Bad Credit Loans in
Learn more about bad credit loans in Arizona. Get tips and suggestions on finding the right loan or financing option for your situation.
Bad Credit Loans in Arizona: Everything You Need to Know
GOOD NEWS: You don't even have to visit big banks or have good credit to borrow money.
You can directly go to lenders who are willing to deposit cash straight to your bank account the next working day.
Plus, if you repay the loan successfully, you even get to improve your bad credit score.
So, are you ready to borrow money? Check out this quick guide on how to apply for bad credit loans in Arizona.
Bad Credit Is Not as Bad as You Think!
The average credit score in Phoenix, AZ, is 687. If you go below a FICO score of 580, you are considered to have a bad credit score.
You may start losing hope thinking about how bad credit could deprive you of loaning money when unexpected financial woes arise.
But other factors matter more, and the fact you have bad credit may not be so bad at all.
A small loan to be repaid in a short time can do a lot when you are faced with a financial bind.
When comprising loan terms, lenders assess you as a person and NOT solely on your credit score.
Bad credit loans benefit those who need money quickly for an emergency or have no access to a credit card, wage advance policies, or savings.
But only you can tell whether or not you can afford bad credit loans.
Even when the offer is excellent, assess your finances. The last thing you want to happen is to fall deep in debt!
What Are Arizona Bad Credit Loans?
Bad credit loans are personal loans that do not discriminate against people with poor credit history.
These personal loans are installment loans that allow you to repay in equal installments for an agreed number of months.
A bad credit loan is a great quick fix to a financial emergency such as the following:
- Paying for a hospital bill
- Repairing your vehicle
- Renovating your home from damage caused by a typhoon
- Paying off a credit card debt
How Do Arizona Bad Credit Loans Work?
Depending on your situation, you can choose a personal loan between $100 and $35,000.
A bad credit loan can be a small payday loan where you repay the amount after receiving your wage a few weeks later.
You can also opt to spread the cost through an installment loan where you pay a larger sum in several monthly payments.
However, remember that something as convenient will have some compromises like higher interest rates.
It's not easy to be rejected by lending companies or banks when you have a bad credit score.
Fortunately, many direct lenders can fit every borrower's situation. Plus, all the lenders are licensed and perfectly legal in Arizona.
Once an underwriter approves your loan, you get your money and follow your agreed repayment schedule.
How Can I Get a Personal Loan With Bad Credit in Arizona?
Applying for a personal loan online has never been this easy. There are MANY lenders online ready to help you out, no matter your credit score!
When you've chosen the best direct lenders and decided the loan amount you need, all you have to do is qualify and apply:
Sure, approving a bad credit loan in Phoenix, AZ, is already generous enough for many lenders.
But there are a few other factors most loan products still need borrowers to meet:
- Be at least 18 years of age to legally apply for personal loans
- Be a legal US resident of Arizona with a fixed address where lenders can contact you
- Earn at least $1000 verifiable income every month; it may be from employment or other means for as long as there is proof you can pay the loan amount
- Have a bank account in your name where the direct lender can deposit the loan and make repayments.
- You must own a vehicle, but you need not fully pay it outright since it is not for collateral like auto loans
Do you qualify? If you do, getting cash for your financial needs is just an arm's length away!
To apply for a personal loan in Arizona, you need to prepare the following paper documents:
- Vehicle Identification Number (VIN) or Vehicle Registration under your name
- Bank details (Checking account, debit card, or pre-paid debit card)
- Government-issued ID (Passport, driver's license, state ID)
- Proof of Income (payslips, bank statements, online banking access, pension statements, etc.)
- Proof of Arizona Residence (mail, rental or lease agreements, utility bills containing your name and full address in Phoenix, AZ)
Since these are high-interest loans, we recommend you ask about loan rates and hidden fees, if any, before applying at all.
Make sure you don't end up messing up your finances.
Most direct lenders in Phoenix, AZ, allow you to transact for online loans. Depending on your preference or convenience, you can opt to apply through either of the three methods:
You need not worry about traffic or leaving the house! You can apply for bad credit loans 100% online.
Fill out and submit the application form for the underwriters to review.
Once approved, funds can be directly deposited into your bank account, or you can also choose to receive the cash in-store.
2. Over the Phone
A bad credit loan in Phoenix, AZ, can also be applied through the storefront lender customer service hotline.
An underwriter will gladly go through the process with you whether you wish to complete it online or in-store.
You also have the option to receive it through bank deposit or cash.
Choose a convenient location so it is easy to do a walk-in or schedule an appointment.
Applying direct in-store allows for a faster transaction. Usually, underwriting, approval, and funding can be done in less than an hour!
Steps to Apply
Back in the day, you'd have to drive up to these financial institutions to get a loan! Well, good thing those days are over.
To connect with direct lenders for online loans, here is all you have to do:
- Decide on a reasonable loan amount. These usually range from $100 to $35000.
- Complete an easy online web form containing your contact details.
- You will soon be connected to a lender. A prompt will notify you on screen.
- Once matched, finish an online application on the lender's page.
- An underwriter will assess your application, and if approved, you'll see the money in your bank account the next business day!
Word of advice, transact early on a working day. You'll most likely receive your cash the following day.
FAQs on Bad Credit Loans in Arizona
Need a little more clarification regarding bad credit loans? We got you covered!
What Kind of Loan Does Not Check Credit?
Don't be fooled if you've come across marketing efforts stating instant approval.
Big banks and online lenders alike will still do a credit check. But it does not mean bad credit disqualifies you from applying for a bad credit loan.
There are still other factors considered, thus, never leading to instant approval.
Online lenders will check your employment status, level of income, and other necessary personal information.
Title loans that require collateral are the common instances where a credit check is not required.
Are Online Bad Credit Loans Legal in Arizona?
Lenders are under the supervision of the state. This assures borrowers are NOT given an excessive interest rate or are exposed to misrepresentation.
Whether you are going into a bank or storefront lender, they will do anything to give you an offer you cannot resist.
Be wary of fraudulent claims such as"no credit check" or "guaranteed approval."
Arizona legislation requires a complete copy of the terms and conditions of all forms of loans before you need to sign an online contract.
You are also free to back out anytime if something seems fishy.
What Are Other Alternatives to Bad Credit Loans?
Here are short-term loan options available in Phoenix, AZ:
Installment loans are short-term loans that last for several months. The LONGER the loan term, the MORE INTEREST you pay.
You may be allowed credit scores below average.
Auto Title Loan
Auto title loans do not mind if you have a bad credit score.
The loan amounts are derived from your vehicle's equity. They are useful when you need fast cash.
Payday loans have a payment term of 14 to 31 days and are usually for a small amount of money but with high-interest rates.
These are often considered when in desperation. You should only apply for them if you are certain of repayment.
SOME federal credit unions offer payday loans that limit the interest rate.
Don't let your poor credit history stop you from looking for a solution to your financial emergency.
You are certain to find lenders who will offer loans with excellent payment terms, no matter your credit scores.
What are you waiting for? Sign up for a bad credit loan today!