Bad Credit Loans in Lakewood, CO
Even though most of us try really hard to keep our bills and expenses within the limit of our pocket. There are some unpredictable situations that can catch us by surprise and take us off our monthly budget.
During these hasty financial crises, most Lakewood citizens would want to have an easygoing and hassle-free financing option where they won’t have to do a lot of paperwork or wait for days to get some fast cash and pay these sudden bills.
While many might turn toward banks, most of the time their strict credit requirements and the lengthy loan process will send back a big chunk of them empty-handed.
However, If you are one of those people whose credit history got in the way of getting a bank loan, don’t worry! They can apply with Capital Bad Credit Loans and choose from a variety of options to get funded in Lakewood, CO.
What is a Bad Credit Score?
Those who have ever applied or thought of getting a loan from banking institutions might be more familiar with the term “credit score” or credit report.
A credit score is a three-digit number ranging between 300- 850 that represents your overall financial status. This value helps lending institutions decide whether they should lend the money to a particular borrower or not.
Normally, your credit score is estimated using information from various factors such as your credit card debt, payment history, and the total amount of debt you owe.
If your FICO score is 580 or lower, it means you have a bad and poor credit history. Generally, the higher your credit score the more amount you can access.
What is a Bad Credit Loan?
Bad credit loans are a type of short-term lending option (i.e. payday loans, title loans, personal loans, etc.) that are created to help individuals who can’t satisfy the long list of traditional loans. People whose credit history has taken a hit or don’t have any credit history can easily apply and get these loans.
Very often, a bad credit personal loan is the only option for people who have been refused traditional loans from a bank or credit union, etc.
Depending on your situation, you can qualify for a certain loan amount. It can depend upon your paycheck or collateral and the amount has to be repaid either on your next paycheck or a by an installment loan that spreads the cost over several months.
Types of Bad Credit Loans in Lakewood, Co
When it comes to bad credit loans, these lending options are divided into two broad categories: unsecured and secured. While the unsecured ones do not need collateral to get funded, the applicants need to pledge an asset to get approved for a secured loan.
Auto Title Loans
Pretty famous among American vehicle owners, these loans are secured short-term loans in which the borrower gives away his car title to secure the loan amount. These loans require income and a qualifying vehicle and can be repaid in small monthly payments.
Personal Loans
A personal loan can either be for a short-term or long-term too. To apply for these loans, the borrowers need to present a reliable source of income and prove that they can repay the whole amount they are asking for. The repayment terms of personal loans are usually flexible; the borrowers can pay back in smaller installments too.
Payday Loans
To provide payday loans, online lenders take a signed check with the loan amount on it. The borrower then gets the money and as soon as his next paycheck comes the amount is repaid in form of a lump sum payment.
Installment Loans
Installment loans are also short-term loans but unlike payday loans, you don’t have to worry about big balloon payments. The amount is repaid in the form of monthly payments. These loans are very lenient and often don’t require candidates to go through a credit check.
Process of Taking Bad Credit Loans in Lakewood, Co
With Capital Bad Credit Loans, anyone can apply for a bad credit loan sitting on their couch and using their mobile or computer. People don’t have to go to any place to apply, submit documents or get the cash. Just follow these simple steps to get bad credit loans in Lakewood:
Step 1: Fill out the Online Form
Applicants can start by going online and filling out a simple application form. They are required to provide some personal information about themselves including their name, address, contact number, email address, etc.
Step 2: Sign the Loan Contract
Based on the information, their eligibility will be decided once their application is approved. They’ll receive a loan contract in which the loan terms such as interest rates, Annual percentage rate, and the final loan amount will be mentioned.
Step 3: Receive Loan Amount
Make sure you read the agreement papers carefully before signing them after which you can expect to receive your loan amount within a short period of time.
Advantages of Bad Credit Loans in Lakewood
Unlike other credit check loans, bad credit loans can be huge save during times of distress. Along with offering flexible requirements and shorter application process time, these loans offer many advantages over traditional loans. Here are some of them:
1. No Collateral Requirements
The majority of bad title loans do not require people to submit any collateral to get approved. People can get funded by showing their income proof and bank statement.
2. Flexible Repayment Terms
Compared to others, the repayment period of bad credit loans is quite relaxed. You can opt to repay your loan amount either in installments or by lump sum payment too. Additionally, many lenders offer no prepayment penalties which allow you to pay back the loan early.
3. No Hidden Fees
Capital Bad Credit Loans focus on keeping the complete loan process user-friendly and encourage our customers to go through all the terms to avoid any misconceptions in the future. Part of it includes charging no sort of hidden fees from our customers.
4. Easy Application Procedure
When you clearly compare, you’ll find that applying for bad credit loans is much easier than applying for standard cash loans. With fewer documents and fewer applications, you can get a bad credit loan from your home.
5. Quick Approval
As bad title loans require minimal documents & other formalities, these loans can be processed in a very short amount of time. Unlike traditional loans, customers don’t have to wait for days to receive their loan amount.
Is Low Credit Score Stopping You From Getting Funded?
Managing expenses along with unexpected outings, home repairs, and other bills can be quite hard. While we squeeze our daily life to continue living, a bad credit score can add to the stress.
So if you are going through a tight financial situation and your credit score is stopping you from getting funded. You can reach out to the Capital Bad Credit Loan team and get yourself some extra cash to pay for stuff.