Looking For A Fast Loan Approval? Consider Small Loans For Bad Credit

October 20, 2021 | Louis Tully

approved for small loans for bad credit

Getting yourself a loan is challenging — some may say, "impossible" (they'd be wrong, but more on that later) — when you have bad credit. But, as luck would have it, you do have options. We'll take a look at all of them here, starting with an overview of small loans for bad credit.

Small Loans for Bad Credit: An Overview

Essentially, these loans do what they say on the tin — give you money despite your poor credit rating. There are lots of types, some of which we'll discuss later. But they're generally easily accessible and available 24/7 for people over 18.

What Does Bad Credit Mean?

If you have low credit, it may be because you've had difficulty keeping up with your repayments and other happenings, such as:

  • CCJ (County Court Judgments)
  • Missing payments entirely
  • Making late monthly repayments
  • Bankruptcy
  • Individual Voluntary Arrangement (IVA)
  • Numerous hard searches on your credit file

Sadly, the lower your credit score, the higher risk you are to lenders, meaning you find it hard to gain approval for loan applications. You must look for funding from particular types of loans made with bad credit borrowers in mind. Let's look at the top 5 options now.

The Top 5 Types of Small Loans for Bad Credit

1. Guarantor Loans

With a guarantor loan, a close friend or relative who has a good credit score takes on your debt if you can't repay it. Lenders are much more likely to lend you the money if they know that, no matter what happens, they get their money back. Not to mention the debt is unsecured, so you don't risk losing your home or other assets if you miss repayments.

2. Peer-To-Peer Loans

There are plenty of peer-to-peer or P2P lenders online. They are filled with individual investors who are ready and waiting to give you the money you need. The most popular platforms are Peerform, Prosper, and Lending Club. We suggest sticking with the sites with the highest reviews to negate any illegitimacy issues.

small loans for bad credit p2p

3. Online Loans

If you don't have any credit at all, online loans are great. The providers don't have a physical storefront, so the entire process takes place digitally. The lower overheads mean they can offer you better rates than other brick-and-mortar lenders. Not to mention the wonderfully low criteria!

4. Title Loans

This loan is a short-term type of secured loan that you can access both online and in some dedicated stores throughout the state. They allow you to borrow a lump sum of money based on the value of your vehicle (car, van, or pickup truck).

The process is typically short, letting you get the money you need as quickly as possible. The best part is that you get to keep your vehicle and leave only the title to it with the lender!

5. Payday Loans

Finally, you can try payday loans from us at Fast Payday Loans of Kentucky, LLC. Similar to title loans, they are a short-term type of lending, letting you gain access to funding in as little as half an hour. However, unlike title loans, they're unsecured. You just need to be over the age of 18 and provide the following documents:

  • Valid driver's license or another kind of state-issued ID
  • Most recent pay stub
  • Blank check from a checking account in your name. Keep in mind that the account must be active

As you already know, all credit is welcome with payday loans. But what we have yet to mention is that you can also gain approval for a payday loan if you have:

  • A discharged bankruptcy
  • Bounced checks
  • Charge offs
  • Other credit problems

If you're interested in this sort of small loan for bad credit borrowers, check out our easy-to-follow step-by-step guide below.

How to Get Small Loans for Bad Credit From Fast Payday Loans of Kentucky, LLC

  1. Fill out the fast cash online form on our website with all the necessary information.
  2. One of our loan associates from your nearest location will call you to confirm your information, tell you about the process, ensure you have the right documents, and answer your questions.
  3. Following the conversation, go to your nearest Fast Payday Loans of Kentucky, LLC. storefront with your driver's license (or another state-issued identification), a blank check from your active checking account, and your most recent pay stub.
  4. When you get to the location, one of our loan representatives will perform an evaluation to figure out how much cash you qualify for.
  5. Once you've been approved, they’ll help you complete the paperwork and get your money either on the same or next day.

got a small loan for bad credit

Get Your Small Loan for Bad Credit Today!

Small loans for bad credit can be an alternative to traditional bank loans when you need cash ASAP, because the problem you’re dealing with can escalate. Fast Payday Loans of Kentucky, LLC. offers up to $500 same day cash loan, and you might qualify even if your credit is poor. Inquire us today about payday loans online fast approval by calling 800-514-2274 or submitting a short inquiry on our website.