Short-term loans are already becoming a trend in society these days and there are many people who benefit from them. Short-term loans provide an amount of money, which is usually required to be settled the next payday. These loans are designed to be utilized by people who have bad credit and are facing an expensive bill or unexpected repair. These loans are helpful for those who are trying to improve their credit rating and can’t get a loan anywhere else. They are also called payday loans and are designed to acquire interest based on a two-week period. The rates implemented in these loans are normally ten times higher than the interest rates used by banks and other financial institutions. Here are some financial institutions that offer loans for people with bad credit.
10. TrustedPayday.com
This is a money lending institution that provides an application process that makes it so easy for the applicant to borrow money. With their amazing system, loan application can be processed within just three minutes, so you would know instantly if it was approved or declined. Many applicants appreciate having a shorter duration of waiting and relieve themselves from the anxiety of waiting for the result. This institution is relatively lenient in processing applications, giving an opportunity for people with bad credit to have a chance to improve their standing. Once the applicant’s application is approved, the cash is deposited to his account overnight.
9. Cash Advances Center
Cash Advances Center is a site that forwards the loan applicant’s information to a network of independent companies who are in the business of lending money to people with bad credit or no credit at all. It is also advised by the website that applicants should consult a professional before applying for loans of this nature, since this loan type is designed for the applicant’s short term solution and is not supposed to be seen as a long term solution. The application process of this website starts with completing an online application form. Loans start as low as $100 and can reach up to an amount of $1,000. If the application is approved, the cash is wired directly to the loan applicant’s account, making it hassle free for both the lender and the borrower.
8. Plain Green
Plain Green Loans is an institution that provides emergency cash loans for applicants in need of quick cash due to unexpected bills, accidents, bounced checks and other unforeseen events that affect an individual’s immediate cash flow. This company offers an application process, which is done online, and would only take a few minutes to find out whether the loan is approved or not. It lends money from a minimum amount of $250 up to $1,000. The only requirements are that the applicant should be at least 18 years of age, be a resident of a state being serviced, has a regular job, an email address and a checking account with no record of bounced checks, negative account balances or overdraft charges within the past 30 days. Upon the application’s approval, the cash will be deposited straight to the borrower’s account the next working day.
7. Discount Advances an IGotIt.com, Inc. Company
The company has a number of requirements prior to allowing a borrower to apply for a loan. The applicant should at least be 18 years of age. He should also have a checking account that has been active for more than ninety days, must be regularly employed and receiving a consistent income on a monthly basis. Moreover, he must be reached through phone in both residence and office telephone numbers and has a minimum income of $1,000 per month. The company extends short-term cash advances to applicants based on their monthly income and the figures indicated in their most recent bank statement. Once the application is approved, the money will be wired directly to the applicant’s account, making it hassle free to receive the needed amount. The company offers a minimum term of 14 days for cash advances. Apart from applying for the loan online, the company also accepts applications through telephone inquiries, as well as faxed applications.
6. PayDayMax
PayDayMax is a company that is committed in providing applicants with affordable payday loans to fit into their busy lives. This company provides low rates to clients in a secure, reliable and confidential manner. It offers their services to borrowers with a commitment to provide maximum service with the least amount of paperwork. Their office is open 24 hours a day, 6 days a week, Monday to Saturday. This company offers flexible payment schedules along with extension and early payment programs to adjust to the borrower’s budget.
5. Great Plains Lending
This lending institution offers a quick application process, which can be done online. It gives the applicant or the borrower the chance to find out if their application is either approved or declined at the least amount of waiting time. Once the application is approved, the cash will then be sent directly to his account. Payment options are always tailored to fit the borrower’s capacity, but at a higher interest rate. This system will always be the case since it is to ensure that the risk involved by lending such funds is minimized.
4. Lenddo
Lenddo is an online platform that helps middle class people utilize their social connections to build credit worthiness and access financial services. This lending facility uses a different method in assessing their borrowers’ credit worthiness. They use the willingness of the network in your online social community to vouch for you.
3. Nemo Personal Finance
This lending company allows borrowers to apply for their loans online. They release loan application results almost immediately after completion and submission of the application. If loan is approved, the amount borrowed is then sent directly to the borrower’s checking account.
2. Step One Finance
Step One Finance is a lending institution that requires collateral for their borrowers. They offer a minimum term of 5 years and a maximum term of up to 20 years. They can approve a loan amount of up to 85% of the value of the collateralized property with an interest rate of approximately 8.9% per annum.
1. Blemain Finance
Blemain Finance has the longest maximum term for their loan approvals. They can offer a maximum term of 30 years with a relatively higher interest averaging 11.39% per year. They also offer a short minimum term of 3 years. Their maximum loan amount approval is 70% of the collateralized property.
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