Whether you’ve had some tough breaks or you’ve made some poor financial choices, having a low credit score can make it hard to take out a loan. Sometimes you might find yourself in a financial emergency, and you may ask yourself: “Can I get a loan with bad credit? How do I get one?”
At Quick Loans, we want to help by answering your questions about bad credit loans. Read on in today’s blog and check out our previous posts to learn how to improve your credit score to get a better loan.
Bad Credit Loan Question 1: Can I Get One Without a Checking Account?
Yes, however, there could be some challenges. Installment Title Loans from Quick Loans do not require a checking account, but it does help you get approved quicker and for more money. To increase your odds of obtaining a bad credit loan, think about opening a second chance checking account, which is similar to secured credit cards. If you have bad credit, these accounts put restrictions on how much you can take out, giving you another chance to boost your financial situation.
Bad Credit Loan Question 2: Do I Need Collateral to Get One?
It depends on your credit score, what lender you choose to work with, and how much money you need. Secured loans require an item to be put up for collateral, but unsecured loans do not.
Quick Loans Quick Tip: We recommend that you consider taking out a secured loan, as long as you know you can repay it. Unsecured loans, such as payday loans, may come with higher interest rates than those of your typical bad credit loans.
Bad Credit Loan Question 3: Can I Get a Loan If I’m Unemployed?
You can obtain certain kinds of loans if you’re unemployed, but it’s risky to borrow money during this time. You’ll need verified, steady income to pay the loan back, so it’s best to take steps to raise your credit score if you’re unemployed. You might qualify for unemployment insurance even if you have existing debts and/or if you’re newly unemployed.
Do You Have Bad Credit? Quick Loans Can Help
Don’t let bad credit keep you from obtaining a personal loan. Quick Loans offers many financial products to satisfy your needs, regardless of your credit history. Our approval process is quick and easy. Contact us today for more information and speak with one of our team members.