If you have hit a rough financial patch and need to sort your bills & debts, you can definitely consider getting a personal loan. Online installment loans are easy to apply, and you can get approval within 24 hours. Money can be sent to your bank account within two business days. It is also possible to get bad credit loans guaranteed approval. With any form of borrowing, it is always wise and necessary to do an initial check and background work, and in this post, we are sharing all that you need to know about bad credit loans, and factors that matter.

Requirements, term and other details

With bad credit loans, you can borrow as much as $15,000, but the amount you may get approved for varies on many factors, including the lender. For instance, Jora Credit only offers $2,600 at the maximum, through their personal loan options. As for the requirements, the basic requirements remain the same. The applicant needs to be an adult (18 years or older), should have an active US account to receive money and automate repayments, and must have an address and phone number. Also, the applicant must have a stable job. There are personal loans for unemployed too, but terms & conditions may vary. The term of bad credit loans may vary, but doesn’t exceed 60 monthly installments, or five years. Credit score may not matter, but lenders may insist on soft check.

Things to consider

The online loan marketplace has many direct lenders, and while you can apply easily and get approved, do your homework and make sure that you have calculated the costs. Quick cash loans and bad credit loans can be expensive and often have a high APR, but you also have the choice of repaying the loan in easy installments. Check for lenders who are transparent, allow early repayment without any extra charge, and have flexible terms.

Tips for borrowers

If you want to consider bad credit loans, make sure that you are aware of how much you are finally paying in interest. Also, there is a processing fee that’s charged by every lender, which adds to the cost. We recommend that you consider such personal loans only when you don’t have other ways to manage your expenses. Keep in mind that bad credit loans or any form of personal loan can have an impact your financial status, for at least a while.