Personal Loans For Bad Credit - Apply Online
Need cash in a hurry but worry about your credit score? SlickCashLoan connects you to direct lenders that provide personal loans for bad credit, even when your credit score is less than 580. Our lender network uses flexible approval criteria that look beyond just your number — and on-time payments get reported to credit bureaus, helping you rebuild your score over time.
Understanding Online Personal Loans for Bad Credit
Having bad credit can be a challenge, but fortunately, bad credit loans (both secured loans and unsecured loans) can help provide you with funds for emergencies, home repairs, or any unexpected expenses.
Personal loans for bad credit may end up costing you more because of the increased risk creditors take on in issuing them. This includes added fees and interest rates that are higher than those of traditional loans that require collateral (secured loans) or a co-signer.
Bad Credit Loans Explained
Bad credit loans are for individuals with credit scores of 300-579 who cannot get a traditional bank loan. Although most lenders will not fund anyone with a credit score under 580, our lender network is focused on helping those with credit issues due to financial hardships, medical debt, or a thin credit profile.
The biggest difference between bad credit loans and loans without a credit check is that bad credit lenders pull a borrower's credit report; however, they also consider many other factors, including income stability, employment history, and overall ability to repay a loan. Also, as long as the borrower pays their payments on time, it will be reported to the three major credit reporting agencies, which can help increase the borrower's credit score.
SlickCashLoan connects borrowers with a network of lenders that can fund people with bad credit history. We also believe everyone should have an opportunity to borrow money when they need it, as well as the opportunity to repair their credit rating.
How Do Bad Credit Personal Loans Work?
The lender will review your credit history when applying for a bad credit loan. However, their evaluation does not end with that. The lender will also review how much money you make now, how stable your job is currently, your current debt-to-income ratio, and your banking account history.
A low credit score does not automatically disqualify you since lenders use this broader view of your financial situation in order to determine if you can demonstrate the ability to repay.
Once you get approval, here's what happens next:
- You get your money — usually by the next business day.
- You start making periodic payments — typically once a month — for a set number of months or years.
- Your lender reports to the credit bureaus — and each on-time payment helps piece back together your credit history.
Learn more about how lenders assess applicants with poor credit and what may increase your approval chances.
How Bad Credit Loans Help Rebuild Your Score
The best part about taking out a bad credit personal loan compared to other emergency lending options is the chance to build your credit. This is how it works:
Payment History (35% of Your Credit Score)
Your payment history is the most important contributor to your credit score. As you make timely payments on your bad credit loan, they are going to be reported to the three major reporting agencies: Equifax, Experian, and TransUnion. Over the life of your loan, this creates a track record of responsible borrowing that future lenders will see.
Credit Mix (10% of Your Credit Score)
Using multiple forms of credit (such as credit cards and installment loans) has a positive effect on your overall credit score. When you add a personal loan to your credit history, you are adding another type of credit to your credit profile. This will help create a diversified credit mix that may slightly increase your overall credit score.
The Long Term Payoff
Individuals who have paid off their bad credit loans successfully have found that they were eligible for better interest rates and terms when they needed to borrow money again in the future. What started out as an emergency loan can turn into the first step toward financial recovery.
For more strategies on improving your credit, see our guide on how to rebuild your credit score.
How Bad Credit Loan Application Works at SlickCashLoan
Our strength is in our ability to execute a fast application and make rapid decisions from funds of about $200 - $5,000.
Who Can Apply?
Check these simple eligibility requirements before beginning your application.
- You are at least 18 years old.
- You live in the United States.
- You have an income source.
What You Will Need
Gather a few necessary documents that will help to verify your information so that the application can be processed faster:
- The latest pay stubs or proof of a regular income source.
- A valid driver's license or some government identification.
- The latest bank statements.
- A utility bill or document verifying proof of address in the United States.
- Proof of citizenship or legal residence.
How to Apply
Applying on the internet is simple and safe:
- Check your credit status to learn what your credit score is.
- Check your budget to see if the loan amount can be handled by your budget.
- Fill out the online application form (it requires only a few minutes).
- Wait for a quick decision (this takes a few minutes).
While your application is being processed, lenders will review your credit status and recent bank activity, and determine the amount of the loan and the terms that would best serve your purpose.
Approval and Funding
When you submit your application, we do everything possible to provide you with a response as quickly as possible. Once approved, we begin preparing money for disbursement immediately, and most borrowers see funds in their bank accounts within the next workday.
Successfully Managing Your Bad Credit Loan
Managing a poor credit loan is not necessarily stressful. A good plan can give you control over your finances, allow you to make slow, steady progress, and possibly even begin to improve your credit down the line. The secret to successful management of bad credit personal loans is to remain organized and proactive.
If you're still weighing your options, it may help to look at alternatives to borrowing with bad credit that could better match your financial needs.
Planning and Budgeting
An excellent budget is important for anyone with a loan who has less-than-perfect credit. Budgeting apps can track your spending, create goals, and help you stick to the schedule. These habits not only help you to pay your loan on time, but they can also be helpful as first steps in learning how to improve your credit after a personal loan.
Understanding what you have coming in to spend and what you are spending goes a long way toward making it easier to avoid overspending while gradually rebuilding your credit profile.
Building Good Credit Through On-Time Payments
Each on-time payment counts. Regular payments help develop your credit history and your reputation with lenders. Late payments can ruin your credit for many years.
Ways to stay on track with your timely payments:
- Create an automatic payment plan – avoid missing a payment due date.
- Pay your bad credit loan after payday – make sure there will be sufficient funds to cover your loan payment.
- Check your credit report – see how your credit score improves over time.
By using your bad credit loan wisely, you are setting yourself up for greater credit opportunities and better financing options in the future.
Getting Professional Help
If you find it difficult to deal with a personal loan with bad credit, you're not alone. An expert can help you assess your debts, plan your repayments, and examine your refinance options.
- Financial advisers: Provide advice to improve overall financial stability.
- Credit counselors: Work with you to provide repayment schedules that will protect your score.
- Fiduciary advisers: Offer impartial advice that is based specifically on your needs.
Getting help early can make the management of your loan much easier and can improve your overall financial confidence.
Your Next Step with SlickCashLoan
When you need fast money without all the hassle of a bank, online loans for bad credit might be the right fit for you. We aim to keep the process easy, even for those who have been declined loans before.
Receiving the loan is your first step in your journey, but the most important part is keeping up to date on the loan. We recommend making a budget and paying on time each month. Doing this will help your score get better. Many of our customers have used good budgeting habits to remain organized and avoid future financial problems.
FAQs
What are personal loans for bad credit?
Personal loans for bad credit are loans given to individuals who do not have great credit. Even if your credit score is low, lenders consider your income and employment to determine if you are able to pay the loan.
Can I apply for a loan online?
Absolutely! You can apply online for bad credit personal loans right here at SlickCashLoan.
What loans are easiest to get if I have bad credit?
Having bad credit will not disqualify you from all loans, but loans with something to pledge as collateral (secured loans), or loans with a co-signer, or loans with another person (joint loan) are typically easier to obtain.
What costs are involved when I receive a loan through SlickCashLoan?
Any and all fees associated with each loan will be clearly shown to you in the loan agreement before you proceed.
How much can I borrow with bad credit loans?
Amount varies widely depending on the type of loan, your income, and your qualifications.
How quickly can I receive loan funds?
Generally, you will receive funds the next business day once approved for a loan.