If you’re searching for things like “no credit check loans online instant approval”, you may have a bad credit score and need money urgently.
Your credit score is how lenders decide whether or not to lend you money. Bad credit scores can be caused by not paying your bills on time, missing loan payments and applying for too many loans.
Having a bad credit score doesn’t mean you can’t get a loan, it just means you need to be careful about what type of loan you apply for, to avoid getting into trouble.
Avoid payday lenders
It can be tempting to go to a payday lender if you need money instantly. Payday lenders offer short-term borrowing at often very high interest rates, usually for small amounts to cover you until your next payday.
The trouble is, with those high interest rates, when your next payday arrives it can be hard to pay back the loan. When your loan is extended, the interest rate may get pushed higher, making it even harder for you to pay back the loan.
Turning to a payday lender may make your situation worse in the long run, so avoid using one. There are better options if you have bad credit.
You can get a loan with bad credit
You might feel that you need to hide your bad credit score from potential lenders. Perhaps you’re looking for lenders that do “no credit check” loans, so you won’t have to worry about them finding out about your bad credit score.
Don’t worry about this, because there are reputable lenders who will lend to people with bad credit scores. Lenders that offer “no credit check” loans usually offer high-interest rates and bad terms, so avoid going down this track.
Loansmart arranges low-cost loans for people with bad credit. Learn more about getting a bad credit loan.
See how we helped borrowers with poor credit scores when other lenders refused, view Loan of the Month-June.
Getting on top of expenses
If you have bad credit and need a loan urgently, you’re probably having trouble keeping up with all your expenses. You might have other loans you’re trying to pay off while meeting daily living costs that seem to keep going up!
This can be a really tricky situation, and you’re not alone. Consider a debt consolidation loan to help you get on top of existing debt.
Loansmart helps people take control over their finances by combining their debts into one easy-to-manage loan. See how we’ve helped people like the King Family this way.
Getting a loan quickly
When you need money in a hurry, the last thing you want is to spend hours filling out long application forms. With Loansmart, our online process takes just 3 minutes.
Just provide us your details and we’ll get in touch to discuss the best options for you.
Most people get loans approved through Loansmart within 1-2 hours, so you won’t be left waiting ages for a solution.
Avoid applying to multiple lenders
Applying to lots of different lenders can negatively affect your credit score.
The great thing about applying with Loansmart is that we only do one credit check. Then we put your application in front of multiple lenders on your behalf.
We come back to you with options, and recommend what we think is the best deal for you.
The final decision rests with you, so you have the power to take control of your finances.
Having Loansmart apply to multiple lenders on your behalf means you can avoid making your credit score worse by only making one application.
Choosing the right lender
When you’re in a cycle of debt you’re struggling to get out of, choosing the wrong lender can make matters worse.
You want someone who can help you improve your finances in the long run, while also helping you meet your urgent money needs.
Loansmart is different from other loan companies – we genuinely try to help people take control of their finances by providing fair and affordable loans that put their financial well-being first.
As a member of the Financial Services Federation, Loansmart is committed to responsible lending practices. We take a skilled, caring and diligent approach to support our clients through difficult times. Check out 3 Smart Reasons To Choose Loansmart.
Talk to a consultant
Having a chat with a Loansmart consultant is a great way to assess your financial situation.
Our experienced and caring advisors understand your situation and can provide a solution that’s tailored for you.
Talking with us is free, so get in touch today so we can help.