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Unforeseen expenses are a common thing. People usually turn to savings or credit cards to deal with them – sudden repair bills and emergency purchases rarely take more than a few hundred to pay off. But if you have no cash to spare and your credit score is too low for a bank loan, even small expenses can be a challenge.
When your poor credit doesn’t leave many options to consider, a loan is the fastest and simplest way to get the cash you need. With convenient application forms and instant approval, you can obtain the funds within 24 hours after your request.
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Today, to get a Orem (UT) bad credit loan, you don’t need to go through tons of storefront lenders near you. All it takes is a PC, tablet, or smartphone with an internet connection.
MaybeLoan ensures that you can apply for a bad credit loan from any place. Applying for a bad credit loan is now much easier with MaybeLoan. You don’t have to contact your bank to confirm the application or fax any physical copies of your documents to the lender’s office.
Yes, it is. Obviously, it’s not as easy as getting an ordinary loan; hence some work is needed from your end. The process involves some research to find out your credit score and determining your affordable loan amount.
In Utah and other states, a score under 580 is considered poor. Besides, this has some limitations too. For instance be prepared for a higher APR; also, borrowers with bad credit can’t count on large amounts. Fortunately, you can obtain a loan with a score of 580 or smaller.
Certain financial emergencies require quick solutions. If you find yourself in one of the following situations, a Orem loan for bad credit may be the best way out.
If you regularly use a credit card, you build a credit history – a full record of all loans you acquired. It includes information on the date when a cash advance was obtained, the amount, and the repayment process. If you fail to repay the debt in time or even end up as a debtor to the bank, this data is also recorded, hence damaging the credit history and causing banks to trust you less.
All the recorded data sets up the basis of your score, It ranges between 300 and 850. A score of less than 580 is considered bad and may cause lenders to refuse you or result in a more aggressive APR for the borrower. If you repay the loan in time, you have a much higher chance of getting a new loan at liberal rates.
Simple. Your credit score is bad, but lenders are still willing to work with you. There’s no catch here, it’s all about extra rates. The current state of your credit is probably results from missed loan payments.
For lenders, this means a somewhat higher probability of losing their money. They still see you as a potential borrower but with a bad history of loan repayment. To make up for the cash they might lose, lenders charge all their borrowers with bad credit larger rates so that they earn profit even if some of the borrowers fail to pay their loans back.
Let’s say ten clients get a loan in Orem (Utah) with bad credit. All of them apply for a $500 cash advance, and, after evaluating the potential risks, the lender charges all of them an annual percentage rate of 400%. This means that by the next month, they need to return $500 and pay $166.67 of interest.
Eight people successfully pay off the loan, while two fail. The total interest eight borrowers pay is $1,333.36. This amount is enough to compensate for the losses from two failed payments and earn extra $333.36.
Normally, all the criteria for an emergency loan for bad credit in Orem (Utah) are the same as for any other loan type:
Basically, all you need is an ID, a stable job, and, preferably, a decent credit history, as lenders calculate APR according to it. You’re eligible for a loan if you meet all the requirements.
Bad credit loans touch upon a wide range of laws, so you’ll unlikely to keep all the details in mind. However, here are the key facts:
The key factor is, naturally, the score itself. For better loans, it should exceed 580. It also helps if you have no previous debts to cover.
The next is your credit utilization ratio. It’s the ratio of credit debt you incur in relation to your credit limits. It can greatly damage your score. If you’ve ever been pronounced bankrupt, this doesn’t always mean that you can’t obtain an online loan for bad credit Utah. As long as you meet all other criteria, your application has a chance for approval.
You can look up your score in a couple of minutes by simply logging into your card issuer’s website. The section you need is called “Credit score.” Typically, it’s a dashboard with your score and the factors that affect it. There are also a lot of sites where you can check the score for free.
We do our best to make the process of obtaining bad credit loans online in Orem Utah as easy and fast as possible. Just follow three simple steps.
Fill out a quick application form. It’s user-friendly and takes a minute to complete. Then you proceed to the next stage.
Thanks to the information you provide, we can quickly process your application form and inform you once everything’s checked.
If comfortable with the rates we set, you sign the agreement and we transfer the funds to your bank account. The whole process may take less than one working day.
Any loan can’t be taken lightly. An online calculator will help you find out the optimal cash amount to borrow.
When processing your application form, we need to check your bank score to calculate the right APR for you. The higher the score, the lower the rates.
As you see fit. You can use the loan to close other debts, buy any product, and cover any other expense you want.
Once you apply for a loan, we’ll do our best to process it and, if everything’s in order, issue a cash advance.
We transfer the money to your bank account. That’s why it’s important to check the information twice while filling out the form.
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