Bad Credit Loans in Raleigh, NC
It’s no secret that getting approval for a personal loan from the bank can be challenging, especially when you have a poor credit history.
Traditional lenders usually require detailed background information, financial history, and a hard credit check. Failing to meet any of these requirements can result in loan rejection.
However, there are still many other lenders who offer quick short-term borrowing options for applicants. Thus, you can opt for a bad credit personal loan from third-party lenders such as Capital Bad Credit Loans.
What is a Bad Credit Loan?
When your credit score is below 580, as per the FICO standards, it is considered a low credit score. As a result, you may not be able to easily get approved for a loan. That’s when bad credit loans in Raleigh, NC, come in handy.
These loans provide borrowers with a quick alternative for borrowing money with or without collateral. Thus, you can get a secured or unsecured personal loan based on your current income.
Bad credit loans usually have a high approval rate as they are given regardless of your credit record. As long as you can fulfill the minimum loan requirements as specified by the lenders, you can get instant cash loans despite the bad credit.
Steps to Apply for Bad Credit Loans in Raleigh, NC
At Capital Bad Credit Loans in Raleigh, NC, we ensure that borrowers don’t have to face any hassle or lengthy wait times for loan processing. Thus, our online loan process allows applicants to get started in just 3 easy steps:
1. Fill Online Loan Request Form
Applicants can find the loan request form on our online portal. You need to fill in your personal details, loan requirements, and email ID. Next, simply follow the on-screen instructions and provide the required information to get a quick assessment.
2. Get a Loan Offer
Once your loan application has been submitted, it will undergo verification to determine whether you are eligible for the loan. If you meet the required criteria, your loan request will be accepted and a loan agreement will be sent to you.
It is recommended to read the loan agreement documents carefully before agreeing to the terms and signing the contract. However, it’s not mandatory to accept the offer if you don’t agree with the loan conditions. In that case, you can simply walk away.
3. Receive Your Money
If you are determined to enter the loan contract, you need to forward the signed copy to the lender for further loan processing. Now you can sit back and relax while the lender prepares the loan amount to be deposited into your bank account.
Requirements to Qualify for Bad Credit Loans in Raleigh, NC
Depending on whether you are applying for online payday loans, installment loans, or other unsecured online bad credit loans, the loan requirements may vary. However, there are some basic conditions you must satisfy to qualify for any type of bad credit loan, such as:
- The applicant’s age must be 18 years or over
- Proof of income is required by most lenders
- Applicant needs to provide legal residential proof
- Must have an active bank account for receiving loan proceeds
- Collateral proof may be needed for secured bad credit loans in Raleigh, NC
As each lender may have specified credit criteria, applicants should be prepared to provide additional proof as needed by the lender.
Types of Bad Credit Loans in Raleigh, NC
You can choose from a range of bad credit loan options, which may confuse you if you aren’t familiar with them.
Thus, we have compiled a list of the most preferred bad credit loans based on the loan requirements, loan duration, and other factors you need to consider when choosing the right loan option.
It is a kind of personal loan that is available for individuals with a steady job. They usually don’t need a credit check.
Payday loans become a viable option when you only need a minimum loan amount to handle your short-term expenses.
- Duration: A payday loan may span from 1-2 weeks to a month or 45 days at most.
- Repayment: Bad credit payday loans are single-payment loans. It means you need to pay the loan amount when the loan term ends as a single balloon payment, including interest.
- Collateral: Lenders usually don’t require any collateral for payday cash advance loans. However, a post-dated check will need to be submitted to the lender. It can be cashed at the end to recover the debt by the lender.
When you need money urgently but don’t want to repay the loan in one single payment, an installment loan might be your ideal option.
- Duration: These loans can be granted for any specified period, say a few months to over a year.
- Repayment: These loans provide the flexibility in repaying the loan in fixed monthly installments.
- Collateral: These are considered unsecured loans, thus, collateral may not be mandatory.
Auto Title Loans
Auto or car title loans are classified as secured personal loans. Applicants must submit their lien-free car title, ID proof, and income proof to get approval for a title loan.
These loans work similarly to traditional credit check loans, so you can use them for any personal expenses after receiving the final approval.
- Duration: The loan term is usually for less than a year in most cases. However, you can also get a loan for an extended period depending on your needs.
- Repayment: Similar to installment loans, car title loans also provide repayment flexibility. Thus, you can repay the loan in convenient monthly installments.
- Collateral: The lien-free title in your name will be needed as the loan collateral by the lenders. As soon as the loan is fully repaid, you will regain full car ownership.
If you want to know your loan eligibility and explore your bad credit loan options in Raleigh, NC, apply online today!
Factors to Consider When Choosing a Reliable Lending Partner for Bad Credit Loans
Raleigh, NC, has many third-party lenders available in the market. Thus, it can be challenging to choose a reliable lending partner. In that case, Capital Bad Credit Loans is here to assist!
Below we have a list of the key factors to consider before choosing a lending partner:
- Annual Percentage Rate
- Repayment Schedule
- Ease of Applying
- Minimum & Maximum Loan Amounts
- Local laws and regulations (if any)
- Credit check requirements (if any)
- Prepayment penalties
- Lender’s Reputation
Pro tip: Never skip reading the loan terms when entering a bad credit loan agreement as no changes can be made in the contract post-signing. Thus, always read all the loan terms and conditions carefully and discuss your doubts with the direct lenders beforehand.
If you need help applying for NC payday loans, installment loans, or other bad credit loans, contact us for expert assistance today!
Need a Fast & Hassle-free Loan? Apply for a Bad Credit Personal Loan Today!
Is your bad credit score holding you back from applying for personal loans? Leave the hassle to Capital Bad Credit Loans! We offer excellent short-term financing solutions for applicants who can’t qualify for conventional loans.
We are dedicated to assisting applicants effortlessly finding and connecting with the right third-party loan providers and getting their required personal loans even with a poor credit history.
So, when you require immediate financial assistance, feel free to apply for a bad credit personal loan in Raleigh, NC, with Capital Bad Credit Loans!