Here’s How To Get a Small Loan, Even with Bad Credit

Sometimes you hit a “financial hiccup”— not a devastating emergency, but an unexpected shortage of funds. Perhaps your paycheck was delayed, a nagging dental issue that can’t wait any longer, or an expensive car repair that’s suddenly reared its ugly head. Unfortunately, you don’t have any cash on hand.

A personal loan can help cover these costs. The catch is that most traditional lenders (e.g., banks and credit unions) require a credit score of at least 610 to 640.

If you have a borderline score or fall into the category of “poor credit” (500 to 600) or “bad credit” (499 below, you will be asked to either submit additional documents or need someone to co-sign your loan.

What Is a Personal Loan?

Personal loans are small, short-term loans that can be used to fund any kind of urgent emergency expense.

Borrowers agree to repay the loan amount over a fixed period, typically in regular, monthly payments, which consist of both the principal amount borrowed and interest charges. Personal loans can serve a wide range of financial needs, including but not limited to covering medical expenses, funding home improvements, or handling unexpected emergencies.

With lenders like Simple Fast Loans, you can borrow $200 to $3,000 depending on your state. Plus, bad credit is not an issue. Your maximum loan amount can vary according to your financial situation, such as your income level.

Personal Loan Alternatives for Bad Credit

While having a high credit score is typically beneficial when applying for loans, obtaining a loan with a lower credit score is still possible. It may require some additional effort and research, but there are options available to those with lower credit scores. 

One option is to look into alternative lenders, such as online lenders, who may be more flexible in their lending requirements. These lenders may consider other factors such as income and employment history, in addition to credit score, when evaluating loan applications.

Bottom line, keep your chin up. You can still get a loan even if you don’t have a high credit score. It’s just a matter of finding the right solution that fits your needs.

Approach Your Personal Network To Ask for Money

It’s not the glossiest option, but you may have friends or relatives who are willing to lend you some money. They may be more agreeable if you suggest putting the loan agreement into writing and including the terms of payment.

Even if you have a close personal connection, you shouldn’t let money be a possible source of conflict, so draft a legal agreement just like you would with any lending institution.  

Talk to Your Employer

If you are a trusted employee or have a pressing need for a loan, your employer may consider granting you a salary advance. You can either approach your boss directly or submit a request to the human resources department.

If this comes in the form of a loan, it is essential to clarify the loan's terms, such as the loan amount and payment method (installments or lump sum), to prevent any surprises when you receive your next paycheck.

Check the Requirements

As the company name implies, Simple Fast Loans prefers to keep things straightforward when customers apply for a personal loan. When considering an application, the company only has a few requirements and uses a short online application process.   

To apply for a loan, you will need:

• A valid government-issued ID with a photo, such as a driver’s license or passport
• Social Security number
• A personal income statement
• An active checking account that is under your name

You must also be at least 18 years old and not be an active member of the military or a dependent of one.

Benefits of Working with Simple Fast Loans

When you’re under financial stress, the last thing you need is a complicated and confusing loan application. If you have any questions about these requirements, you can check the Simple Fast Loans’ FAQ or contact customer service through Live Chat.

• Convenient online application. You don’t have to go out of your way to apply for a personal loan. You can fill up the form anytime and anywhere — skipping the traffic, the long lines, and the cost of transportation.  
• No required collateral. Even if you don’t have a perfect credit score, you don’t have to back up your loan with collateral.
• Fast loan decisions. Once you fill out the form, you get an instant decision on whether you qualify and how much you qualify for. You don’t have to go through the stressful wait and worry whether you can get the loan or not.
• Immediate payouts. Simple Fast Loans understands that many financial needs are time-sensitive, so your money will never be delayed after approval. If your loan is approved before 2 pm Eastern Time, you can get the money the same business day. If it is approved after that cutoff time, you will get it the next business day.   
• No hidden charges. Simple Fast Loans is always clear and transparent about the terms of the loan, including interest and fees. These are clearly listed in your loan package, and you can always ask for clarification. 
• Nationwide network. Choosing a professional, registered lender with a proven track record is important. With Simple Fast Loans’ nationwide network that reaches thousands of customers around the United States, you know you’re working with a trustworthy lender.

Get a Bad Credit Loan

Do you have a financial emergency and need to raise money right away? The solution may be just a few clicks away. Use our online application form to find out if you can qualify for a bad credit loan.