What Loans Can You Choose With Poor Credit?

Posted by Andrew Monks on March 24th, 2016

If you have a tarnished credit history, did you know you can still apply for a loan if you need some financial freedom? Whether you need to have repairs done to your car or your boiler has just burst and you need to repair it urgently, getting a loan with poor credit is much easier than you may have anticipated.

There are numerous of loan options to choose from. The first thing you need to know is that you don't want to visit your regular banks. Banks have become exceptionally strict in terms of the criteria that must be met. Strangely enough, when you are looking for a loan, you need the cash for something, but with a bank, you need to prove you don't need the money in order to be awarded the loan. Strange as this sounds, it is much easier and less humiliating to apply online.

Online companies focus on providing loans to all clients, including those with poor credit. They work with lender panels who will approve your loan application within minutes. In most instances the money is in your bank account within twenty four to forty eight hours.

The first type of loan you will want to consider with poor credit is a payday loan. A payday loan is best explained as an advance on your salary. In order to qualify for this particular loan with poor credit, you need to be over eighteen, a resident in the country, be employed and have a bank account.

Payday loans are short term solutions, they are small amounts which are then repaid with interest with your next salary date. The trick with this is to ensure that you have the money the following month to make the required payment. These are not long term financial solutions, but rather an option for that unexpected financial emergency.

The second type of loan with poor credit you may want to look at is installment loans. Installment loans are increasing in popularity as they are similar to payday loans as they are for smaller amounts and for shorter periods of time, but instead of being paid off in one lump sum on the next salary date, they are paid back over a number of months at equal and easy to manage amounts, making it easier to repay the amount moving forward.

Then there is unsecured personal loans. Unsecured personal loans are the safest choice when taking a loan to repay over a year or more. In most instances a lender will give you up to sixty months to make your repayments, which means you can spread the repayment cost into small amounts which you can easily blend in with your budget.

The benefit to the unsecured loan is that there is no collateral, which makes this a safer option. No one wants to think of the “what if they cannot repay” scenario. But with the unsecured loan, you are not putting down collateral, which means that should you be unable to repay, your home, business or other assets are not immediately at risk.

Secured loans on the other hand will give you the most amount of money, so if you need to do some home renovations, this may be the solution you are looking for. With secured loans you need to be sure you can make the repayments without issue as you will need to put your home, business or other assets up as collateral to give the lender the peace of mind they need when awarding you a loan with poor credit of this caliber.

About Us: Willow Loans is a leading online company specializing in loans for people with bad credit. This well-established company works with a panel of reputable and respected lenders, helping clients get the finance they need. The company offers payday loans, personal loans and installment loans up to and over ,000 with a host of repayment options up to sixty months. Willow Loans believes in providing fast approval and deposit funds quickly and effectively. They offer the convenience of a quick and simple online application and already have thousands of happy customers throughout the country. To find out more, visit http://www.willowloans.com