Bad Credit Loans
You could say that it's right there in the name: Bad credit loans are short term cash loans designed for those who have struggled with credit scores and credit ratings in the past. Such loans could allow people to get the cash they need during a crisis or recover from a disaster even if they may not find credit with more traditional types of loans.
Of course, there is a give and take to this type of loan. In exchange for accepting poor credit, the lenders that offer these loans tend to have additional requirements. Typically, this means more specific terms and conditions to help mitigate the risk. This makes it very important that you pay the loan back exactly according to the repayment plan to avoid the harsh penalties.
Like payday loans and cash advances, applying for a bad credit loan is a quick online process that could lead to new funds within only a business day or too.
What do those requirements look like? They usually include currently having a source of income (often from a job), and making a certain amount of money per month. This amount can vary but is around $800 to $1,000, so qualifying is rarely a concern for those with jobs. Banks may also want to see a checking account in your name, so they have a way to transfer money and automatically collect payments if necessary.