Individuals with FICO scores between 350 to 579, indicating weak or poor credit, will not be approved for a personal loan without a co-signer. But a Slick cash loan can provide loans to borrowers with credit ratings of 580 to 600.
You shouldn’t expect to get the lowest rates or the most advantageous terms with poor credit when applying for a personal loan because interest rates fluctuate based on your score and the qualification standards you meet.
Slick cash loans, such as Small Personal Loans for Bad Credit and Installment Loans, are reliable for borrowers with poor credit. Moreover, Slick cash does not make any decisions on loans. Instead, it brings together many direct lenders connected with these financial companies to help borrowers with low FICO scores. When you fill out a loan application on Slick Cash’s website, they send your data to suitable partner lenders.
When Is It Appropriate To Use A Bad Credit Loan?
- Many banks and finance companies have turned down your loan application because of your poor credit score.
- Due to your prolonged failure to make your credit card payments, you are now in default.
- You need help with how to handle your existing debts.
- You can now take out a loan and pay it back to restore your credit.
Overview Of Small Personal Loans For Bad Credit
To fully grasp how a bad credit personal loan operates, you must first learn the fundamentals of a personal loan. A personal loan is a loan taken from a financial institution to meet any individual financial obligations. You can use it for anything from consolidating credit card debt to financing a holiday tour. One can repay Personal loans in monthly installments determined by the loan agreement between the borrower and lender.
A low credit score indicates a greater likelihood of loan default than a good score. If you have a poor credit rating, you need to show details of your bank records, work details, and payment history. Interest rates and service fees for bad credit personal loans are often higher than those for good-credit borrowers.
Which Borrowers Are Eligible For Small Personal Loans?
If you meet the following requirements, a lender may consider your application for a Small Personal Loans:
- Your age should be at least 18
- You are a US citizen.
- You have a regular income, whether a job holder or a business
- Sufficient funds to timely repay the loan.
What Is The Maximum Loan Amount I Can Apply For A Personal Loan?
The loan amount you qualify for will vary from one lender to the next. A lender will choose how much money to lend you based on your income, bills, and credit history. Lenders often only give out loans for amounts that they think borrowers can afford to pay back on time. You can get a loan for between $5 and $500.
Apply For A Loan
To get a bad credit loan, you can visit Slick Cash loan. Next step, you must submit the required paperwork and information. The lender will verify your application details and documents and transfer the funds to your bank account in as little as 24 hours.