Easy Loans

By virtue of being an unsecured loan, personal loans have a very high rate of interest attached to it. So one should consider taking a personal loan only if:

• You do not have an asset/security against which you can get a loan. For e.g. if you have an FD you can pledge, a secure loan might make more sense.


• You have some visibility on your cash flows and are sure that you will be able to repay the EMIs (Equated Monthly Installments) in time. Else you are bound to enter into a debt trap.


• There is an emergency and you need funds immediately. A personal loan can be taken because the processing time is much lesser on account of minimal documentation.

Opt for personal loans only to meet your essential needs which cannot wait. It should be your last resort. Taking it for satisfying leisure needs can prove to be costly i.e. for gambling, buying a new car (a car loan is a better bet with a lower interest) etc.

Before you choose your personal loan:

Calculate the cheapest loan offer: These loans come with very high interest rates ranging from 14% to 25%. Compare interest rates and get the complete picture by understanding the annualized interest rates for each offer. Then figure out the total amount of repayment you need to shell out with all the offers before opting for the loan of your choice.

Processing fee et al: You need to keep in mind the processing fee and other fees that will be levied when you apply for your personal loan.

Prepayment penalty check: Ask upfront if there would be any penalty payments for prepayment of the personal loan at any point in time. More often than not loan consumers tend to pay up their loans earlier than planned to be rid of debt. Hence, its important to know if your personal loan offer allows part prepayments. If that is the case, then you should be aware from what time frame in the loan period you can start prepaying and understand the cost you incur due to such prepayments in part or full.

EMI and tenure: Evaluate all loan offers. The first condition for loan offer selection is the total money outflow that the loan will cost. The second factor is the EMI. A loan offer with a lower EMI and a longer tenure may seem attractive, as it could be easy on your purse strings, however not all such loans prove to be cost effective in the long run. Hence, first calculate the total loan cost and then try to opt for a higher EMI, which you can comfortably manage to enable a shorter loan tenure.

Keeping track of your credit history: Especially in the case of unsecured loans, your credit history, which is recorded by CIBIL (Credit Bureau India Limited) plays a critical role in your loan application being accepted. A good repayment track record ensures an instant loan approval but brownie points in the form of more attractive interest rates.

Who is eligible for a personal loan?

The eligibility criteria and their specific details may differ from banks to bank based on their perception of the risks associated with such loans. However, nearly all banks divide the potential borrowers into three categories:

• Salaried individuals


• Self employed individuals


• Self employed professionals

Other factors which are taken into consideration are, age, residence, work experience, repayment capacity, past obligations and place of work.

What documents are required for personal loans?

Personal loans require the least number of documents, making it the fastest to be approved. Typically, financial institutions would require proof of identity, residence, income and also 3 to 6 months of your bank statements. Some banks also require guarantors and the same set of their documents.

Alternatives to a personal loan

As indicated in the beginning of the article if you have access to investments that you can pledge, like shares, fixed deposits, gold, insurance policies etc. you can obtain a loan against them. The interest rates are lower compared to personal loan interest rates.

Many who are in need of financial assistance have experienced the same obstacle - which is their own bad credit history, and this is the main reason most lenders reject their personal loan application. Besides that, the success rate of getting such loans is much lower when those applicants do not put up collateral to their loan application. Although non-bank lenders would consider granting loans for applicants with low credit scores, applications from those who have critically low credit scores are likely to be rejected as lenders are not willing to bear the risks of having clients who seem to be incapable of repaying the loan as agreed.

In that case, you need to start considering non-BBB (or non-Better Business Bureau) accredited unsecured loan lenders because:

繚 They would grant loan to applicants who do not put up collateral in their application

繚 They would consider applicants who have extremely bad credit scores

繚 They claimed they are offering fast loan approval

繚 They received satisfactory BBB ratings (although they are not BBB accredited)

繚 They need a co-signer to support your application if your low salary earnings

繚 They would not charge any upfront fees for their loan lending service

Here are the non-BBB accredited unsecured loan lenders as follows:

1. MoneyNowUSA.com (BBB rating: A): They claimed that they provide fast application processing time, which is approximately 90 seconds, and approving unsecured loans to successful applicants within less than an hour. Most important thing is those who are applying for a larger loan amount - i.e. more than $1,000; they would probably need to apply more than once. Please take note that their loan lending service is not applicable for applicants from Arizona, Georgia, Virginia and West Virginia.

2. DrCredit.com (BBB rating: A-): The most attractive point of their loan lending service that their applicants would be given four loan offers within 24 hours. In addition, successful applicants would receive a free membership to their "CreditCounselor Financial Network".

3. CreditLoan.com (BB rating: B-): They are actually a loan company which represents a group of legitimate non-bank lenders, and offering unsecured loan amount with the range $250-$2,500 for applicants with bad credit history. The total loan amount is determined based on the loan term and their applicants creditworthiness.

Bear in mind that the total cost loan (including high interest rate) would be high if you have bad credit history. You are advised to request free quotes from these lenders above before you start applying. Make sure that you are able to choice the right unsecured loan deal according to your current financial situation.

The average Joe on the street will admit that he has found himself at one time in life in need of money but with nowhere to turn. If this sounds like you, take heart that you are not alone. There are lots of people who have bad credit but need to borrow money immediately to handle emergency expenses. Your car breaks down and needs repair, your washing machine goes awry and you must replace it, you chip a tooth and need to see a dentist, or perhaps there is a huge sale at your favorite store and you simply do not have the money to take advantage of once in a lifetime bargains.

For these reasons, there is a fast cash personal loan that is written for borrowers in need without a credit check, and you can qualify for your quick cash within hours.

Money For Any Reason

These fast cash personal loans are the most expedient means to borrow the money you need, whatever the purpose. You may have heard the quick cash personal loan erred to as a payday loan, cash advance, or other name.

Applying for your fast cash personal loan is simple and easy. You simply present the lender with a post dated check in the amount that you wish to borrow, plus some minimal fees and interest. You get the money today, and you pay the lender in full when you get your next paycheck. Most quick cash personal loans are written for two weeks to one month. You can borrow an amount that is determined by your income, and this amount can be anywhere from $300 up to $2,500, depending on how much money you bring home and your other bills that you are obligated to pay. It is that simple to get your fast cash now.

Great Alternative Loan Option

While there are many critics of this type of loan, taking out a fast cash personal loan is certainly a better alternative than doing without the purchases you must make, especially when it comes to emergency needs, like repairing your car to get back and forth to work. Additionally, many folks are faced with an alternative that can have huge repercussions - writing a check without sufficient funds to cover it. This is not only illegal and can result in the check writer going to jail and paying big fines, but can also be detrimental to your credit rating. A fast cash personal loan puts an end to those worries and gives you the cash you need, right now.

Fast Cash Personal Loans Feature Fast Processing

Most of the lenders who service fast cash personal loans do business online. These lenders offer you the ability to fill out all of your paperwork over a secure online connection and can process your loan promptly. In most instances, you can have the proceeds of your fast cash personal loan deposited into your checking account within just a few hours after applying.

If you have bad credit title in your credit report, then it doesnt mean you cannot get a personal loan. There are bad credit personal loans available for people with poor credit rating. If you have poor credit rating -- because you made late payments, missed payments, exceeded credit card limits, or filed for bankruptcy -- these loans not only solve your money problems, but also give an opportunity to improve your credit score.

Personal loans for bad credit are available in secured and unsecured loans. Since lenders bear higher risks these loans require a higher rate of interest and a higher down payment than the normal loans. The interest rate on the personal loan for poor credit depends mainly on your credit score, the collateral security offered, loan amount and personal income.

Secured personal loans are for the homeowners. Secured loans are the right choice if you need extra money, but you do not qualify for an unsecured loan. These loans require collateral security, which includes items like automobiles and real estate. If you default on the repayment, then the lender is free to sell the security. However, if the value of the collateral is more than the loan amount, then you can expect to pay a low interest rate.

If you dont own a home you may want to consider unsecured bad credit personal loans. Because unsecured loans are not backed by any collateral security their interest charges are higher than that on the secured personal loans. However, the worse your credit is the harder time you will be approved for an unsecured loan.

In order to get a bad credit loan, first you need to check your credit report and credit score. The higher your credits score the more favorable the rates and the terms that you would get on the personal loan. You also need to provide all your personal details to your bad credit lender accurately because providing incorrect information may lead to the rejection of your loan application.

There are many lenders out there that are willing to lend you their money. You must research the lenders thoroughly, particularly when applying for a personal loan online. Even though you need the loan so bad never agree to pay any types of processing fees. Always check out the lenders with the Better Business Bureau. Since different lenders offer personal loans at different rates make sure the loan on the most favorable terms.

If you cant get a loan from large lenders, try to approach smaller lending companies. Smaller lending institutions are more personal in considering your eligibility for a personal loan -- they take the reasons for your bad credit along with other factors. You can have a chance to get a personal loan, if you can prove that youre responsible and that you have a stable income to repay the loan.

Once you get the bad credit personal loan and use the money for your financial needs, remember to rebuild your credit by paying on time and sending extra payments whenever you can.

It might seem ludicrous to suggest that bad credit ratings are not important when looking for a loan - but it is true. While lenders usually do want to know the credit rating, this is not the deciding aspect of any application. So, getting approval on personal loans with bad credit is not impossible at all.

In fact, securing a personal loan with bad credit is anything but impossible, with a wide variety of lending firms specializing in loan deals for that demographic alone. These lenders tend to be found on the internet, but are also found around town, usually as smaller financial firms to the large banks we tend to think of first.

To secure approved loans for personal use with bad credit, it is essential that a few aspects are caully addressed before beginning the application process. Amongst them are knowing the terms to expect, and choosing between your local bank and online lenders.

Terms to Expect

Unfortunately, the fact that an applicant has a low credit score means they face paying a higher rate of interest. It is standard procedure to attached higher rates to personal loans with bad credit, in a scale according to the severity of the score. However, depending on the lender, even these higher interest rates can vary.

The size of the loan might also be affected by the credit rating, with lower loan limits applied to personal loans with poor credit. So, it could be that an applicant in need of $50,000, qualifies for only $25,000. Of course, this limit can also vary according to the lender.

However, the term of the loan can help the situation. This is because a $30,000 approved loan for personal use with poor credit, with an agreed term of 3 years, can demand monthly repayments of $900. But taken over 5 years, the same loan may require payments of just $650. Getting your budget right is also very important then.

Advantages of Your Local Bank

Knowing where to apply in the first place is another consideration. While generally speaking, seeking personal loans with bad credit from traditional lenders, like banks, is not recommended, there are some advantages to it.

These lenders tend to set high interest rates and low loan limits on personal loans with poor credit. Understandably so, since these financial institutions have large overheads. But their advantage lies in their familiarity with their own branch members.

Approaching your local bank means they already know your character, as well as your credit history, and are in a very strong position to assess your true level of risk if granted an approved loan for personal use with bad credit. In comparison, online lenders and new banks see applicants in very impersonal terms.

Advantages on Online Lenders

However, what online lenders do offer those seeking personal loans with poor credit are the best terms and fastest processing times available. This is because, unlike your bank, they have no branches to maintain and fewer staff to pay. They also operate in an exceptionally competitive market, since literally thousands of lending firms offer personal loans with bad credit.

Searching for the lowest interest rate is made simple thanks to the variety of comparison sites online, so the best deals for approved loans for personal use with bad credit can be identified in minutes.

What is more, online lenders often offer no credit check personal loans, with poor credit theore not even considered. The only factor that truly matters is the ability to pay, so employment and income proof may be enough to get the green light.

Personal loans come in many different types and terms. How you plan to use the money, how long you want the term to be, and many other factors determine how much that loan will cost you. Here is some information to keep in mind when looking for a personal loan.

If you are a home owner, the smartest way to borrow money is using your home as collateral. These loans are known as home equity loans. They use the equity that you have accumulated in your home to determine the amount of money they will lend you. Home equity loans have the lowest rate and are the easiest to qualify for. These types of personal loans can also be extended for a longer period of time than other type of loans, some as many as 20 years. This helps to keep your payments down.

Home equity loans also have tax advantages. This means that depending on your situation, you may be able to deduct the interest that you pay on your taxes. So, as you can see, this is a very economical way to borrow money.

Another choice is the unsecured loan, also known as a signature loan. These loans are not secured by any collateral. Because of this, they will have a higher interest rate which may cost you more in the long run. Unsecured loans are harder to qualify for since there is no surety for the lender. The interest rate is determined by what the lender feels his risk is in providing the signature loan, which is a combination of many factors including the loan amount and your credit rating.

Some people choose to use credit cards for their borrowing needs. This is a good choice if it is a short term purchase. Look for a card that offers you a low introductory rate. Many cards will offer 0% for six months to a year for a new account. You should also look for a card that offers you rewards like cash back, airline miles, or points that can be redeemed.

Car loans are another type of personal loan, also known as car title loans. These loans are secured by the vehicle and are relatively easy to qualify for. You can get a car loan either through your financial institution or through a dealership. Check out both options before you commit. A dealer may offer incentives for you to finance through them, but watch out for hidden charges. A car title loan, however, is generally not possible if you do not own the car; i.e., you are still making payments on it.

For those who have poor credit, bad credit, or limited options, a payday loan can be helpful in the short term. These types of loans are usually on a two week basis or longer depending on the companys policy and your pay schedule. Keep in mind that these loans are quite costly. You will end up spending much more with this type of personal loan than any other. These should only be used as a last resort and for a very short time period.

When considering a personal loan, look at all of your options. Know how much you need to borrow and what kind of payment you can afford. Avoid applying at too many places because too many inquiries in a short period of time can bring down your credit score and cost you money. Do the math before you commit to any personal loan to analyze just how much each option will cost you in the long run.

It is no surprise that the majority of people would consider the chances of securing a $30,000 personal loan with bad credit next to impossible. The sum is high and the perceived risk is too. So, what lender would agree to the deal? Well, the truth is that, with the right application, even this loan is attainable.

It is easy to look at the loan application at face value and reckon lenders would reject it. When it comes to traditional lenders, the likelihood is actually very strong, but the growth of online lending has opened up many niche markets - such as bad credit lending. Online lenders are willing to grant approval despite poor credit scores.

Their willingness is not rooted in foolishness, however. They are bad credit lending experts, offering a route to vital funds to those unable to secure affordable deals from traditional lenders. Lending a large personal loan to applicants eager to improve their credit ratings is not as risky as it seems.

Two Kinds to Consider

There are two types of personal loans available on the market: secured and unsecured. The core difference between them is the presence of collateral with secured loan, but the type chosen can have a big influence on the chances of getting a $30,000 personal loan with bad credit.

Basically, getting approval with a secured loan is much easier because it is backed up by collateral that can be used as compensation should the borrower default on the loan. With no collateral provided, income is the key hope to securing approval despite poor credit scores.

But there are problems with large personal loans, namely getting collateral that matches the value of the loan. It is no great problem when $1,000 loan is being applied for, but a $30,000 loan is a different matter. But if collateral can be found, the interest rate lowers and repayment scheme becomes more flexible.

How Cosigners Solve the Problem

There is a security option open to applicants that cannot find collateral when seeking a $30,000 personal loan with bad credit. A cosigner is not technically security, as he or she is not required to get involved unless the borrower becomes unable to make repayments.

A cosigner is effectively a guarantor, providing an assurance to the lender than the monthly repayments will be made. This is the best possible addition to a loan application since lenders only ever want to be sure of receiving the repayments on time. So, with a cosigner the chances of securing approval despite poor credit scores is extremely high.

However, there are conditions to the deal. A cosigner has to have an excellent credit history and have a large enough income to meet the loan repayments should that become necessary. But once the right candidate is found, securing the large personal loan becomes a probability rather than a possibility.

Your Credit Scores

A final issue to consider is your own credit score, and whether they can be improved ahead of submitting the application for a $30,000 personal loan with bad credit. The score, remember, influences the interest rate that is charged on the loan, which in turn influences the monthly repayment and its affordability.

Improving your score can see the interest rate lowered, thus helping to make the loan more affordable and the likelihood of approval despite poor credit scores improved. The only way to improve the score is to clear at least some of the existing debt.

Taking out a consolidation loan can accomplish this, with the right terms not only clearing the debt, but ensuring extra cash is freed up with which to pay the large personal loan.

Cheap online personal loan is a term applied for short term loans, which is borrowed to cater to the personal needs but has to be paid back in the span of two weeks. However, there are certain financial institutions which give borrowers the privilege of paying back loans in an extended period once a partial payment is paid initially. Cheap financial loans are personal loans with no added fees.

Fast and cheap online loans are available for any personal financial crisis where the customers have to pay back only the principal borrowed as any additional interest rates are waived off. Basically, these loans are meant for contingencies and hence are easily and quickly available. To be eligible for fast and cheap personal online loans, one has to have a fixed income or a stable job. Borrowers are required to pay their salary slips as the proof of their income.

There are many instances where people are caught in difficult financial situations and hunt for the place where they can get hold of loans that are cheap and easy to pay. It is at this juncture that the cheap and fast online personal loan can be of great respite. There are many who are being benefitted from cheap and fast personal loans that can be easily obtained online.

In order to obtain cheap and fast personal loans, borrowers can apply by logging in to the official website of the financial company whom you are seeking help to. Cheap online loans are generally available for the amounts ranging from $300-$1000 and that can be delivered to the borrower on the very next day. For being eligible for this loan, the borrower should have been working in a good company for more than 2 months and should be able to furnish all the personal details to the lending company.

Cheap personal loans are granted once the application of the borrower gets processed. The amount required by the borrower gets delivered either to the doorsteps of the borrower or deposited to his bank account directly. One of the advantages associated with this loan is that there is almost no paperwork and the borrower gets the loan amount the very next business day and therefore it is a hassle free process.

There are certain requirements to be met for being eligible to fast and cheap online loans. For instance, the borrower should have a checking account of no less than three months old, borrower should be employed and should have steady source of income. Access to internet and to have a valid e-mail account is also important. There are several emergency situations which keep on arising from time to time where you are left in lurch because you lack financial endorsement. It is in this situation that you can just log on to the official website of the financial institution, apply there and get paid the very next day.

One of the biggest myths we are led to believe is that rejection of a loan application by one lender means rejection is guaranteed for all others. The truth is that rejection is not a guarantee of continued application failures. In fact, often applications for personal loans with bad credit are rejected for something simple.

What this means is that by simply correcting an error, the application can be approved by another lender. Often, the error is something as small as missing basic criteria, or as straightforward as an unrealistic loan size. It is never down to credit ratings, so getting personal loans approved with poor credit is always possible.

This is not just optimism. Lenders rarely ever know an applicant personally, and so decisions rest on the criteria set and the value of the information provided. Once the basic criteria is met, there can be little surprise that loans with bad credit for personal use are approved.

How Rejection Can Improve Your Chances

It sounds strange but suffering an initial rejection with a personal loan application, can improve your approval chances in the long run. With every rejection comes the chance to fine tune the application.

For example, an application for a loan of $50,000 can be rejected on the simple basis that the applicant has not got a large enough monthly income to make the repayments. However, even with a monthly income of $10,000, this judgement might be made. This is because the judgement takes the debt-to-income ratio in account, a ratio by which lenders go to ensure that a borrower does not overextend their debt.

Basically, personal loans approved with poor credit must leave an income buffer to deal with any sudden expenses. But by reducing the size of a loan for personal use, say $25,000, approval is more likely. It is also possible to apply for two loans of $25,000 to reach the sum needed.

Why Bad Credit is a Minor Factor

It tends to surprise people when they learn that a bad credit rating is not enough to see a loan application fail. This is because a bad credit rating is an evaluation of past facts, and are not reflective of a current attitude. A personal loan with bad credit now might very well be repaid without a hitch.

The credit rating is calculated based on hard facts, but does not take into account the situation surrounding it, so sometimes personal loans approved with bad credit is only just. For example, if someone defaulted on a personal loan last year, it might be because of an unexpected redundancy after the loan was taken out, making repayments impossible.

For this reason, many lenders look for long-standing trends rather than recent instances before ruling on a loan for personal use. So, the actual score does not really matter.

Typical Criteria to Meet

So what are the vital criteria that we must meet when looking for a personal loan with poor credit? Well, they break down into three areas: age, income and citizenship.

Firstly, no-one under the age of 18 is permitted to get a loan, so lenders want ID to confirm that an applicant is not too young.

Secondly, as already mentioned, to get a personal loan approved with poor credit, it is necessary to prove sufficient income is at hand. This usually means providing a copy of a pay slip.

Finally, only US citizens are entitled to seek loans with poor credit for personal use (or any other use) so a passport or social security number is required.

After these three criteria are satisfied, the matter is all but settled. But remember that should the personal loan with bad credit application be rejected, simply go elsewhere. There are hundreds of lenders online.

Bankruptcy has a stigma attached to it that is hard to eradicate. Is that what you really think, then you need to rethink. Just because you have filed for bankruptcy does not mean you do not have a right to a solid financial status again. Bankruptcy is as much deserving of a personal loan for refinancing, consolidation of debts, mortgaging or any kind of personal loans. However there is no doubt bankruptcy is not the most wanted thing on your credit report. The aftermaths of bankruptcy are many and they can stay to as long as ten years. But still the changing trends have given way to a more lithe and sympathetic approach towards bankruptcy personal loans.

But you have already heard enough about getting bankruptcy personal loans. There are enough people who have been advertising for bankruptcy loans therefore it becomes highly bewildering whether it is possible to have a bankruptcy personal loans or not. Bad credit, no credit has still got an option but what about the condition where the credit is completely damaged. Bankruptcy is one such stipulation. There are chances that the bankruptcy loan offer might turn out to be a scam. You have to shop carefully before pouncing on a particular bankruptcy personal loan. There are very few bankruptcy personal loans that are actually viable. But this certainly does not mean that the market is deprived of any lenders whatsoever for bankruptcy personal loans.

As a bankrupt, you must understand that finding a loan immediately after bankruptcy is frequently unworkable. Bankruptcy personal loan lenders usually want to see that you have spent a minimum of two years after your bankruptcy in improving your credit status rather than borrowing more money. However, I must add that there is still scope for you to have a bankruptcy personal loan within a year of your being declared a bankrupt. You might be surprised to know that some people have managed to get a bankruptcy personal loan even one day after a bankruptcy discharge. You are required to know a few things that are essential for your path to credit recovery and access to your very own bankruptcy personal loan.

First and foremost try to pay on time on the items that were not discharged in bankruptcy like home and car. Doing timely payments on at least some of the items of credit will certainly go a long way in improving your credit status. The next good thing to execute will be to limit your credit limit on other loans such as credit cards and bank loans. This is important because too much credit will go against you in the bankruptcy loans market. It will be difficult for you to get bankruptcy personal loans with too much revolving credit like credit cards. Your debt-to-income ratio will play a momentous role in determining your ability to repay your bankruptcy personal loans.

It is important for you to realize that all the necessary documents should be organized before you apply for bankruptcy personal loans. Documents such as pay slips and tax returns are generally required to establish your capability in repaying the loan. The information provided on your credit report will be checked for accuracy. You must avert from giving any information that can be disputed. Removal of any inaccurate information will certainly provide a favourable debt to income ratio and make you qualify for bankruptcy personal loans easily.

A person beseeching bankruptcy person loans will be offered a sub prime loan also known as B, C, or D loan. This grading implies how lenders rate your loan application. The loan applications are graded from A to D in the order of decreasing hierarchy. Grade A application gets the best interest rates. D rating implies bankruptcies or foreclosure on their credit report. Remember that bankruptcy personal loans are usually small and taken to re-establish credit. The interest rates on bankruptcy personal loans are conventionally, higher than A grade loan applications. But do not let the loan lender bait you into giving astronomically high rate of interests, just because you have filed for bankruptcy.
Bankruptcy personal loan can be taken for any reason like education, home improvement, and medical costs. Taking bankruptcy personal loans and making regular payments will unquestionably improve your credit status. Usually the loan lender wont be very concerned about the reason for which you have applied for a loan. All he will be anxious about is your status as a loan borrower. You can gain financial freedom by having the perfect personal loan after bankruptcy. It will not only furnish you financial freedom but also provide you the confidence to lodge yourself again in the loan market.

With 1.6 million bankruptcies a year you are probably not the only one with this problem. Applying for a personal loan after bankruptcy can be a very demanding experience. It has already been exhausting for you, the whole bankruptcy process. But a little bit of patience will certainly go a long way in germination bankruptcy personal loans for you. Bankruptcy can not be regressed but taking bankruptcy personal loans will certainly open more vistas for you in the financial context. The ramifications of bankruptcy are far reaching. You did not choose to be bankrupt but you can certainly rebuild your life after that. Bankruptcy personal loans are certainly well equipped to traverse your financial distress.