How we compare
|Short Term Loans||Loancapita||Why use us?|
|How much can new customers borrow?||Up to $5,000||No fees, ever!|
|What are the repayment terms?||3 to 36 Months||No paperwork|
|Representative APR||49.9% (variable)||No obligation quote|
|Can I apply with bad credit?||Yes||Instant decision|
|Can I repay in instalments||Yes||Flexible repayment|
|Do we credit check?*||No||No credit footprint|
Find the Best Micro Loan Lenders Here at Loancapita
In the past, getting a loan when your credit is poor is just wishful thinking. Banks and other traditional credit providers are known to put a lot of emphasis on a borrower’s credit score. If your score is bad, it’s very likely that your loan application is not going to see the light of day.
These days, however, loans are more accessible to the rest of the public. Even when you have not kept a good credit score over the years, there are lenders that are still willing to give you the benefit of the doubt and offer you the financing you need. Specialist lenders are often bad credit lenders that focus their services towards those borrowers that are usually shown the door by traditional credit providers.
Bad Credit Micro Loans USA
While there is really no such thing as a bad credit loan, the loans offered by bad credit lenders are centred towards those borrowers whose credit scores do not meet the minimum figures required by traditional lenders to get awarded a reasonable borrowing rate. Bad credit loans intend to offer assistance to low credit borrowers through taking into account other aspects of their financial and personal profile.
These are usually unsecured loans, which mean that the amount that borrowers may be allowed to take out is significantly going to be lower. They are also charged with very high interest and fees too. Lending money to bad credit borrowers is risky, after all. Lenders can mitigate these risks through imposing rather hefty fees.
In the case that you’re having a hard time coping up with debts and limited options already tired you, you can check these websites for financial helps that may suite to your need. The organizations offers debt consolidation programs, credit counseling, and more.
Personal Micro Loans: Borrowing More
If you intend to take out more, it may work to your favour to present a guarantor for the loan or to provide collateral. Lenders are often more flexible to borrowers that can offer some form of security for the loan. If you can offer more assurance that the lenders will be paid back, they will likely agree to letting you borrow more.
Still, just because you’re allowed to borrow more doesn’t mean you should. Always consider your capacity to pay before you decide so you can trust that paying the debt back is not going to be a problem later on.
Sometimes, you find yourself a little short on cash and your next payday is still a few days off. If you cannot borrow from friends and have nowhere else to turn to, you can always refer to direct lenders to get you the amount that you need fast.
Personal Micro Loans: What are Short-Term Loans?
Known for their small amount and their significantly short term, these types of loans are ideal for those in a cash emergency. Unsecured, they do not require borrowers to provide some form of collateral to secure the loan. The loan term can also range from 3 months to 6 months, depending on the lender. With most lenders operating online, the application will only usually take a few minutes. Once approved, customers can expect their money to be released within the day or even faster. Unlike payday loans that you need to pay back on your next payday, short-term loans give the borrowers the opportunity to spread the payments out. While this would mean paying more for interest, in the long run, this can also mean getting the advantage of more affordable, more convenient repayments.
Micro Loans: Easy Application
Applying for a short-term loan is easy. While the process varies between lenders, it is common for lenders to require borrowers to have a stable income. Credit checks are still likely going to be performed, but they are mainly soft ones, which do not have an impact on the credit score. Affordability checks are also carried out by lenders so they can better assess whether a borrower has the means to pay the loan back. This is very convenient if you’re planning to apply for micro loans investment or micro business loans.
Micro Loans: Fast Processing
Most lenders offering short-term loans are operating online. This significantly streamlines the process. Filling out an application form will usually only take a few minutes. If you have all the supporting documents that the lenders need, then you can breeze throughout the whole thing. Most lenders can get approval done in minutes. Once you get the loan approved, they can send the funds right after as well, making this handy option for financial emergencies.
Frequently Asked Questions
You have got some Questions? We have Answers
Do I Need A Guarantor?
If you have bad or no credit at all, most lenders would require a guarantor as an added security. Since unsecured loans doesn’t require a collateral, it is extra risky for lenders. However, if your credit is good, most lenders would be okay without a guarantor.
Is There Any Complicated Requirements?
No. You are only required to provide your personal information, a checking account, and proof of income or employment verification. There’s no need for other extra documents or any complicated process.
How Fast Can I Get The Funds?
The application process is extremely easy-to-use. It would only take you at least 15 minutes to complete the application from start to finish. You will receive a notification once you are approved for a loan. Immediately, you will receive the payment directly to your account.
What If I Miss My Payments?
It could happen. We understand that there are circumstances that causes you to delay your payment. You may reach out to the lender if you have difficulties paying back the loan. Delayed or missed payments could result to additional charges or fees.