Bad Credit Loan – Let’s Cut Through the Hype!

By Jim Eastman

Bad credit loans seem to be a hot topic these days. In fact, if you need a bad credit loan, you’re likely to find an overabundance of information.

See if this sounds familiar. You need a loan. Maybe you want to buy a car, enroll in college, or take out a home improvement loan. Or perhaps you’re a first time home buyer and you’re looking for a mortgage. The problem is, you’ve got a bad credit history, and you’re afraid you won’t be able to find a lender.

But then you do a little research on bad credit loans and find that, lo and behold, there ARE loans for people with bad credit available! In fact, EVERYONE wants to give you a loan. Loans for cars, mortgage loans, student loans, personal loans, loans for just about anything you want. Not only loans, but credit cards too. Why, who would have ever thought is would be so easy to get a loan when your credit history is so dismal?

So, that’s great news, right? RIGHT?

Let’s just stop for a moment. Ask yourself “Why is everyone so eager to extend credit to me when my credit history is so bad?”

The question can be answered in two words — HIGH RATES. Sure, you can get a bad credit loan easily enough. But you’ll “pay through the nose” when it comes to the interest rate.

So “What’s the ‘big deal’ about paying a little higher rate?” you ask.

Let’s look at a few figures.

Suppose you want to buy a car. After looking long and hard, you find the “perfect” car for $20,000. So you apply for a car loan and get a loan with no trouble, but because of your poor credit, you have to pay 20% interest. On a 60 month loan, your monthly payments will be $529.88.

Now if your credit were very good, you might have gotten the same 60 month loan at an interest rate as low as 10%, with monthly payments of $424.94.

The bottom line is, over the life of the loan you’ll have paid an additional $6,296.40 in interest that you would NOT have paid if you had you gotten the loan at 10% interest. Your bad credit loan will have cost you $6,296 more FOR THE SAME CAR!

But if you think that’s bad, take a look at a home mortgage loan!

Suppose you want to buy a $100,000 home and you’re just thrilled to find a lender willing to give you a 30 year loan in spite of your bad credit. He’ll charge you 12% interest, and your monthly payment will be $1,028.61.

If your credit had not been so bad, you could have gotten the loan for a rate closer to 9%. If your credit had been very good, you might have been charged only 6% interest and your monthly payment would have been $599.55.

The bottom line? That bad credit loan will have cost you (over the 30 year term) a staggering $154,461.60 MORE than you would have paid had you gotten a loan at the 6% rate.

No, this is NOT a typo. Your lender will pocket $154,461.60 in additional interest payments because you were charged a higher rate for a bad credit loan. That’s over 1 ½ times the cost of the house itself!

So why did he charge you the higher rate? Because he knows he can get it! After all, he’s got you “over a barrel.” He knows (and you know) that you need a loan, but because of your bad credit no one’s going to give you one at a low interest rate.

Do you see now why people are so eager to lend you money in spite of your bad credit? In fact, credit reporting companies make a fortune selling lenders the names of people who have bad credit. Those lenders know they can charge them high rates, and that if they need credit, they have no choice but to pay them.

So what’s the solution? You may be thinking “What choice do I have anyway? My credit is bad, I need a loan to get a house (or car, college education, or whatever) and there’s just nothing I can do about it except find a lender willing to give me a loan at whatever interest rate I can get!”

But consider for a moment whether you might be looking at the situation from a completely wrong angle. Rather than resign yourself to the situation, you should be thinking about repairing your credit.

Now if you just found the house of your dreams, you may have no choice but to act now before someone else buys it. But if you can wait a couple of months, it’s highly likely you can make some major improvement in your credit score and THEN look for a loan.

Maybe this isn’t what you wanted to hear. After all, you’re looking for a loan, NOT credit repair advice. But wouldn’t it be worth it to postpone getting that house or that car if it would save you thousands, tens of thousands, or maybe even $150,000.00 or more over the long haul?

If you’re thinking your bad credit history is something you’re just stuck with, or that it will take years to improve, you’re mistaken. It’s often possible to make major improvements in your credit rating in just a few months, and in some cases in as little as 30 days!

It’s not that difficult either. You basically have 2 options. You can hire a “Credit Repair Agency” or you can take the “do it yourself” approach.

If you decide to hire an agency, you can easily find one in your phone book or online. Just look for “credit repair.” However, it won’t be cheap. Agencies usually charge from $2,500 to $5,000 or more to repair your credit. But that’s still a bargain compared to how much you’ll be saving in the long run.

But if you think only a professional agency can fix your credit, think again! In spite of their high fees, they won’t do anything for you that you can’t easily do for yourself. If you can write a few letters, address, stamp, and mail them you can repair your own credit.

If you choose the “do it yourself” route (recommended) you can learn how by doing some online research. Unfortunately, along with all the good information you’ll find some misinformation as well. A better option is to find an authoritative book on credit repair and follow the advice therein.

In conclusion, you should seriously consider postponing your search for a bad credit loan. First spend a couple of months improving your credit rating. Then you can abandon the search altogether, and begin looking for a GOOD credit loan!

(c) eBusiness Power

Jim Eastman is the support contact for If you want to fix your credit report rather than pay thousands too much for a bad credit loan, visit and sign up for a free mini-course (Includes 2 Bonus eReports).

Article Source:—Lets-Cut-Through-the-Hype!&id=109768

What to Look for When Choosing a Lending Company

There are a few things you need to look for when choosing a lending company to apply for a personal loan. Here is a list of features to look for.

Easy to use – A lending company should make it easy for you to apply online and use their website. Once you apply, you should have no trouble making payments or reviewing your current balance.

Secure – Of course, the lending company needs to be secure. The last thing you need is for your information to get leaked and have criminals stealing your identity.

Fast – Depending on the situation, you may want to get your loan quickly instead of waiting a few days. This is understandable and very common, so a good lending company should offer same day service.

Helpful – Last but not least, you should be able to reach anyone 24/7 by phone, email, and chat. Many lending companies offer this service, so it’s very important that you find one that can help you when you need it.

So, who do we recommend?

There are a few lending companies we can offer, but the one we will feature today is Jora Credit. They have excellent customer reviews that show how easy and helpful their service is. If you are looking to get started, you can click here to visit their website.

How to Find the Best Car Loan With a Bad Credit Rating

There are dozens of places in every town that offer car loans with bad credit rating. These are typically called buy here, pay here places and usually your job is your credit and “everybody rides!” Of course there is a reason these loans are so easy to get and that is that they cost you a lot of money.

Usually the payments are about $100 per week, or more! That is a crazy amount of money to pay for a used car but people do it all the time when they feel they have no other option. Most of the time bad credit loans without collateral [loans with bad credit and no collateral] are more difficult to find otherwise. Unless there is a cosigner who is willing to go on the car note then car loans with bad credit rating at a buy here, pay here company are sometimes necessary.

Car loans with bad credit rating can also sometimes be obtained from regular car dealerships that deal with banks but normally you must have at least some kind of payment history for them to reference and the interest will usually be higher, along with the down payment. However, this is a much better option because the payments will still be a lot lower than they would at one of the other places that base your credit on your job.

One of the things these places do is put something that is called “pastime” on the car which is a device that will cause the car not to start if the payment has not been made. A code must be entered into the device via remote control each week when they payment is made and it keeps the car running until the next payment period. This is why these car dealerships are not worried about whether or not you have credit. You will not drive unless the code has been given and entered.

Why Anyone Is Eligible to Receive a Loan With Bad Credit

Getting loans with bad credit is not entirely unheard of. There are some loans that can be obtained by people with even the worst credit scores. However, these loans will usually be at a much higher interest rate. If you have bad credit but own a piece of real property or some other type of collateral then you may be able to get a secured loan that will have a lower interest rate.

The problem with getting loans with bad credit is that there are not as many options available to you. One thing you may want to do rather than choose loans with bad credit would be to try and do what you can to repair your credit prior to applying for the loan. If your issues are mostly due to overdue credit card bills or debt then perhaps you should look into a credit card debt relief program [Credit Card Debt Relief Act] to help you clear some of the debt up and repair your credit score slightly.

It is a lot easier to get a loan with decent credit than it is with bad credit. If whatever it is you are trying to get the money for can be postponed for a few months then you may have time to wipe away some of the mess that is on your credit report before asking for the loan.

Obviously there will be situations which will require you to get money right away for emergencies but if you are trying to get the loan for remodeling or something that may actually be able to wait then repairing your credit first is the best option. If the money is for school then there are also some government grants available to people who meet specific income qualifications that never need to be repaid so that is something else to look into.

The Main Benefits of a Bad Credit Payday Loan

Sometimes urgent need of cash can make someone’s hackles rise. The situation worsens if there is no place to arrange cash. Instant cash loans at Bad Credit Payday Loans can take you out of this plight.

Many financial institutions these days provide instant cash loans. The problem arises when you have to search for the right deal. Here we can help you!

We can find the apt deal for you. With instant cash loans at Bad Credit Payday Loans, you can sit back and relax. All the searching will be done by us.

If the loan amount is little, you can get it without a mortgage. Instant cash loans are mainly unsecured loans. The risk factor is more with the creditors so usually they ask high interest rate. But if you apply for an instant cash loan with us, we will search for a deal to suit your requirements.

Benefits of instant cash loans:

  • Availability of money when you need it the most.
  • Easy repayment benefit.
  • Quick process.
  • Online application.
  • Swift service.

What are you waiting for? It’s time for action! Fill the application form here with your proper details and apply for an instant cash loan. It will help you meet the expenses till the next pay check.

How Bad Credit Loans Can Help Rebuild Your Credit

Financial solutions are available for even bad credit score holders. There is a way you can fight back through the calculated use of credit cards, which are specially made to get you out of bad credit.

Bad credit score and financing solution

Actually a bad credit score is just the result of an unstable troublesome financial situation, and no individual would love to create one such situation. Yet difficulties come in life, and you get into financial stress thereby resulting in non-payment of dues and EMIs. And such things gradually depreciate your credit score to turn it into a low rating. The consequences of having a low credit rating are actually very serious.

Although it’s true that you need money the most when you are trying to recover from a financial crunch and bad credit rating, yet the truth is that, you get rejected for financing the most in such times. And the way out of the bad credit gradually in small slow steps, is to go for a bad credit credit card.

If you’re looking for a way to get some quick money in a hurry, fill out the form here to see if you qualify.

What is special about the credit cards for bad credit

Special credit cards are designed for individuals with bad credit. And the cards operate on a line of credit. As the user of a credit card approved for bad credit, you must know what to expect from such a card, and how it can give you a few benefits. While frequent and unplanned use of credit cards is not considered a smart financial step, yet when you are into bad credit and a challenged financial situation, then credit cards meant for bad credit are specially useful. Here is how:

  • Credit cards for bad credit runs on a line of credit which is decided by a lump sum amount you deposit on that card account. And when you spend money from that amount limit, you stay safe from over spending.
  • Once the credit limit is reached you cannot spend more thereby limiting your expenses
  • Whenever you reach the limit you can refill the card to make it ready for use, and at the same time the payback of the amount helps improve your credit score. Hence each time you pay back in the credit card account your credit rating gets a boost and gets rebuilt gradually.
  • Being financially challenged you still can get a credit card to use when you live by their conditions.
  • These benefits are encouraging for bad credit holders to get a credit card. And to choose the best credit card to build your credit score fast, you must go through a thorough comparison of all bad credit credit cars using some good comparison tool.


Choosing a credit card for improving the credit score is perhaps the biggest advantage of owning a credit card in a bad credit situation. That’s because when you are financially challenged then you should not use cards actually. Credit cards may further pressurize you if not used thoughtfully. But calculated use of cards actually helps improve credit scores faster and helps you get out of such situation to a healthy credit rating, where you may apply for a decent loan to get over the financial challenge.

How to Decide If a Bad Credit Loan Is Right for You

Personal loans are often required by you when you are in some kind of an emergency and need quick cash. But the challenge lies in getting a loan when you are in a bad credit condition. Bad credit score is a big problem in case of availing loans as it interferes with your creditworthiness while the lender check with your profile. The solution to this is bad credit personal loan. (hint: if you’re looking for the form to apply online, it can be found here.)

Bad credit is not a problem

If you have a bad credit score then it won’t come into your way of getting a personal loan approval. Yes, that is the good news about bad credit personal loans. Lenders giving personal loans know this very well that bad credit situations do come up in almost lives of every individual. And thing like this are so common just because some sudden situations, financial crunches, job changes etc can burden you too much in one or few months to make late payments against your debts. And this impacts your credit history and scores both.

But let this not destroy your chances of getting funded, when you are in need of an emergency fund through a bad credit personal loan. No credit checks are actually done to approve these loans, and that is the beauty of the scheme. Instant funding without credit check actually makes it possible to acquire an emergency fund.

You won’t be asked for collateral

Don’t worry about collateral while planning to get a bad credit personal loan. The car title or property deed, or other assets of yours would not be asked for by the lender. You need no collateral to declare or show for getting a personal loan with bad credit.

You simply have to be sure to pay this in time

You may ask how to qualify and apply for a personal loan online when you need no collateral or sound credit score. Actually personal loans for emergencies are availed with simple steps. Simple online application takes a few minutes only and then your loan application goes into processing which takes another few minutes to hours. And soon, with the approval, your loan amount gets disbursed the next business day. That is the beauty of bad credit personal loans, which never makes you wait.

When to avail a bad credit personal loan

You should avail a personal loan with no credit check when:

  • You have need of emergency funds and cannot wait long
  • You are stuck in a bad credit rating to avail lower interest rate loans
  • You want to avoid long documentation and approval processes
  • You don’t want to use any collateral
  • You are sure you can pay back the loan on time without fail
  • You want to use the opportunity to pay back the loan timely and rebuild your credit score

Also, do keep in mind that you must go for such loans, only when you are in need of cash in real emergency for some serious issue. For petty issues like buying a water purifier or TV, do not get such a loan.

The Challenges of Getting a Home Loan With Bad Credit

Need a home loan, and struggling with bad credit? Is that your situation? Well then you have a solution. A home can still be bought by availing a loan when you have a bad credit. And this happens by going to bad credit home loan lenders.

The challenge you often face with a bad credit in getting a home loan

A bad credit score can be a big barrier in availing a home loan. Normally lenders would not approve you a home loan when your credit score is not healthy. A poor credit score affects your creditworthiness. And you are not considered a reliable borrower. Hence you often face rejections from lenders, and the more you face rejection the more your credit score which is already poor gets lowered further.

A bad credit does not prevent you from getting a home loan

There are lenders who would specifically work with bad credit customers and give them home loans after a quick approval process. Hence if you are with bad credit, and you still need a home loan, you always have a way. Through online applications for such a home loan, you can get the following benefits:

  • Get a home loan if you are an adult and aged 18 or above. You may get it refinanced later on.You just need a checking account to avail the loan, and must show stable proof of income.
  • Simple online application process makes approval and processing fast
    Loans get disbursed very soon, generally within the next business day of application
  • Credit checks are not performed against the customer
  • The personal information provided to the lender is encrypted, and hence information does not get disclosed elsewhere and stays secure.
  • Loans up to $1000 are available from bad credit home loan lenders.
  • The online loan application takes just a few minutes
  • You can even get a bad credit home loan with zero down payments because lenders know you need quick funds when you are short of cash to even pay for the upfront.

With the above features, it’s really easy to avail an online loan for first time home buyers loans with zero down.

What exactly do you need to get a bad credit home loan

You can avail a bad credit home loan easily from the comfort of your home by simply furnishing some information. The information they ask for is your income and a bank checking account. A checking account with a bank signifies that you are regularly doing transactions from an address or location. And a stable income signifies that you have the capacity to pay back the loan on time. These two factors along with your age being 18 and above are enough to get the loan approved even when you have a bad credit score.

It just needs one day or perhaps two, because application takes a few minutes, approval a few hours, and right after that loan disbursement happens in one business day.

What is a bad credit business loan?

A business loan often becomes an achievable dream for you under bad credit situations. If you are in a bad credit situation and you need loan to expand r develop or sustain the business, then you should stop worrying, as solutions are available in the form of bad credit business loans. A bad credit business loan is not just approved without checking the credit rating of the business or entrepreneur, but also doesn’t demand collateral.

What is a bad credit business loan

A bad credit business loan is one of those solutions for small and medium business owners, who are running the business on a limited fund, and need extra funds for several reasons like growing the business, buying raw materials, investing on infrastructure, meeting payrolls, filling taxes, and many such things.

A bad credit rating refers to a credit history of the person who defaulted sometime in paying an old debt. This is a common scenario, and happens with many. Entrepreneurs and businesses both may default at times and get their credit score affected. But this does not mean, they can never get a scope to improve and develop.

Lenders of bad credit business loans understand this fact. That is why they give in the offer to obtain a loan, without getting the credit rating or history checked. This helps a lot in building the credit rating again as you continuously pay back the loan EMIs. And parallelly the business funding is done and the jobs are done, or the crises are covered.

No collateral needed for processing

The most amazing part of availing a business loan is that you need not declare any asset of yours as collateral. This means you are approved a bad credit business loan without any collateral. This is to ensure that you need not worry when you are in trouble and are getting rejected from traditional banks and conventional lenders for your bad credit situation. A bad credit situation often makes many lenders who are traditional turn you down. But with a dedicated bad credit business loan provider, you simply don’t have to worry.

How to apply for the business loan

To get small business startup loans no credit check, you need to apply online. These loans can be applied online in just minutes. You need not travel from bank to bank with a file. Simple online process helps in applying, and then you get notified of the processing and approval also online.

Approval takes some time, which may be within few hours. If your documents and details are correct you are approved without any collateral and credit check. And once approved, you immediately get the loan disbursed to your account in the next business hours or day.


You can pay taxes, meet sudden expenses, fight problems, expand the business, and do a lot with the bad credit loans when you are in dire need of funds. All you have to do is repay the loan on time and build your creditworthiness too with it.