Have bad credit but need a loan?
Don’t let bad credit stop you from getting a short term loan.
Get up to $100,000* in 24 hours with no credit checks. Pledg’s innovative online lending offers you quick, private, secure, access to the money you need.
I’ve got bad credit. Can I still get a loan?
Of course! Having bad credit doesn’t automatically disqualify you from getting a loan.
However, there are restrictions on where you can apply as well as stricter rules. Banks and other financial institutions typically charge higher interest rates to their clients with poor credit scores. These higher fees they are meant to cover for the bigger risk these institutions are taking by lending to clients with bad credit.
Understandably, the majority of financial institutions that do offer bad credit loans perform credit checks. This step carries a big risk for you because if your application is rejected, your credit score will be negatively affected. However, if your loan gets approved and you are unable to pay it back, your credit score will suffer as well.
My credit is no good, so where can I get a loan?
You could try your luck at banks, building societies and credit unions, or perhaps you might try one of the growing number of online lending companies that offer bad credit loans.
Getting a loan from these places comes with disadvantages, nonetheless. They usually have a tedious application process with pages of application forms to fill out, plus a long waiting period before you find out that your loan application has been approved or not.
There is an easier and simpler way for you to get money fast, without credit checks or long application forms required, and that’s online asset lending.
How soon can I get my loan?
The answer depends on the financial institution or short term lender where you are applying.
Banks and other financial institutions usually follow a lengthy loan application process that can run from days to weeks (from the application, approval/rejection to payout).
On the other hand, asset lending companies adopt a less complicated process. Since they don’t bother with credit checks, employer calls or income documents, these companies are perfectly positioned to give you your needed funds within a shorter period of time.
What is a bad credit score, anyway?
A bad credit score simply means a low credit score. It is a signal to financial institutions that you may be a high-risk borrower.
That said, a bad credit score can negatively impact the outcome of your loan applications. Generally, loan applications of clients with bad credit have a lower chance for approval. And In addition to this, if your loan application does get approved, there is a huge possibility that you will be charged with higher interest rates and fees.
A credit score of 509 and below (Equifax) or 549 and below (Experian) are classified as below average or weak. If your credit score falls within this range, you are considered to have bad credit.
How long will this affect me?
Bad credit usually lasts from two to five years, depending on their type. In some cases, they can last for seven years or longer.
Bad credit can take on many forms, as the table below shows:
|Type||Duration on your credit file|
|Bankruptcy||Five years from the date of declaration of bankruptcy|
|Credit applications |
(e.g., credit cards and loans)
|Five years, regardless of the application outcome|
|Court judgments, summons, writs||Five years|
|Debt agreement||Five years or longer|
|Defaults||Five to seven years|
|Delayed and missed payments (for credit cards and loans)||Two years|
These records are automatically deleted from your credit file after the designated time has passed.
How much money can I borrow?
Again, this depends on the institution or lender where you apply.
Many lenders offer unsecured loans for their clients with bad credit, which explains the lower loan amounts.
Most financial institutions and lending companies offer a maximum of between $5,000 to $10,000 approximately for bad credit clients.
If you have bad credit and you need a bigger amount, you may want to consider asset lending. We can offer you up to $100,000* regardless of your credit score!
Find out how much you can borrow using our online estimator. You’ll be surprised what we’ll offer.
Or discover other Loan & Finance options.