Bad Credit Loans in
Learn more about bad credit loans in Utah. Get tips and suggestions on finding the right loan or financing option for your situation.
Bad Credit Loans in Utah: A Full Application Guide
Is your low credit score stopping you from loaning some cash? You've come to the right place.
All you have to do is fill up an application form, and you'll be connected to the lenders you need.
No credit score is too low!
What Is a Bad Credit Loan?
A bad credit loan is similar to a traditional loan, BUT unlike your traditional lender, these online loans don't immediately turn you away for having a poor credit history.
Bad credit loans come in many forms, including installment loans/personal loans, co-signer, and open lines of credit.
The more popular types are short-term loans, like payday, title, pawn shop, and more.
How Do Bad Credit Loans Work?
Bad credit loans also work the same way as traditional loans, but the lenders won't just look at your FICO score
They also consider many other factors in your application, like your recent bank transactions and source of your income, but mostly your ability to pay back the cash loan.
Bad credit loans in Salt Lake City also charge higher interest rates.
And just like traditional banks, you are expected to repay the loan amounts in either small, fixed monthly payments or one lump sum.
What Are the Types of Online Bad Credit Loans in Utah?
Here are some of the online loans options for you in Salt Lake City, depending on your current financial situation:
1) Co-Signer Installment Loans
If you're familiar with traditional personal loans/installment loans from banks, this kind of personal loan works the same way.
The difference with co-signer installment loans in Salt Lake City, Utah, is that to get approved for one. You need someone with a good credit score to sign it with you.
In this case, they will act as a guarantor for you and take on the joint responsibility of repaying your installment loan.
It's very easy to get approved for this kind of personal loan, plus you still get the benefits of traditional personal loans!
You still get to make small, fixed monthly payments until the total debt amount has been paid off.
2) Installment Loans/Personal Loans for Bad Credit
This is similar to traditional personal loans as well.
The difference is that personal loans for bad credit have a lower (or sometimes don't even have) minimum credit score requirement.
And because of this, a bad credit personal loan tends to charge higher interest rates than a regular installment loan
If you need to loan quite a big amount and will need a long time (a year or so) to pay it back, installment loans are for you.
3) Line of Credit Personal Loan
The last long-term personal loan on our list is the line of credit loan. A line of credit loan works just like a credit card, but without the card.
You are given a credit limit that you can borrow money against at any time, and your interest starts getting charged when you take out cash from the credit line.
Your credit limit is based on your credit score and ability to repay the loan.
The best part is your credit limit can easily increase if you consistently make on-time payments!
Like other personal loans in Salt Lake City, you are also expected to make fixed payments every month until your total loan amounts are paid off.
Credit line loan lenders differ from other personal loan providers because they do not automatically close your account once the total debt has been repaid (unless you want it to).
It is a revolving, open line of credit that you can leave alone or borrow money from as needed, which can be very helpful for any future financial emergency.
4) Payday Loans
If you don't need to borrow a big amount and just need some funds to get through until your next paycheck, skip the personal loans and take out a payday loan in Salt Lake City!
Payday loans for bad credit are easy to apply for and get approved for. You can usually get your money quickly (on the same business day!).
Payday loans let you borrow money against your next paycheck, hence the name payday loans.
A payday loan is a short-term loan, and your due date is adjusted to when you will receive your next paycheck so that you can repay your payday loan immediately.
5) Car Title Loans
An alternative to payday loans is if you need more than the amount of your next paycheck, car title loans let you borrow money against the value of your car.
It's a secured loan, so it's easy to get approved. Your lender will hold on to your vehicle title for the duration of the loan contract in exchange for lending you cash.
Title loans are also short-term. You are given 15, 30, or 60 days to repay the total debt amount (depending on the agreement with your lender).
They also charge high-interest rates and expensive fees. And if you end up not being able to pay them back, you might end up losing your car.
6) Secured Credit Cards
These cards work just like regular credit cards, except that you must provide a security deposit.
This security deposit acts as your collateral, so your lender can fall back on it if you end up not paying back the loan.
Getting approved for secured cards is also easier than the usual credit cards.
Who Are Bad Credit Loans For?
It's for borrowers who can't apply for a traditional loan from most banks and credit unions because of poor credit history.
Here in Capital Bad Credit Loans, you'll be connected to lenders that understand your financial needs and low credit score situation — their loans are for borrowers like you!
How to Apply for a Bad Credit Loan in Utah
We'll walk you through the easy loan application process:
Let's start with gathering what you will need to apply online.
1) Government-Issued ID
Your lenders will need you to submit this to prove your identity. Your birth certificate or government ID will be accepted for this requirement.
2) Bank Account
You will need a bank account to receive your cash loan funds and, depending on your lender, pay it back.
It needs to be under your name, and some lenders will also need it to be active for at least 30 days before your loan application.
3) Proof of Income
Since a borrower of a bad credit loan is expected to have a low credit score, your lender will have torely on your ability to pay back your online loans in Salt Lake City.
To prove this, you will need to submit proof of your income. You can bring a copy of your recent pay slip if employed.
Alternative forms of income are also accepted. Documents like:
- Proof of business income
- Proof of inheritance
- Title property
- Proof of social security
- Proof of retirement benefits
- Or basically, any document that can prove your ability to pay off your bad credit loan
4) Proof of Residency
These bad credit loans are exclusively for Salt Lake City residents. So to prove that you are one, You can submit any of the following:
- Utility bills
- Phone bills
- Mortgage agreement
- Contract of lease
- Or any other proof that you live in Salt Lake City
5) Personal Information
For your lender to be able to conduct a credit check, we also need other additional personal information, like your social security number.
Have you gathered all your documents for applying for your personal loan online? Let's start your application!
Step 1: Submit Your Online Loans Application
You first need to fill out a short application form.
Once you submit it, your application will be processed and assessed for instant approval.
A credit check might take place through a system that evaluates your FICO score. Don't worry if you have a low score. It just helps connect you with the best lender possible.
After that, your profile and application will be connected to potential online lenders in Salt Lake City that suit your financial situation.
Step 2: Get Offers for Bad Credit Loans
After your lenders receive your application, they decide whether to offer you a loan.
You will receive their offers and then decide which lender to take out a loan from. Once you agree to their terms, you can proceed to the next step!
Step 3: Receive Your Cash
Next is your loan contract!
All you have to do is sign it, and you'll receive your cash funds through a direct deposit in your bank account as soon as the next business day (or in a few days).
The Benefits of Bad Credit Loans in Utah
Why should you take out a bad credit loan? Here are some good reasons:
1) Fast Approval
Many lenders understand the urgency of your financial situation, so they have simplified and sped up the process to give you your money fast!
Bad credit loans also give you your full money to use immediately.
2) No Collateral
OTHER LENDERS WILL STILL REQUIRE A COLLATERAL.
Some lenders may offer unsecured loans unless you take out an auto title loan or a second mortgage.
This means that they will NOT require you to use any of your properties as collateral to guarantee your loan.
You don't have to worry about losing your car or house if the worst happens and you cannot make your payments.
Different loan types also have different functions. Not all of them will apply to your money needs.
Since there are multiple lenders available, you can choose the lender you need and the one that will give you the best offer!
4) No Commitment
If you change your mind BEFORE signing your contract and decide not to go forward with any offers, then there is no problem!
There's no pressure to sign with any of the available lenders. All the lending decisions are up to you.
Things to Keep in Mind When Applying for Bad Credit Loans in Utah
Here are a few more tips for you:
Before You Pick Your Lender
Picking the right loan type isn't the only factor to consider. Take these other factors into account as well:
- Transparency. You want to ensure that EVERYTHING is clearly stated in the contract—the interest charges, fees, penalties, loan term, etc.
- Reasonable terms
- Low-interest rates and fees
- Good reviews from former and existing customers
- Payment terms that suit you
Before You Sign
Make sure you do these:
- Read the FINE PRINT
- Check for HIDDEN FEES and PREPAYMENT PENALTIES
- ASK QUESTIONS, if anything is still unclear
- REREAD your contract, just to confirm that you didn't miss anything important
Frequently Asked Questions
If you still have more questions, we might have the answers here:
Can I Get a Loan With a 550 Credit Score?
Yes. A bad credit loan is attainable even if you have a credit score of 300 or lower. Some lenders don't even have a minimum credit score requirement!
Are Bad Credit Loans Legal and Safe in Utah?
Yes. Bad credit loans are perfectly safe and legal in Salt Lake City. Most lenders follow the laws and are regulated by the state.
What Kind of Loan Does Not Do a Credit Check?
Most lenders will conduct credit checks, despite providing loans for those with low credit scores.
If you want a lender that won't even look at your credit score in Salt Lake City, pawn shop loans may be what you need.
These lenders hold on to jewelry, gadgets, musical instruments, or other valuable items. Then you borrow against the value of your items and get your cash the same day.
However, they charge high interest and only give you a short time to pay it off.
What Is the Easiest Loan to Get Approved For?
Co-signer loans are the easiest and fastest to get approved for. This is because your lenders rely on the good credit scores of your co-signer.
They have the assurance that you or your co-signer will be responsible for returning their money.
Other short-term, secured credit types are also easy to get approval. Because they have collateral to hold on to, they don't have to worry about losing their money.
They know that even if you cannot pay them, they can sell your property and easily recoup their money.
Why Do I Need a Bank Account to Get Approved?
You need a bank account because it's where you will receive your cash. Some lenders will ask you to make cash payments through the same account.
And that's it!
Borrowing cash is possible, but made QUICK and EASY even if you have a bad credit score.
So don't hesitate and apply TODAY!
Bad credit loans are mostly high-interest loans since they are a special type.
Direct lenders design bad credit loans for their terms to fit the current financial capacity of the borrower. They give importance to other factors MORE THAN the credit score of the applicant.
How Do Bad Credit Loans Work?
Your credit score is only ONE factor that creditors consider in bad credit loans. The other factors they look into are income and your ability to repay the bad credit loan.
Creditors assess all these factors to come up with loan terms that are manageable for you and have the least risk for the creditors themselves.
It is easy to give low and favorable loan rates to a borrower with good credit history. On the other hand, creditors balance the risk of bad credit history with high loan rates.
Who Are Bad Credit Loans For?
Bad credit loans are for borrowers who cannot turn to traditional lenders, such as banks and employers.
It is possible that their savings are not enough, and they do not have access to credit cards or employer support. It can also be that these lenders have declined their prior loan applications.
Aside from benefiting borrowers with poor credit history, bad credit loans work to fund money quickly for those with pressing financial needs.
A bad credit loan is a chance for the borrower to improve his credit standing. Your lender will report a completely settled loan to credit bureaus, which determine credit scores.
What Are the Types of Online Bad Credit Loans in Louisiana?
You are not limited to the types of funding you can secure for your financial emergency, even with bad credit.
The following are the options that you have to borrow money:
1. Personal Loans/Installment Loans
A good deal of online loans is personal loans. They are typically short-term loans that are unsecured and do not require any collateral.
You pay the money you borrow within a set repayment period. Borrowers often opt for personal loans that are installment loans.
The loan term for installment loans ranges from 6 to 24 months. You repay the loan amount and its interest rate in bi-monthly or monthly payments of equal installments.
The interest rate of installment loans will depend on the length of your debt duration. More time will cost you a higher rate, while a shorter time will benefit you with a lower rate.
2. Payday Loans
Another type of bad credit short-term loan is a payday loan. Like personal loans, payday loans are unsecured and do not require collateral.
Payday loans are due as soon as your next payday, which comes within 14 to 31 days after you get your money.
However, the shorter term of payday loans DOES NOT equate to lower interest charges. They have high rates because lenders often overlook a poor credit history.
Another disadvantage is that the cash you can get may not be as much. They may only be a band-aid solution to your funding needs.
3. Auto Title Loans
You can convert the value of your vehicle to the emergency cash you need through auto loans.
Unlike the other bad credit loan options, they need your vehicle title as collateral. You can provide titles of vehicles, such as cars, motorcycles, trucks, boats, and the like.
Since the submitted collateral secures this debt, its rate may be lower than those of unsecured debts. For the same reason, you also risk losing ownership of your vehicle if you fail to repay the debt.
4. Tribal Loans
Some unregulated creditors will allow you to secure a payday loan with a rate that is MUCH HIGHER than the legal maximum.
They are very risky. It is better to try to borrow cash from other bad credit options before taking this one.
Are Bad Credit Loans Legal and Safe in Louisiana?
The State of Louisiana upholds lending laws that regulate bad credit debts and their direct lenders. The same laws apply to your bank and storefront lender to ensure the bad credit debts you secure are safe.
Regulations are in place to control loan amounts, interest rates, and other terms and conditions to protect YOU.
The law also requires your lender to fully disclose their terms and conditions to you before you sign their contract. Your lender should not mislead you with hidden charges when you borrow from them.
CAUTION: Even with safety measures in place, there are still unauthorized sites. Watch out for misleading claims of guaranteed and instant approval or no credit check.
How to Apply for a Bad Credit Loan in Louisiana
Some lenders may require a few more documents or steps depending on the loan you choose, but the basic ones to secure a personal loan online are as follows:
To borrow money in Louisiana, you have to be a legal resident. You should be at least 18 years old at the time of your application. To prove this, you can provide documents like a valid State-issued ID and billing statements with your Louisiana address.
As promised, your bad credit will still qualify you to get a loan. The next thing lenders will look at will be your ability to pay back your loan.
The majority of creditors prefer a monthly income of at least $1,000. Your stable employment status or business earnings can support this. You can provide documents, such as your recent payslips, financial statements, and tax certificates.
Online creditors usually require your bank account details. They will deposit your approved funds and take your repayments here.
Step 1: Complete an Application Form
The first step that will take you to the RIGHT direct lender is filling out an application form.
You will have to fill in your personal details and the amount you wish to secure. You can choose to borrow any amount from $100 to $35,000.
Within the network of the best direct lenders in Louisiana, you can compare lenders to match with the details you have provided.
Step 2: Submit Documents
You have the FREE HAND to choose from the creditors that we present to you. You will finish the loan request application on the own website of your chosen lender.
The lender will perform a mandatory credit check and evaluate the rest of the personal details that you have submitted.
Your creditor may ask you to provide a few more documents to support your application before they give their approval.
Step 3: Get Your Funds
Together with the approval of your lender will be your loan agreement. Make sure that you understand its terms and conditions before you sign it.
Your creditor will deposit funds to your bank account, where they will take your payments from also.
Your lender will try to release your money to you within 24 hours or the next business day.
What Makes Bad Credit Loans in Louisiana So Great?
Many borrowers are now turning to bad credit loans for the following reasons:
- Fast Cash - They are the speedy solution you need to settle your urgent financial problem.
- Convenience - You do not have to physically visit a bank to process your loan. You can start your application, get your funds, and settle your loan without ever leaving your home.
- Multi-purpose - You are free to use the funds for whatever purpose, be it medical bills, credit card debt settlement, home repairs, school fees, or even just extra cash.
Things to Note When Applying for a Bad Credit Loan in Louisiana
Look into these 3 Rs when you make your choice among the options we present to you:
Sort out the personal loan providers whose credit score requirement is lower than your credit score. You have a higher chance of getting approval from these creditors.
Be mindful of creditors who only allow certain uses for their loan funds. It may warrant a breach of contract if your purpose is not aligned with theirs.
Make sure you can afford the payment terms of the online lenders you are considering applying with.
Compare loan rates, such as amounts, interest rates, and fees. A lower interest rate is always preferable.
Most lenders can release funds as soon as 24 hours. Ensure that your lender can meet the deadline of your funding needs.
Frequently Asked Questions
Can I Get a Loan With a 550 Credit Score?
Yes, you can.
Traditional creditors usually require a credit score of at least 580 or a FICO score of 650, so your chances may not be as high as those with a higher credit score, but you CAN still get a personal loan online with a 550 credit score.
What Loans Can a Person With Bad Credit Get?
You can secure online loans with a bad credit score. In Capital Bad Credit Loans, we can match your financial standing with many licensed creditors in our network.
These lenders have to perform a credit check because a personal loan is unsecured with no collateral. They will offer loans based more on your source of income.
Note that a lower credit score will cost you higher interest rates.
What Is the Easiest Loan to Get Approved For?
Though lenders cannot guarantee instant approval, the easiest you can get approved for is an installment loan.
Its repayment is divided into monthly installments that are easier to match with your monthly income.
We advise you to take on a small loan that you can easily afford for faster approval.
Fill out an application now, and let us connect you to the BEST direct lenders who may help you get through your financial situation.
Do NOT let your bad credit put you in a trap. You still have options to get the cash you need!