There is no little financial emergency that cannot be covered with a $550 loan borrowed for the short term. Learn below the essential information to get easily approved with any lender and get the best deal possible.
What alternatives for I have if I need to borrow $550 dollars?
For a $550 loan with bad credit you can opt for the following loan types:
- Personal loans are those offered by banks (in their standard definition). In most cases, they involve deep credit history checks and repayment flexibility as a perk.
- Payday loans are automatically repaid from your paychecks. Here you cannot negotiate repayment dates, yet the application process for a $550 loan with bad credit is so simple, that literally anyone can get approved for this short-term loan.
- Installment loans is similar to the payday loans, yet the repayment plan is more flexible and adjusted to your needs. You can negotiate the amounts you will be repaid as well as a specific schedule (weekly, bi-weekly, monthly) based on your budget preferences.
- Bad credit loans are similar to payday loans and this kind of $550 loan can be received by anyone. They also have a pretty high-interest rate due to the lack of additional security for the lender, yet bad credit loans should generally be repaid within two years and not more.
- Secured loans are offered by the pawnshops or car dealers who are willing to accept your collateral as a guarantee that you will repay your $550 loan with bad credit. Should you fail to stick to your side of the agreement, your collateral will go into the hands of the lender and later you will have to buy it at the market price.
Where to get a $550 loan with bad credit?
Based on the loan types you can opt for, here are the top lenders to consider when applying for a $550 loan with bad credit:
- Private lenders can be found both online and in-store. They are smaller lenders who deal with such small amounts as $550 loan with bad credit and have relatively low acceptance criteria. They do not check your FICO score or history, they do not care much about your income and current financial status. In most cases, they would approve your short-term loan within a couple of hours and hand you over the money in a single business day.
- Banks also issue $550 loans with bad credit, yet they conduct a deeper and more thorough investigation of your past. You should be ready that such a soft check might have an impact on your credit history as well. Repayment conditions of bans tend to be more acceptable since they usually allow several late payments, and sometimes would not even request a fee for a missed one.
- Pawnshops and car dealers provide the most beneficial interest rates among all lenders. Since they get your valuable item or a vehicle as collateral, they cover themselves in case you fail to repay the loan. Such confidence in receiving their money one way or another, allows pawnshops and car dealers to offer very attractive interest rate numbers. However, be ready that the repayment term for a $550 loan with such lender might be as short as a single month.
What bank will give me a $550 loan with bad credit?
Even though it might be a challenge to find a local bank issuing such short-term loans as a $550 loan with bad credit, the latest financial trend for the banks is to issue “simple loans” for the citizens. This means that besides such big sharks as SunTrust, LightStream, Marcus, TD Bank or U.S. Bank, you also have a chance for getting a loan in the nearest department.
What to know about taking a first time $550 loan with bad credit?
The state regulations say that you have to be a US citizen or permanent residence of at least 18 years of age with a steady over the past three-month job of income no less than $1,000 a month. Most lenders would also prefer you have a checking account, yet this is not an official requirement in most states.
How to get a $550 loan with bad credit?
Whenever you decide to apply for a $550 loan with bad credit, remember to double-check the selected loan eligibility in your state (while a $550 loan with bad credit in Georgia is legal, payday loans are prohibited in this state). Once you have checked your papers and local regulations, look for several lenders and compare their offers. Try to select flexible repayment terms coupled with the low-interest rate. After you stop on a single lender, ensure that you get a list of all documents you need to demonstrate when applying for a $550 loan with bad credit at this particular lender (every case and loan amount has its own peculiarities). After the review and documents fixing, you will have to file the papers and wait from several hours to several days, depending on your lender, to get approved. After the approval, the money usually gets transferred to your account the net business day, yet some up-to-a-week delays are possible. $550 loan with bad credit is a perfect opportunity to keep your score in order and get the required finding fast. Whenever you apply for a $550 loan, carefully review your budget. Should you feel that repayment might be a challenge, consider getting a smaller $500 loan. Whenever you feel confident about your budget, you can get a bigger $600 loan to ensure that you got all the budget hole covered.