Bad Credit Not an Issue

November 23, 2018

Nowadays when it comes to lending, bad credit may not be an issue for inquirers. This is because the lending industry has all kinds of loans out there, even those specifically targeted for people who may currently have bad credit. So, when it comes to finding emergency funding, bad credit is not an issue.

Some may be curious about what kinds of loans are out there for those with bad credit and how to go about finding them. Here is more information on navigating the lending industry with bad credit.

What Kind of Loans are Available for Those with Bad Credit?

In the lending industry there are generally two types of loans:

Secured Loans

These loans require an asset involved with the loan. This asset can vary, it can be a car, a home, or even jewelry. No matter what the object is—the loan tends to be around the same value as the asset involved.

Because of the asset, lenders do not need to check or factor in credit when giving out a loan. Instead, lenders will look at income and the borrower’s ability to pay back the loan.

Unsecured Loans

These are the more traditional type of loans out there—and they don’t require an asset. With these loans, lenders do factor in credit because they want to protect themselves.

For those with bad credit, these types of loans may not be an option. With unsecured loans, lenders will look at income and the borrower’s ability to pay back the loan.

Types of Loans Where Bad Credit is Not an Issue

There are a few kinds of secured loans out there where bad credit is not an issue. Here are a few types of loans that may be options for those looking for funding:

  • Auto Loans: These are loans where the borrower’s car is put down as collateral against the loan. Usually these loan periods are only a month long.
  • Payday Loans: These loans are set up with the schedule of the borrower’s paycheck, and so usually only have a life of about two to four weeks.
  • Home Equity Loans: These loans are like a second mortgage and rely on the value of the borrower’s home. These loans are usually a couple months long.

The Pros and Cons of Loans that Do Not Have an Issue with Bad Credit

Before considering a loan that doesn’t factor in bad credit, it may be helpful to know about the pros and cons that come with them. Here are a few to think about:


The Process for Determining Eligibility Can Be Easy

Because credit is not an issue for these loans, many people who have assets and a source of income are usually eligible. This range of eligibility is much broader when compared to traditional lending.

Funding Can Be Extremely Quick

Due to the lack of a credit check (which can take about three to five business days), once eligible, lenders can send out the funds right away. In addition, most lenders work with all kinds of money transfer services/retail locations (which are open late and on the weekends) rather than just banks. This means they offer even more speed when it comes to getting the money to their borrower.

A Large Amount of Funding May be Available

With these loans, because the value of the loan is largely based on the asset, the amount from the loan may be worth hundreds to thousands of dollars.

Everything May Be Done from the Comfort of Home

There are many lenders that operate online—and have the entire loan process set up there as well. Many times this means that a borrower does not need to leave their home for funding. For many people, this can be a huge convenience.


May Come With Extremely High Interest Rates

Even though there is an asset with these loans, lenders are taking a risk. High interest rates from lenders compensate for that risk—so before considering these types of loans, it is important to consider the interest rate and compare several lenders.

Research is Required

It is important to find a reputable and legitimate lender before giving them personal information. Most of the time, this requires some research that could take time. When it comes to traditional lending, it is usually major banks or companies that are already trusted.

May Not Offer In-Person Interaction

A lot of these lenders may operate online or over the phone. This means that an in-person interaction MAY not be a part of the experience. For those who value in-person interaction, this may be a con.

These Loans are Short Term

For those who may need a lot of time (more than a year) to pay back a loan, these types of loans may not be the best option. The average repayment schedule is only a few months long—although every lender is different, and some may offer more flexibility than others.

When it comes to finding extra funding, having bad credit may not be an issue anymore. There are all kinds of loans out there for people who have bad credit. Before considering acquiring one of these loans, it is important to understand what they require, along with the pros and cons. Once a potential borrower has that information, they can then make an informed decision of what kind funding best suits them and their finances.

The MaxCash website does not offer or provide loans, but rather, it offers a service. It should not be construed as a lending agent or broker. The site does not endorse any lenders and does not charge visitors any fees. The website owners do not evaluate potential lenders’ applications, nor do they approve or deny credit. The MaxCash website does gather applicants’ personal information and transmits it to lenders that are part of the site’s lending network. No one is required to make use of this website, nor are they under any obligation to begin contact with site operators or to attempt to secure a loan with any of the site’s lending partners. Transmission of your financial and personal information on the website in no way obligates lenders to offer you a loan or any other kind of credit product. Be aware that cash transfer times can vary, depending on the lender and the bank you use. It may be necessary to fax information under certain circumstances. All questions about loans, and any concerns you may have should be directed to your lender. These loans are intended as short-term financial solution to satisfy borrowers’ needs for immediate monetary relief. This is not intended to be part of a long-term financial plan for individuals. These services are not offered in all states. Potential borrows may undergo credit check if lenders choose to use any of the major credit reporting bureaus, including Equifax, Trans Union and Experian. They may also use other alternative sources to check credit ratings. Your request for a loan constitutes your agreement and acknowledgement that (A) your personal data may be shared with lenders and perhaps other third-party partners, and (B) lenders can acquire credit bureau reports that detail your credit history. Reports from major credit bureaus, such as Equifax, Experian and TransUnion may be obtained and used to evaluate your reliability as a borrower.

1Loan amounts by the lenders vary based on qualifications.

2Since we do not lend money directly we cannot offer you a solicitation for a loan. In all serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans are not available in all states and all areas.

3Loans such as, Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan. Other types of loans may have pre-payment penalties as well.

4All lenders are responsible for their own interest rates and payment terms. Max Cash has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

5The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you. Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time, in the circumstance for an auto title loan. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically, larger loans or higher risk loans use a GPS.

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Loans such as Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long-term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

Signature and personal loans are only available in Georgia and Florida. Loan amounts differ at locations. Account approval requires satisfaction of all loan eligibility requirements, including a credit inquiry, and, if applicable, motor vehicle appraisal.

Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

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