What is a Bad Credit Loan?

A bad credit loan can help people borrow money even if that have a bad credit score. Maybe you have missed some payments in the past, but this should not define your future. If your financial position is improving and you are passionate about paying your loan on time, you can certainly apply and get the loan you need.

It is not just your credit score that is considered, our lenders will take into account various things including:

  • Your age
  • Your type of residence
  • The amount you have asked to borrow with the lender
  • Your income.
  • Your employment status
  • Your affordability

There are a range of different loan types that can be made accessible to those with very bad credit, including certain payday loans, installment loans and secured loans too.

Can I Get a Loan with Bad Credit?

Yes, there are a number of US lenders who are willing to offer loans for people with bad credit – and this is the foundation of their business. These lenders understand that keeping a perfect credit score is very difficult, especially with rising living costs and emergency situations which can require money fast and can easily make you fall behind on payments. 

So there are a number of bad credit loan companies out there and their loan products are adjusted to suit people with poor credit histories. Perhaps the loan terms are a little longer and you can pay back in multiple installments, or maybe there is just a limit to the amount you can borrow. In some cases, the rates charged might be a little higher to reflect the potential risk of default.

But just because you have a bad credit score does not mean that you are not trying to improve or could be a good person to lend to. In fact, you may have overcome a tough situation and are now on the road to improving your credit score.

If you have a very poor credit rating, Pheabs have a number of lenders who are willing to consider your application. You just need to have a stable income and can commit to making your repayments on time each month.

Do You Offer Emergency Loans for Bad Credit?

Yes, you can get approved for bad credit loans for emergencies, whether you have a broken down car, medical bill or plumbing problem at home, you can borrow $1,000, $2,000 or more to fix everything and get back on your feet.

Although we always try hard to have money saved for a rainy day, you can never be sure when an emergency will arise. Whilst emergencies are always difficult and tricky to pay for, the last thing you want is to be declined because of bad credit – but fear not, there are a number of lenders who will gladly consider your application.

When it is an emergency loan, we appreciate that you will need cash quickly, so with an instant decision and fully online process, Pheabs can approve your loan on the same day and sometimes, you can receive money to your bank account in just a few hours.

What is the Eligibility Criteria for Bad Credit Loans?

Borrowers do not require a perfect credit score in order to be eligible, however, they will need to meet a basic criteria which includes:

  • Have a live checking account to receive funds
  • Be a US citizen
  • Over 18 years of age
  • Able to make repayments
  • A steady income of at least $800 per month

Can You Do Same Day Loans for Bad Credit?

Yes, Pheabs can facilitate bad credit loans on the same day of applying. The entire process is online and you can apply 24 hours a day, 7 days a week, using your desktop, mobile or tablet. 

Once approved and you have passed all the credit and affordability checks, you can access funds within a matter of hours, same day or next day. To boost your chances of getting a same day loan, try to apply during office hours (9am to 5pm) and on a weekday, and make sure that all your information such as income and expenses are ready and prepared – since this will only help speed things up.

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