The consumer with credit problems may often find that obtaining the funding that he or she may need is quite difficult. As a matter of fact, many lenders will not even consider their application, regardless if they possess collateral or not. There are solutions to this problem though. If the funds are only desired for a short duration of time, obtaining a short term bad credit loan may be a viable option. Unlike other types of funding, that may be available; the individual can obtain needed money in a fairly quick time frame and will not have to go through a lengthy application process.
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Is Anyone Eligible?
Although the criteria for approval are quite different from that of traditional loans, not everyone that applies will be eligible. This is because the consumer must be able to pay back the amount owed. Despite this, the majority of applications will be approved, regardless of past financing problems. The decision as to whether or not to approve or decline the application is based on factors such as verifiable income and residency, for example. Determining criteria may differ depending on the individual business.
How Much Can Be Borrowed?
The amount of the short term bad credit loan is also based upon the customer's income. In most cases, he or she cannot obtain more than a certain percentage of their income or paycheck. This is due to the fact that the funding is only meant for a shorter duration of time. However, the amount can range from a couple of hundred dollars, to perhaps fifteen hundred or more. This pre-determined maximum bracket is stipulated by the agency that one chooses to do business with.
How Do You Apply?
The application process can usually take place online or in person. While some may prefer to visit a local branch or office, applying online is quick and convenient. Typically, an approval or denial can be determined in an hour or less, with some only taking a few minutes. These companies take great efforts to ensure that personal information is kept safe and secure, regardless of how the customer chooses to apply.
A short term bad credit loan can be a convenient tool. It can provide extra funding when it may be needed the most. The consumer should keep in mind though; this is not intended to supplement regular income and should be used in a responsible manner.
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