Bad Credit Loans in Grand Rapids, MI
Due to our low credit scores, a lot of us have faced troubles while trying to get a bad credit loan. Life, as we know it, is extremely challenging at times and can throw us into a financial pitfall at any given moment. Therefore, to get out of that, we must seek help and it is usually by borrowing money.
Although there are myriads of options out there, for someone with poor credit history the alternatives decrease dramatically. Thankfully, there is one option that is the most convenient for someone with low credit scores: bad credit loans.
So, if you are residing in Grand Rapids and have a poor credit history, bad credit loans can be of great help! Let’s know more about them.
How To Know If You Have A Poor Credit Rating?
Most of the traditional personal loan lenders such as banks or big financial institutes require your credit report to see your credit rating. And to do that, they need reports from credit bureaus or credit rating agencies.
Now, almost all credit rating agencies follow the FICO scale to determine credit history. Your credit history will be classified as excellent, good, fair, average, or bad based on the FICO scores. The classification of FICO scores is as mentioned hereafter:
- Poor (less than 580)
- Fair (580 to 669)
- Good (670 to 739)
- Very Good (740 to 799)
- Exceptional (800 to 850)
If your score falls somewhere between 300 and 580, you have low credit scores and hence, a poor credit history.
How Does a Bad Credit Loan Work?
Bad credit loans are fast, efficient and convenient loan options for people who have sub-optimal credit scores. With the help of bad credit loans in grand rapids, MI the borrowers can apply online for a lot of reasons including rent payments, traveling, medical bills, etc.
The process of online bad credit loans is extremely easy to understand. It starts with the borrower applying for a loan, after which his legibility is checked. And if he qualifies, the lender approves his loan and lends the money. The money then has to be returned by the borrower as per the repayment schedule and terms.
For this, you need to apply with online lenders and follow a few simple steps.
Steps to Get Online Bad Credit Loans in Grand Rapids MI
We do not want our applicants to struggle with hassling process and unnecessarily hefty paperwork. Therefore, to reduce the time and effort, Capital Bad Credit Loans offer completely online bad credit loans in Grand Rapids, MI. Here are the steps:
Online Application Form
To initiate the process of bad credit personal loan online, you will need to visit our official website. Here, you will find an online loan request form which will be a simple online form requesting some basic details such as your name, date of birth, address, phone number, etc. Complete the form and submit it.
Your submitted application will be carefully assessed and meanwhile, you will have to wait to get the loan approval. If you qualify for a bad credit loan, you will receive approval, shortly followed by a loan document in your inbox.
Sign the Loan Agreement
The document will contain details such as interest rate, repayment schedule, monthly payments, etc. Make sure to read all the terms mentioned in the document and if they seem right, you can simply sign the document and send that back to us.
Once you have signed the loan agreement, you will receive your money through direct deposit to your bank account.
If you want to apply for a bad credit loan, fill out our form and get started today!
Requirements for Bad Credit Loans in Grand Rapids, MI
Every lender or lending partner has to abide by the rules and laws laid down by the state he/she is operating in. Therefore, there are some requirements and conditions that need to be met before you even apply for a bad credit loan.
In Grand Rapids, Michigan, you need to:
- Be of 18 years of age or above
- Have an active bank account
- Have a valid ID proof
- Have a stable source of income
In addition to meeting the above-mentioned conditions, you also need to provide some important details. These details include:
- Your name
- Your date of birth
- Your net and gross income
- Your e-mail address
Types of Bad Credit Loans in Grand Rapids, MI
When it comes to bad credit loans, there are various types from which the applicants can choose the befitting option. Broadly, the bad credit loans in grand rapids mi can be divided into two categories:
Bad Credit Unsecured loans
An unsecured loan is one where the borrower does not need to pledge any security or asset to get a loan as long as he is fulfilling other requirements. Some examples of unsecured loans include:
A payday loan is a short-term personal loan where the applicant needs to submit a post-dated signed check, which gets cashed on the day the borrower’s salary rolls in.
Unsecured Personal Loans
An unsecured personal loan is one where the borrower does not need to put his house or car as collateral as long as he can demonstrate his repaying ability (through steady income). These can either be short-term loans or installment loans.
Bad Credit Secured Loans
A secured loan is one where the applicant has to have collateral and has to show strong repaying ability.
Car Title Loans
Car title loans are one good example of bad credit secured loans where the borrower has to have a strong repaying ability and a car title in his name. The vehicle’s title becomes the collateral.
How To Use The Money From Bad Credit Loans in Grand Rapids, MI?
The great thing about bad credit loans is that they come with no condition; you can use the money as you desire. There are so many things that can be done with money from these loan proceeds and some of the options include:
- Pay your rent
- Consolidate debt
- Pay outstanding bills
- Travel across the nations
- Explore Michigan and the tourist attractions therein
- Cover the cost of home repair
- Get your house renovated
- Get your car repaired
- Pay your medical bills or your doctor’s appointment
- Cover legal expenses
- Use the money for your pet’s treatment
- Pay for your utilities
Can My Credit History Improve?
Most people do not know that having a bad credit history is not the final step; you can literally rewrite your (credit) history with some planned efforts. Various cautious and planned steps can be taken to improve your credit scores.
You can improve your low credit scores by:
- Regularly checking your credit reports for errors and getting them corrected.
- Consolidating your debt.
- Paying all the outstanding bills, credit card debt, and payments.
- Requesting for an increase on your credit limit.
- Decreasing your credit utilization (using no more than 30% of your credit utilization).
- Taking a bad credit loan to pay off other debts and to add to your credit mix.
Do You Have A Bad Credit Score and Need Extra Cash?
If you are someone who has a low credit score and needs some extra emergency funds to pay a sudden bill, you can apply for a bad credit loan in Grand Rapids!
These loans are one of the most convenient and fastest methods to get emergency funding and they are accessible to almost every credit type!
So, apply online with Capital Bad Credit Loans right now!