When a lender reads a loan application, the credit score of the borrower is the important factor associated with the loan approval. The lenders should be guaranteed that the borrower has a good repayment track record with zero defaults in the past. When you have a bad credit score, getting a loan could be a challenging task in the loan market. But that doesn’t mean you have zero borrowing options. Explore some of the Installment Loans for Bad Credit History | SlickCashLoan at slickcashloans.com, and we have also listed some more options for you below.
- Loan against assets
You can get a quick loan approved by keeping your assets as collateral when you have a bad credit score. When you mortgage your home or any asset, the lenders can be flexible when it comes to eligibility criteria and approve the loan that you need. You might get a tad bit higher interest rates when you have a bad credit score. But this is probably the easiest way to have access to the quick funds for your emergency needs.
- Secured credit cards
These credit cards let you access the quick loans even you have bad credit. When you have a fixed deposit, you can have access to a secured credit card. The credit card limit bears the allotment against 70 to 80 percent value of your fixed deposit. Albeit, you have a secured credit card in order to manage your finance, but this doesn’t necessarily enhance your credit score as long as you have cleared your past dues or negative account which are the reasons that caused the bad credit score in the first place. This credit card can bestow you with the emergency funds but it will stick along with you for quite a long time.
- Salary advance
There are many financial services firms that provide half the amount of your monthly pay in advance when you are looking forward to meeting your short term cash needs. These firms never consider credit scores as the main requirement to give out loans. The process is easy and quick and the loans are disbursed directly into your bank account post the loan approval.
- Peer to peer lending
This is the quickest way to get instant cash in a click of a button. This type of lending gathers personal information of the borrowers in order to process the application. It is faster and you can get the cash pronto after it is approved. The requirements are flexible and credits are accessed as well. However, the interest rates must be higher because of the ease and convenience of this method.