Posts tagged: unsecured loans for poor credit rating

Poor Credit Unsecured Loans – The Most Common Variety

I think I can offer people out there with bad credit some hope when it comes to getting poor credit unsecured loans. You might be hunting for the loan you need, worried that you won’t be able to get qualified because you’ve really hurt your credit during the last few years.

The reality is that most poor credit unsecured loans are a type of payday loan, and those don’t require any credit at all. Everything I’ve read and researched lately tells me that these lenders who give unsecured poor credit loans are only looking for a few key criteria:

a. Are you employed full-time? Or at least do you have income in excess of $1,000 to $1,500 per month? I’ve found that these lenders aren’t typically concerned with where the money comes from, whether it be income from employment, unemployment, or even social security income. They just don’t want to lend you the money if you don’t have an obvious means of paying it back.

b. Do you have an open bank account, and does the bank allow direct deposits and automatic withdrawals? This is partly an insurance policy for the lender, and partly for convenience in their processes. Many of these lenders operate on the internet, and they don’t want to have to be dealing with paper checks and snail mail, etc. Once you qualify they want to send you the money straight away. That’s why they’re able to approve you at 3pm one day and have the money in your account the following morning.

They need the direct withdrawal system in place so they can automatically deduct your payments from your account without having to invoice you or send you a statement via snail mail. They will email you a statement after they’ve made the withdrawal, but it’s just standard practice to set up an auto pay system to pay these loans back. That’s really in your best interest as well.

If you can meet these simple qualifications, you’re really not going to have a problem getting an unsecured loan with poor credit. Just be sure to use them responsibly and keep enough money in your account to keep the payments current and get the loan paid back on time with no extensions or renewals. That’s where they really get you.