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 payday loan might have a poor credit history.
This is the reason why we listen to borrowers with either good credit or bad credit scores. We have several alternative ways that we use to evaluate our clients’ profiles that do not just revolve around their credit scores.
Your loan request will be sent to OakPark’s payday lenders who are experts in personal loans. The cash advance will be deposited into your bank account if your online loan request has succeded.
If you are looking to secure a bad credit payday 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.
Some of the details we need from you are your address, your name, your bank 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 application process 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.
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.
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.
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 for payday loans online.
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.
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.
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.
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.
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.