7 Steps To Getting a Bad Credit Loan Online

About 76% of people who apply for traditional personal loans are rejected. This number is especially problematic for those with poor credit (or with no credit at all). Luckily, quick cash loans are a convenient, simple, and effective alternative for even those with the worst FICO scores imaginable.

Here, we’re going to talk about the 7 steps that you need to know when looking for a bad credit loan online. Read on to get the money that you need in your pocket ASAP.

1. Know Your Credit Score

Even those who are applying for no credit check loans should know their credit score. This will let you know what you need to improve in the future.

Some lenders will also want to know your credit score, even if they do not use it to determine whether or not to give you a loan. Having all relevant information at hand is essential before applying.

2. Understand Quick Cash Loans

Quick cash loans, also called payday loans, are intended to give you immediate financial relief. They’re known for their easy application process and flexible pay-back timeframes. They also are known for high APR rates, though interest can usually be negotiated with lenders.

Payday loans require no comprehensive paperwork or meetings with financial professionals. All you need to do is submit an online form with your basic information and banking details. You’ll usually get paid within 24 hours of submitting your application.

The main appeal of quick cash loans is that they’re ideal for people with bad credit. If you haven’t built up any credit at all, these loans are also for you. Since those with low FICO scores are usually the most in need, these loans provide a legitimate and accessible source of funding for those who need immediate relief for rent, groceries, and emergencies.

However, some people also use quick cash loans to get funding for trips, events, and even starting up small businesses. Payday loan lenders won’t press you for details on what you plan to do with the money. All they care about is that you pay it back.

3. Find a Lender

Once you understand the basics of online loans for bad credit, it’s time to find a lender. This can be a challenge since you want someone with a good reputation, positive online reviews, flexible payback schedules, and relatively low APR. You also should look for a lender that’s transparent and good at communicating with those they work with.

This process is easier than ever before with FastLoanDirect. Our aim is to pair those with low credit with lenders that will accept them. We vet each of the lenders we work with so that you don’t need to stress over finding someone that meets your needs.

4. Submit an Application

Since we pride ourselves on matching each applicant with the perfect lender, you’ll need to enter some information into our website. Luckily, this is easy because you’ll only need to fill out a single form.

All you’ll need to enter is your name, contact information, and banking details. The latter is solely so you can collect the loan once you’re approved.

At this point, you’ll be paired with a no credit check loan lender within a few hours. They’ll reach out to you directly and communicate about the loan you’re seeking.

5. Review Terms and APR

One of the main things that lenders must do is transparently explain the terms and conditions of your loan. They’ll outline your interest rates, the timeframe that you need to pay back your loan within, and what other terms apply.

Our partners offer interest rates of 5.99% to 35.99%. They also have a 91-day minimum repayment time frame and a 72-month maximum window. When you fill out your initial form, you’ll have already determined your desired payback timeframe and will need to confirm it with the lender you’re paired with.

Make sure to review all documents carefully and ask the lender about anything you don’t understand. You don’t want to wind up in trouble down the road.

6. Collect Your Cash

Once you review everything and sign your loan agreement, it’s time to collect payment. This is the easiest step in the process in addition to being the best. All you need to do is wait a few hours for your funds to appear in your bank account or digital wallet.

At this point, you can begin spending the money from your loan immediately. You’ll be making purchases less than 24 hours after beginning the application process!

7. Know How to Pay Back Your Loan

Finally, make sure that you’re clear on how to pay back your loan. This will likely have been outlined in the agreement that your lender sent you. Most lenders collect payments online on a monthly schedule.

Check your payment due dates and jot them down on your calendar. You don’t want to miss a payment and earn a penalty. Ensure that you test out the payment portal before the due date as well to prevent issues with your payment going through.

Find a Bad Credit Loan Online

While finding loans can be a challenge with bad or no credit, it is possible. Now that you know where to look for quick cash loans, it’s time to apply for a bad credit loan online.

FastLoanDirect is committed to pairing you with a lender that will work to meet your needs and get you back on your feet. Apply today to get a loan between $100-$35,000.