Bad Credit Loans Online ( Personal Payday & Installment Loans )

Having bad credit can limit your options whenever you are looking to secure a loan. Bad credit could be a result of your past financial history where you might have failed to honor your payment schedule among other factors. This means that traditional financial lenders and organizations will tend to be reluctant to lend you money; hence making it hard for you to secure any kind of loan.

At Oak Park Financial, we completely understand that in life there are unavoidable circumstances that arise which may need your immediate financial attention regardless of your credit score or your current financial status.

We are also aware that most people who are seeking to secure a loan might have a poor credit history. This is the reason why we listen to borrowers with either good credit or poor credit scores. We have several alternative ways that we use to evaluate our clients’ profiles that do not just revolve around their credit scores.

bad credit loans

How Do I Secure an online Bad Credit Loan?

If you are looking to secure a bad credit loan with us, then your first step will be to visit our website, then locate our form for requesting bad credit loans and fill it with the required information.

What details do I need to give you?

Some of the details we need from you are your address, your name, your checking account details and your active phone number.

We require your bank details that we may use to send the loan amount once your loan application has been approved.

On the loan application form we require some additional information like your employment status and your income details.

This information is crucial for us since it will help us determine whether you will be in a position to repay the loan amount or not.

The form is very easy and fast to fill and it can also be completed at the comfort of your home. You can also fill and submit it at any time of the day as it is always available online.

How do I know if I will get an online loan or not?

As soon as we receive all your required details, we shall go through your profile and get back to you as soon as possible and inform you whether you are eligible for the loan or not.

In case you qualify, then we shall advise you on the loan amount that you qualify for and also the guidelines to be followed regarding the loan repayment process.

Do you carry out hard credit checks?

One important thing to note is that at Oak Park Financial, we do not solely rely on the borrower’s credit report that is normally kept by the major credit bureaus. This is because carrying out such hard checks on a borrower’s credit report can lower their credit score.

The logic behind this is that if a borrower performs several credit checks over a short period of time by different lending institutions, then it is believed that the borrower is always looking to secure loans; which implies that they do not have a good financial record.

What is a soft credit check?

Instead of carrying out a hard check, Oak Park Financial carries out a soft check; meaning that instead of relying on the borrower’s credit score, we only concentrate on finding out whether the borrower has the ability to pay back the amount borrowed or not.

Will it affect my FICO score?

At times we also do evaluate your credit history in order to check if your past loans were paid on time. These checks do not contribute to lowering your FICO score.

Hard checks can only be conducted once your loan has been approved and accepted by you. If your past credit score looks good, then you stand a chance of qualifying for a lower interest rates.

Understanding FICO (Fair Isaac Corporation) scores

FICO (Fair Isaac Corporation) scores

FICO scores are the most widely used credit scores as it is believed that most of the top lenders use FICO scores in order to make billions of credit-related decisions each and every year.

They are normally calculated based on the information found on a consumer’s credit report; usually maintained by the major credit bureaus, Equifax, Experian, and TransUnion.

Falling under FICO’s category of bad credit; meaning that you have a score of less than 600, means that getting a loan from the major lending institutions can become close to impossible for anyone looking for any kind of financing.

Therefore, Oak Park Financial can come in handy whenever you are looking to get a loan with a bad credit score as we do not solely rely on FICO scores in order to lend you.

loans for bad credit

 Whats should I do before signing my bad credit loan?

Upon a successful loan application, an offer will be sent to you via email. You should then take your time in order to read through and understand the offer.

Ensure that you understand the loan terms and also how much the loan will cost you. It is important to note that the total cost of the loan is normally determined by the APR’s rate of interest you have been offered, the monthly payment, and the total duration term for the loan.

In cases where the origination fee is charged, then you should be aware that this might contribute to increasing the total cost of the loan and the loan’s interest rate.

Once you are satisfied with the details, you can then electronically sign the loan contract online. The whole process is done online; hence making it fast and easy for you to complete the application.

What is the duration of the online bad credit loan?

When it comes to the duration time of the loan, then you should also keep in mind that longer duration times mean that you get lower monthly payments as compared to loans with a shorter duration.

However, this also implies that making the payments over a longer period of time might increase the overall cost of your loan. You should, therefore, come up with a plan that will strike a balance in regards to the loan duration and your ability to repay the loan.

What types of bad credit loans are there?

You can get a number of bad credit loans online where there are a number of lenders who are willing to lend people with a poor credit score. Keep reading to find out some of the bad credit loans you might consider applying.

Payday Loan

This is considered a high-cost short term loan that is usually designed to help borrowers with a poor credit history get through their unexpected financial emergencies.

As compared to other types of loans, payday loans are usually repaid within a short period of time; normally during your next paycheck.

The advantage with this type of bad credit loan is that once approved, you may receive your money almost immediately; hence be in a position to deal with any financial emergencies you might be facing.

However, when applying for this type of loan, you should be aware that they come with very high-interest rates and also their penalties and fees tend to be very high.

Title loans

Title loans

This is a type of emergency financing that tends to use your car as collateral. With this type of loan, you are guaranteed to receive your money in a matter of minutes and continue driving your car while you repay the loan. Therefore, in case you have a car and you encounter an issue that requires your immediate financial attention, then you may get some money by pledging the car’s title.

There are 2 types of title loans depending on how you wish to pay them back. The first one is the Single-pay title loan where you choose to pay your loan back all at once; usually within 30 days. The second type is the Installment loan where your repayments are normally broken down into monthly installments, usually within 3-12 months depending on your state.

Installment loans might come in handy where you are looking to finance your purchase over an extended amount of time. With these loans, you also stand a chance to be approved for a higher amount as compared to the single-pay title loans.

Cash Advance Loans

Cash advance loans work almost the same way as payday loans. In order to apply for one, you will be required to visit a payday lender and write a check. The check is then dated to your next payday.

Once all the necessary details are provided, the lender will then provide you with the cash or transfer the approved amount to your bank account. As soon as your next payday arrives, the lender will cash the check you wrote and the amount borrowed, including the interest will be withdrawn from your bank account.

How you can rebuild your bad credit by using Oak Park Financial?

In case you borrow a loan from Oak Park Financial and honor your repayment plan, then you can rest assured that we will share these details with the main credit bureaus in order to improve your credit score.

This is because the credit bureaus usually include such transactions in your credit report when compiling it; hence slightly boosting your credit score. Therefore, you can be sure that borrowing from us will assist you in rebuilding your credit score.

What are online bad credit personal loans use for?

Personal loans are meant to assist you whenever you are looking to consolidate your debt and fund your major purchases without having to use your credit card.

The most common example is the personal loan with a short repayment period that is normally available for borrowers with a low credit score. You can find these mostly by searching online where we have a lot of lenders who offer them to borrowers with low credit.

How long can I get a personal loan for?

These are typically smaller sized loans that normally have terms averaging a week or 2, but can at times also extend up to 3 months.

What is the interest rate on short term loans?

One important thing to note with these types of loans is that due to their nature of being small with a shorter repayment term, they tend to have less built-in interest profits as compared to the longer-term loans. Therefore, they come with very high-interest rates paid in the form of a flat fee as a result of the short time taken in order to repay them.

What do I need to be eligible?

In order to be eligible for this type of loan, you are required to have a valid checking account, be at least 18 years old, and generally have a sufficient income that will allow you to repay the loan.

The amount that you may be approved will depend on the lender as most loan sizes range from between $100 and $300 and you can also get them on the same business day.

Short term loans

What are online bad credit installment loans?

These loans do come in handy whenever you are looking for a short-term loan that can be extended to more than 3 months.

As compared to the short-term cash loans, repayment for installment loans is done in a series of smaller payments; mostly done on a monthly basis.

They are also affordable as they charge fewer interest rates than short –term cash loans. Also, unlike short-term cash loans, you are likely to obtain financing for larger amounts that you can repay over a longer time frame.

What will be my repayment schedule?

Before looking for any financing for a bad credit loan, you should, first of all, ensure that you understand your financial situation and ability to repay the loan.

Unless you opt for an installment loan, it is also vital to note that you will likely have a very short time to repay the loan; hence the need to plan accordingly.

Consider cutting out unnecessary expenditure during the term of the loan so that by the end of the month, you may have enough money to comfortably repay the loan.

Looking for additional sources of income like taking part-time jobs can also go a long way in ensuring that the loan is fully repaid in time; hence helping you avoid late payment penalties.

How safe are bad credit loans online?

Online bad credit loans are considered to be very safe as long as you make use of the protections that have been put in place.

Most of the challenges faced in the past as a result of taking poor credit loans have since been addressed. However, you still need to take caution before opting for a lender of your choice.

Things to consider include the duration the lender has been operating and if the lender is licensed to be operating in your state. You can also give the lender a call in order to evaluate their customer service and how professional they are regarding how patient they will be with you and how they handle your questions.

bad credit loans


Before opting for a bad credit loan, it is advisable that you also go online in order to compare your options. Things to consider when shopping for online loans include the lender’s interest rates, their fees, the loan amounts they offer and also the requirements they need from you.

You can then come up with a list of lenders that could help you in achieving your financial emergencies. This way, you can be sure that you will get a loan that will help you tend to your financial emergencies and also one that can be repaid comfortably.

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