & you can apply for a personal loan online that can help to obtain cash in a short period of time.
So don’t hold back and apply for a bad credit loan today!