Broke a car? Need some more money to finish the renovation? Planning a big surprise trip for the family? A short-term $700 loan can help you make all of the above come true. Read below all essential information to get approved for a $700 loan with bad credit.
Where to get $700 loan with bad credit?
There are four types of lenders you can turn to for a $700 loan with bad credit:
- Banks do offer $700 loan options but mainly for fair and good FICO score borrowers. They will generally check your credit history and perform a soft check of your credit score. So bad credit owners might have problems with applying for a usual loan at a bank.
Yet there is an alternative in the form of credit card loans. All you do is spend the money from your credit card and hence get 0% interest on the borrowed amount.
- Private lenders include both in-store and online options. They are easier to get to since no credit history checks are performed for $700 loans with bad credit. This means more relaxed negotiations and repayment process in terms of time frame and flexibility. However, since they do not protect their lent money in any way, they tend to set significantly higher interest rates for the borrowers. So you get easier terms at a higher cost.
- Pawn shops and auto dealers are lenders who can offer you money in exchange for collateral. For a pawn shop, it can be some piece of electronics or valuable while for an auto dealer this should be a vehicle. Once you sign off your property to the lender, you get the $700 loan and then will need to repay it in full with percentage after a defined time period. The particular conditions for such loans are determined in every shop or dealers individually.
What bank will give me a $700 loan with bad credit?
Even though banks are not that interested in small loans, Marcus or TD Banks would be happy to grant you a $700 with bad credit. Besides that, you can try your luck a the U.S. Bank, SunTrust or LightStream who are also known for their small short-term loans. Keep in mind, that whenever you go with a credit card $700 loan, you can apply in any US bank providing that you have a credit card there.
What $700 loan options do I have?
- Personal loans are those standardized $700 loan options offered by the banks. Whenever applying for a usual personal loan, you need to collect many papers, be ready for a full background check, and wait several days for the bank’s decision regarding your loan. The great perk of banks is that they offer pretty flexible repayment conditions, and frequently they will not charge you for a missed or delayed repayment.
- Payday or installment loans are those offered by private lenders. They are beneficial since they offer the decision within a couple of hours, one business day top and the money transfer only within 2-3 business days. Besides that, due to the lack of official deep documents check, anyone can apply and get approved for a $700 loan with bad credit. If you go with payday loans, your repayments will be automatically deducted from your bank account right after the payday. If you get approved for an installment $700 loan, you can negotiate with the lender the date when the repayments are made.
- Secured loans are those offered by the car dealers and pawn shops. Here you valuables work as collateral and hence offer greater terms and lower interest for you. However, secured loans , in this case, tend to be issued for a shorter period of time, hence you will need to repay the loan faster than in the options above.
How to get $700 loan with bad credit?
Every state and lender may have their local regulations and requirements for the applicants for a $700 loan with bad credit. For example, Arizona heavily regulates the processes related to payday loans within the state while bad credit loans in Arizona are available to everyone. Yet, this is information you will need to check yourself. The generalized state requirements say that the applicant must be a US citizen or a permanent residence of the country of at least 18 years of age, with a steady income (usually at least $1,000 a month). The rest is always up to the lender.
I need to borrow $700 dollars, what are the steps?
To borrow a $700 loan with bad credit you need to:
- Find a reputable lender (check online offers as well as local lenders: both private and state).
- Check approval criteria since they are always unique for every lender and every application. Always clarify application and approval criteria before handing your papers to the lender.
- Collect your documents once you learn about the particular requirements.
- Fill in the application and add copies of all your documents.
- Get approved and wait for the money transfer.
Why should I consider a first-time $700 loan with bad credit?
There is a number of benefits a $700 loan with bad credit can offer, namely:
- Speed: These loans are easy to apply and get approved for whenever you do not go to banks. Within a couple of days, you get approved and receive the money transfer.
- Ease of application: due to the small loan amount and lower requirements from private lenders, one can get a $700 with bad credit.
- FICO scores improvement: Whenever you take a short-term $700 loan and then repay it on time and without delays, you automatically improve your credit score. So getting a short-term loan is, in fact, the easiest way to heal the score.
When you need to get a $700 loan with bad credit, there are several lenders and loans you can apply for to get the funding. In the meantime, whenever you feel that $700 might not cover your budge hole, consider applying for a $750 loan. Should you, however, understand that you might not manage to repay this short-term loan, be wise and apply for a smaller $650 loan with bad credit.